In 500 words, please answer the following:
Sometimes risk workshops generate so many risks that it is not possible to assess all of them, while on other occasions only a small number of risks are identified and in-depth assessment is possible. What are the advantages and disadvantages of these two scenarios?
In 100 words please respond to the following:
“Sometimes risk workshops generate so many risks that it is not possible to assess all of them. In contrast, only a small number of stakes are identified on other occasions, and in-depth assessment is possible. What are the advantages and disadvantages of these two scenarios?
A risk workshop allows the parties to identify, prioritize, and discuss control parameters of the risk identified within a business. The implementation of a risk workshop has several advantages: the identification and buy-in from the stakeholders, opportunities for the participants to brainstorm and look at the possibilities of risks within specific areas, and their impact. How is this an advantage for projects with a limited or small number of risks identified? It starts with identifying and buying-in in the stakeholders, identifying individuals responsible for specific action plans, and developing current control. This process may flow easier for those projects with fewer identified risks, allowing the focus to shift more on controlling the risk(s). In the case study for BCLC, the initiation of risk workshops helped identify the stakeholders. The risk analysis and statements helped prioritize the identified risk(s) and assigned stakeholders specific responsibilities. As their process evolved, BCLC noted the workshops needed the right resource involved in the process, and a criteria specification was needed in scoring the priorities. (Fraser et al., 2015). An advantage in this scenario is that the in-depth assessments allowed the ERM parties to identify the appropriate stakeholders and develop a risk criterion to prioritize the several risks identified. However, a disadvantage in utilizing a risk workshop on a smaller scale is the process’s time and elaboration in the monitoring or control process. Perhaps decrease the overall production of the associates time spent in other areas which have higher priorities.
Using a workshop for those areas that require a more in-depth assessment, need team cohesiveness, and developing a deeper understanding of the risk appetite. However, some of the challenges or disadvantages a risk workgroup may face with projects requiring a more in-depth assessment may range from the time the stakeholder can commit to project, too many people involved in the group think, confusing the focus considered an issue or a risk. Other disadvantages in more in-depth assessments may include not having set parameters of the responsible parties and not having a clear vision. All of which could cause risks to go unidentified or scored inappropriately during the process.
Overall, as companies develop their risk management process and initiate workgroups, the risk management team needs to identify the group’s objectives and expectations and ensure the appropriate stakeholders are involved. During the initial meetings, identification of the workshop’s goals, expectations, and responsibilities is provided. A review of the quantitative and qualitative data, if available, should be provided to ensure all parties aim for the same outcome.”
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