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Final Exam in Erm

The document outlines the roles and responsibilities of Risk Managers across various industries, including manufacturing, banking, and restaurants, emphasizing their importance in identifying and mitigating risks. It also discusses the integrated project management process necessary for project success and the significance of risk management in entrepreneurship, organizations, and finance. Additionally, it provides recommendations for mitigating risks during an economic slowdown and explains the use of checklists, brainstorming, and expert input in formal risk evaluation.

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Janna Baluyot
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0% found this document useful (0 votes)
57 views6 pages

Final Exam in Erm

The document outlines the roles and responsibilities of Risk Managers across various industries, including manufacturing, banking, and restaurants, emphasizing their importance in identifying and mitigating risks. It also discusses the integrated project management process necessary for project success and the significance of risk management in entrepreneurship, organizations, and finance. Additionally, it provides recommendations for mitigating risks during an economic slowdown and explains the use of checklists, brainstorming, and expert input in formal risk evaluation.

Uploaded by

Janna Baluyot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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NAME: BALUYOT, JANNA DENISE DATE: JULY 2, 2024

YEAR & SECTION: BSBA-HRM 2-2 PROFESSOR: MR. NOCON

FINAL EXAM IN ENTERPRISE RISK MANAGEMENT

1.) Describe and interpret the job describtions of a Risk Manager on the ff. industries:

a.) Manufacturing Company

b.) Banking

c.) Restaurant

ANSWER:
Job Descriptions of a Risk Manager in Various Industries:

a.) Manufacturing Company

- Identify potential risks in production processes, supply chain, and machinery.

- Develop and implement risk mitigation strategies to prevent operational disruptions.

- Conduct regular safety audits and ensure compliance with health and safety regulations.

- Manage insurance programs and handle claims.

- Analyze data to forecast potential risks and their financial impacts.

A Risk Manager in a manufacturing company focuses on operational risks, ensuring the


safety of production processes, and minimizing financial losses due to equipment failure or
supply chain issues. They play a critical role in maintaining smooth production operations
and regulatory compliance.

b.) Banking

- Identify and assess risks related to credit, market, liquidity, and operational activities.

- Develop risk management frameworks and policies.


- Monitor and report on risk exposure and financial stability.

- Ensure compliance with regulatory requirements and internal policies.

- Collaborate with other departments to manage risk across the organization.

In banking, a Risk Manager deals with various financial risks that can impact the
institution’s stability. They ensure the bank adheres to regulations, manage credit and
market risks, and implement strategies to safeguard the bank’s financial health.

c.) Restaurant

- Identify potential risks related to food safety, customer service, and supply chain.

- Develop policies and procedures to minimize health and safety risks.

- Ensure compliance with food safety regulations and industry standards.

- Conduct regular risk assessments and staff training.

- Manage incidents and implement corrective actions to prevent recurrence.

A Risk Manager in a restaurant focuses on food safety, customer service quality, and supply
chain reliability. Their role is crucial in maintaining a safe dining environment, adhering to
health regulations, and ensuring the restaurant’s operational continuity.

2.) To have the best chance of hitting project success, there must be an integrated part
of project management process. Explain in details.

ANSWER:
Integrated Project Management Process for Success

To maximize the chances of project success, project management must be an integrated


and continuous process that includes:

Initiation

Define the project scope, objectives, stakeholders, and initial risks. Establish clear goals
and a project charter.
Planning

Develop a comprehensive project plan that includes timelines, resource allocation, risk
management strategies, and contingency plans. Detailed planning ensures all aspects are
considered and potential issues are anticipated.

Execution

Implement the project plan by coordinating team efforts, managing resources, and
maintaining communication among stakeholders. Regular monitoring and adaptation are
crucial.

Monitoring and Controlling

Continuously track project progress against the plan. Identify deviations, assess their
impact, and take corrective actions. Risk management is ongoing to address new risks and
changes.

Closing

Ensure all project deliverables are completed to satisfaction. Conduct a post-project


review to identify successes, lessons learned, and areas for improvement.

Integration

All stages must be interlinked, with feedback loops and regular updates to ensure
alignment with objectives and stakeholder expectations. This holistic approach helps
manage risks, resource constraints, and changes effectively, leading to project success.

3.) Discuss and expound the role of Risk Management on the following:

a.) Entrepreneurship

b.) Organization

c.) Finance

ANSWER:
Role of Risk Management in Various Contexts

Entrepreneurship

- Assess and mitigate risks associated with new business ventures.

- Develop business continuity plans to address potential disruptions.


