7204ENG : Risk Management and Safety - Management Assignment

Task :  Constructing a scenario, in a structured way, where strategic and/or operational risks come into play 1. Describe the Scenario. 2. Provide an overview of the organisation, product/service, key stakeholders, and any other critical information relating to your Scenario. This is an essential background for establishing the relevant context of what you are facing as a risk manager. 3. Elaborate on Risk Identification (What, How, and Why in detail with examples). 4. Describe how and why you quantified at least three (3) risks in detail. 5. Discuss (in general) the development of risk response planning as expected in your scenario. 6. Describe (in detail) the risk plan implementation as expected in your scenario. 7. Develop an appropriate risk tracking, monitoring and control (TMC) system. 8. Identify an incident that has occurred either in one of your identified risks, or related to all your risks, and describe the nature and extent of change that has taken place. 9. Elaborate on the (in)effectiveness of your TMC in handling and dealing with the incident occurred in the above point. 10. Give a summary of key issues in the scenario. Task Requirements In responding to the above tasks, it is expected that you will be demonstrating your capabilities in:

• Dealing with various Stakeholders having different attitudes towards identified risk(s).
• Using both objective and subjective risks via probability distribution and fuzzy logic.
• Referring to national or international risk standards (e.g. AS/NZS IS031000:2009).
• Making decisions under risk (one example) & under uncertainty (one example).
• Applying one or more of the risk management tools and techniques to deal with ONLY ONE of the following aspects: