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Solution Code: 1AGI

Question:Stakeholders in Risk Management

This assignment is related to "Risk Management Plan" and experts at Grade Saviours successfully delivered HD quality work within the given deadline.

Risk Management Assignment

Task Details:

The event titled, ____________________________________ is being organised by _________________________________________ and will take place on the __________________________________________. The objective of the event is ________________________________________________________________ The context within which this plan has been developed is ________________________________________________________________ (As an example...the context within which this plan has been developed is to run the most successful event possible, ensuring at the same time the patrons attending the event are protected from harm, the property and environment are protected from damage and the event provides a positive contribution to the community while enhancing the reputation of the City of Rockingham.) 1.1 Background / Event Scope (An overview of the event should be provided here...which creates an image in the readers mind and sets the scene for the rest of the document. The following headings should be used as a guide to describe your event) Background of Event: ________________________________________________________________ Detail Activities of the event: ________________________________________________________________ Environment: What is the location/layout? ________________________________________________________________ Activities requiring permits? ________________________________________________________________ 1.2 Organisational Details Organisation coordinating and responsible for the event: Name of individual responsible for organising the event ________________________________________________________________ Contact phone: ________________________________________________________________ Email: ________________________________________________________________ Full name of event: ________________________________________________________________ Date of event: ________________________________________________________________ Setup times: ________________________________________________________________ Location of event: ________________________________________________________________ 2.0 Definitions Risk The chance of something happening that will have an impact on objectives. Risk Assessment The overall process of risk identification, risk analysis and risk evaluation. Risk Management The culture, processes and structures that are directed towards realizing potential opportunities, whilst managing adverse effects. Risk Reduction Actions taken to reduce the likelihood, negative consequences or both, associated with a risk. Risk Treatment The process of selection and implementation of measures to modify risk. Risk Transfer The process of selection and implementation of measures to modify risk. Risk Acceptance Risk acceptance is the acknowledgement that there is a risk and of the consequences that may result, which is accepted. 3.0 Stakeholders in Risk Management Plan (Detail all agencies, organisations and businesses who are involved in preparing and providing input into the Risk Management Plan. Indicate who was involved in the consultation process) ________________________________________________________________ RISKS 4.0 Risk Identification The areas identified in the Risk Management framework have been identified under the following categories: (It is expected that the following risks will be assessed as part of the process, however this list should not be considered a complete list...there will be some which are specific to your event such as drowning if your event is held on a reserve which has a lake). Health/Injury/Disease Drug affected persons (not including alcohol) Alcohol affected persons Fire caused by electrical installations Fire risk caused by gas bottles Marquee Collapse Broken glass on reserve Food Poisoning Power failure Water failure Criminal activity Disorderly conduct Consumption of alcohol Environmental Risk Noise Nuisance caused to neighbours Excessive litter left at end of event Legal/Contractual Unclean toilets Loss of key contractors Event Approval not obtained Operational/Crowd Safety Overcrowding Lighting failure Trip Hazards Extreme Weather Communications failure Traffic Management Lack of Parking Inadequate access for emergency vehicles Promotion/PR Inadequate funding for event Loss of key personnel 5.0 Assessing Potential Risk Once risks are identified, they are evaluated on a 2 dimensional matrix using a qualitative rating of the likelihood of the event occurring and the scale of the possible consequences. When risks have been identified, they are analysed by combining the consequences and likelihood to produce a level of risk. This form of evaluation provides a good graphical representation of how serious the risk is or where it lies within a group of risks. The risk analysis provides information critical to determining what risks need to be treated and what risks are accepted.
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Solution: Risk Management Plan

Step 1: Define the risk context and the scope of the risk management plan - include identification of Strategic Objectives and Critical Success Factors?

Introduction

Operating at a global market exposes companies to different risks that tend to call for the attention of the management to develop a risk management plan. Being a global leader in computer and other related industries, Apple Inc is faced with a number of risks thus making its management to develop a risk management plan for the company. As such, this risk management plans for Apple Inc will try to identify, make an evaluation and reduce the effects as well as the losses that are linked to the company employees, customers, visitors and any type of property loss as a result of a breach in any of the company policies.

Company Overview

Apple Inc is a computer based multinational whose key operations are based in the United States of America. The company was established on the 1st of April in the year 1979 and has its headquarters’ in Cupertino, California. The multinational is concerned with the process of designing, manufacturing and processing of different electronic products as well as other related software to its potential customers (Broekx, et al., 2011). The company greatly focuses its business on developing and selling personal computers, computer services and offering aid as well as support for a series of personal computers, various computer software, portable media player, and the computer hardware.

