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Risk Management Plan for Business - Essay Example

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Summary to essay on topic "Risk Management Plan for Business"
Risk management is a valuable tool that enables firms to determine possible stressors that can affect project outcomes. Indeed, the uncertainties surrounding the environment can change the perspectives of organizations over conduct of certain projects (Stulz, 2003)…
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Download file "Risk Management Plan for Business" to see previous pages... Practitioners have developed several approaches in resolving the adverse effects punctuated by risks. Through the years, systematic methods were devised to arrive at the best results and prevent the risks from recurring. Moreover, risk management has become part of the entire strategic planning and other similar corporate endeavors (Leland,
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1998). In a more specific view, project development processes have included identification of risks as well as the provision of action plans to combat the risks. These improvements in the perception of project risks have provided leverage for organizations.
The process of implementing risk management is procedural and requires intricate schemes. Ideal risk management suggests that the risk with the will create more loss and likely to happen is prioritized. Risks with low-key effects and with less probability are shelved for later actions. Based on this model, it is evident that it is difficult to create strategies to mitigate risks. It will be a challenge for firms to balance the risks and determine their impact and probability.
LRH Financial is global investment management company that serves as financial intermediary. The marketing group headed by Alana Shapiro has been contemplating on creating projects that will become the marketing initiative of the company. Initially, the company has targeted the media as the most viable avenue to promote the company. The specific project was designed to make the company a primary sponsor in golf and basketball events. It is expected that such exposure will make the company highly recognizable. In addition, the company will become a commodity among households and sports aficionados.
Since golf and basketball are emerging sports, television viewers are highly interested in watching such games. Despite of this expected success, the project team has realized the tendency of risks to occur. Essentially, this will provide a better picture on the manner in which the project will perform. The team will be tasked to identify the different risks according to the nature in which the risks exist. The process will be rigorous as it will require time before the team finally arrives at project plans. It is, however, advantageous for the company to explore the possibilities of barriers to the project.
For the project to succeed, the project team has to properly identify the risks and determine the level of prioritization. Although risks are difficult to quantify, the team has the capacity to determine the likely impact of these risks to the company. Precision and accuracy are important in this process. It is imperative for the project to create a viable action plan that will handle the risks and anticipate the occurrence of unknown risks.
Risk Identification
Because the project is dynamic, it is expected that risks will exist and eventually affect its efficacy. Before identifying the risks, it is important to discuss the nature of the project. The project concerns sporting events particularly golf and basketball to be sponsored by LRH Financial. Interestingly, the budget for the project is perceived to be adequate and the support from high-ranking officials is ample. Primarily, the name of the company will be exposed in the basketball and golf games. These will be done orally through the commentators and by print using banners and video graphics.
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