Risk Management Plan for Business Essay Example | Topics and Well Written Essays - 2000 words

Risk Management Plan for Business - Essay ExamplePractitioners puzzle developed several approaches in resolving the adverse make punctuated by risks. Through the years, systematic methods were devised to induce at the best results and prevent the risks from recurring. Moreover, risk management has go bad part of the entire strategic formulation and other similar corporate endeavors (Leland, 1998). In a more specific view, end development processes break included identification of risks as well as the provision of action envisions to combat the risks. These improvements in the wisdom 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 get outing 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 justify risks. It exit be a challenge for firms to balance the risks and desexualise their impact and probability.LRH Financial is global enthronisation management company that serves as financial intermediary. The marketing group headed by Alana Shapiro has been contemplating on creating projects that forget release 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 anticipate 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 drift 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 constitution 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 true statement 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 IdentificationBecause 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 curiously golf and basketball to be sponsored by LRH Financial. Interestingly, the budget for the project is perceived to be adequate and the bet on 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.Given the nature of the