- Secure necessary insurance to protect against unforeseen events.

Importance- Effective risk management helps entrepreneurs navigate uncertainties,


ensuring business sustainability and growth. It enables informed decision-making and
strategic planning.

Organization

- Implement a risk management framework to identify and mitigate organizational risks.

- Foster a risk-aware culture among employees.

- Ensure compliance with regulations and standards.

Importance- Risk management in organizations enhances resilience, operational


efficiency, and stakeholder trust. It helps in achieving strategic objectives and maintaining
a competitive edge.

Finance

- Identify and manage financial risks, including market, credit, and liquidity risks.

- Develop strategies to hedge against potential losses.

- Ensure compliance with financial regulations and reporting standards.

Importance- In finance, risk management safeguards assets, maintains financial stability,


and ensures regulatory compliance. It is crucial for protecting investments and maximizing
returns.

4.) Apparently, there is an economic global, slow down, what would be your
recommendations to mitigate risk?

ANSWER:
The world is experiencing an economic slowdown, with global growth projections declining
across various regions. Factors such as geopolitical tensions, supply chain disruptions,
inflationary pressures, and fluctuating commodity prices contribute to this challenging
economic environment. In response to these conditions, businesses and individuals must
adopt strategies to mitigate risks and maintain financial stability.

For businesses, diversification is a crucial tactic. By expanding product lines, entering new
markets, or diversifying supply chains, companies can reduce dependence on a single
revenue stream or supplier. This approach helps to buffer against market-specific
downturns and supply chain interruptions. Additionally, maintaining a robust liquidity
position is essential. Businesses should preserve cash reserves and ensure access to
credit lines to weather periods of reduced revenue. Streamlining operations to enhance
efficiency and reduce costs can also provide a competitive edge during economic
downturns.

Investment in technology and innovation is another vital strategy. Adopting advanced


technologies can improve productivity, reduce operational costs, and open new revenue
streams. Companies that innovate are better positioned to adapt to changing market
conditions and consumer preferences.

For individuals, prudent financial management is key. Building an emergency fund that
covers at least six months of living expenses provides a safety net against job loss or
unexpected financial challenges. Diversifying investments across different asset classes,
such as stocks, bonds, and real estate, can also help mitigate risk. This approach reduces
the impact of market volatility on an individual’s overall portfolio.

Additionally, individuals should focus on reducing high-interest debt. Paying down credit
card balances and other high-interest loans can improve financial stability and free up
resources for savings and investment. Continuing to invest in personal development and
skills training can enhance employability and career prospects, providing a buffer against
economic uncertainty.

Governments also play a crucial role in mitigating the impacts of a global economic
slowdown. Implementing policies that stimulate economic growth, such as infrastructure
investments and tax incentives for businesses, can create jobs and boost consumer
spending. Social safety nets, including unemployment benefits and healthcare support,
help protect the most vulnerable populations.

In conclusion, navigating a global economic slowdown requires proactive measures from


businesses, individuals, and governments. By diversifying, maintaining liquidity, investing in
innovation, managing personal finances prudently, and implementing supportive policies,
the risks associated with economic downturns can be effectively mitigated. Through these
combined efforts, it is possible to sustain growth and stability even in challenging
economic times.

5.) Why the following are use on Formal Risk Evaluation?

a.) Checklists

b.) Brainstorming
c.) Expert Input

ANSWER:
Use of Formal Risk Evaluation Methods:

a.) Checklists:

Why Used?

- Ensure all potential risks are considered.

- Provide a systematic approach to risk identification.

- Enhance consistency and thoroughness in evaluations.

b.) Brainstorming:

Why Used?

- Generate diverse and creative ideas for risk identification.

- Encourage collaborative thinking and multiple perspectives.

- Uncover risks that may not be immediately obvious.

c.) Expert Input:

Why Used?

- Leverage specialized knowledge and experience.

- Obtain insights into complex or technical risks.

- Enhance the accuracy and depth of risk assessments.

These methods are used to ensure a comprehensive, systematic, and collaborative


approach to risk evaluation, leading to more effective risk management strategies.

In formal risk evaluation, checklists, brainstorming, and expert input are crucial tools.
Checklists ensure systematic identification of risks by providing a structured approach,
reducing the chance of oversight. Brainstorming facilitates creative and comprehensive
risk identification by encouraging diverse perspectives and ideas. Expert input brings
specialized knowledge and experience, enhancing the accuracy and depth of the risk
assessment. Together, these methods create a robust framework for identifying and
managing risks effectively.

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