Strategic Objectives & Critical Success Factors

Presently, there exist a good number of important variables as well as factors that have the potential of affecting the general performance of Apple Inc based on its customer’s relationships and the other paramount entities that are involved in the company’s supply chain. Currently, there are only two important factors that impact on the position of a particular company in its respective industry and its position in the market. These factors are innovation and globalization, and they have a great potential of giving an enormous effect to the competitive advantage of any given business entity (Malone, Carlson, & Leah, 1998). From these factors, the scope of the company in risk management needs to take care of all the related issues that may affect the reputation of the company as well as the loyalty of its customers. Most importantly, the management process needs to deal with the risk of sub-standard products being availed to the market containing the company’s brand name. The scope of the risk management plan should be made to handle all these risks and put the company in a better position to keep its place in the market (Broekx, et al., 2011). All the laid down strategies need to be accompanied by the interests of the customers as well as that of the clients at heart as well as that of the business. For purposes of meeting the scope of the management plan, several factors need to be employed by the management. One of the success factors of the company is in its ability to come up with new ideas as it tries to cope with stiff competition presented to it by its key competitors. If the company adapts to the changes quickly and efficiently, then its chances of keeping its position in the market is guaranteed. If on the other hand the does not make the changes quickly, its chances of abiding by the scope diminishes (Malone, Carlson, & Leah, 1998). The other success factor of the company is in its ability to keep its production codes and ethics as well as in making sure that all the stakeholders abide by the company policies as well as the management plan. If the organization is in the right position to ensure all these, then it gets easy for it to meet its scope easily and without any issues.

External Context

    • Social:
        • Keeping very strong relationships between suppliers and distributor as well as for the general public, and customers
        • Product Prices and convenience for consumers
        • Minimal environmental effects
        • High quality products
        • Standard remuneration to all employees
    • Political:
        • Making sure that all benefits entitled to the employees are well compensated
        • Proper taxation
        • Giving allowances as agreed based on the organizations policies
        • Reducing products prices to employees
    • Financial:
        • Healthy competition with other electronics and computer producers like Acer, Samsung, Sony and Lenovo
        • Supermarkets introducing electronic products
        • Online stores offering electronic products
        • High pricing margins, retailing general goods and somewhat electronic products at high costs
        • Increased market risks
        • High levels of competition
    • Legal:
        • The company aggressively and assertively enforces its intellectual property rights to the fullest scope of the law.
        • It works closely with the Business Software Alliance (BSA) and the Software Information Industry Association (SIIA) to combat software piracyworldwide.
    • Technological:
        • Online shopping, purchases of hardware electronic products as well as software products from the company
        • Apple online centre
        • Apple help centre
  • Internal Context
  • Governance within the organization:
    • Codes of conduct
    • Apple policies and procedures following BCA guidelines, being flexible enough to may allow local market changes
    • Company chain of command management
  • Business continuity plan:
    • Company plan for succession
    • Employees performance levels
    • Risk management and compliance committee
  • Social:
    • Maintaining strong as well as reputable relationships between management, staff and company representatives as well as with the suppliers, retailers, and distributors.
    • Equity amongst all employees in the organization.
    • Promoting sustainable production to reduce pollution.
  • Technological:
    • Making sure that the company maintains high level technologies ahead of its competitors
    • Promoting innovations and inventions within the organization to keep up with the changing market.
    • Improve on the existing products to make sure that company is always at the top in the sector.
  • Financial:
    • Accounting systems
    • Risk and controls
    • Profit and loss evaluations annually
    • Limited resource demands of cost to suppliers, staffing, opening hours, delivering computers and other products.
Scope Framework within this plan is to come up with a successful outcome assuring that Apple Inc will compete and increase demands for its electronic goods and services, financially meaning clearly focusing on delivering efficient and effective electronic goods and service. STEP 2: Risk identification addressing at least 5 risk categories

Risk category: Globalization/ competition

As a result of innovation and globalization, the company is greatly faced with high levels of competition as the number of competitors that the company deals with has increased over time.

Stakeholders and Parties:

customers, retail outlets and the management

Information sources:

Retailers complaints, surveys and market fluctuations Evidence attached as a questionnaire
Statement Cause Consequence
Weak global marketing from globalization High competition High prices Low quality products Company financial losses
 

Risk category: Consumer behavior

Stakeholders and parties:

customers, retailers and distributors

Information sources:

online surveys, contacting the retailers and distributors, checklist analysis of the sales made. Evidence attached as a questionnaire
Statement Cause Consequence
Poor buying habits Poor quality products High prices on products Better alternatives Customers to switch to other products Company makes losses
 

Risk category: Fake products

Stakeholders and parties:

suppliers, customers and the distributors of the company products

Information sources:

Interviewing the involved stakeholders, market analysis, consumer complaints Evidence attached as a questionnaire
Statement Cause Consequence
Fake Apple products in market Breach of company policies Malicious business people Negligence of company’s code of conduct Destroying reputation Financial losses Losing loyal customers
 

Risk category: Defective products (Legal)

Stakeholders and parties:

Customers, stakeholders, distributors, suppliers and the company employees

Information sources:

Interviewing producers, customer complaints, distributers Evidence attached as a questionnaire
Statement Cause Consequence
Low standard products in the market in the form of defective goods Poor quality inputs Ignorance from employees Breach of conduct Diminishes customer loyalty Financial losses
 

Risk category: Competition (Marketing)

Stakeholders and parties:

customers, suppliers, distributors, retailers

Information sources:

Market analysis, market survey, company annual reports and turnover Evidence attached as a questionnaire
Statement Cause Consequence
Unable to cope with the high competition Weak marketing Unhealthy competition New entrants in to the market Financial Losses Low quality products

Conclusion

It is very clear that Apple as a company has a number of risks to worry about. The management of the company needs to come up with an appropriate plan that will help in minimizing the effects of these risks. As such, the stated risks happen to be the most serious threats that the company faces, and they may lead to some far-reaching problems if not well handled. Therefore, Apple Computer Inc needs to pay some serious attention for purposes of ensuring its position in the global market, and most importantly, to keep the loyalty of the company’s customers intact
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