Project Assignment - Risk Management – Case Study Example
Risk management Risk management can be termed as a systematic process of identifying and assessing perils with an aim of controlling, reducing or eliminating losses that might be suffered in future. The risk manager of any organizations should always device means that are aimed at minimizing the impact of risk (Frenkel 6). The top five risks faced by the team during the case study were; technological errors, in adequate time, shortage of finances, accidents during the risk management process and confusion among the risk management team members.
Mitigation of the risks
There are various approaches that can be employed to mitigate the above mentioned risks. For instance, the organization should establish a team of competent technology experts to ensure that errors are minimized. In addition, the technical team should be provided with all the necessary resources required for technological development. The risk management team should carryout comprehensive planning in order to avoid time wastage. In essences, all strategies and tools should be put in place before commencing the risk management process.
The risk management manager should ensure that proper budgeting is done to avoid financial shortages. Actually, there should always a surplus amount kept aside to take care of the supplementary expenses. The risk management team should undergo regular training to learn more about accidents and how to avoid them. On the issue of confusion, risk management manager should ensure that all members of the team work as a unit to avoid inconveniences.
Frenkel, Michael., et al. Risk Management: Challenge and Opportunity. Berlin: Springer, 2005. Print.