A risk assessment plan is a document which is prepared by the manager with the aim of managing risks that may come with innovations. In most cases, the risk assessment plan defines the foreseen risk, give an estimation of the impact, and offer an elaborate definition of the responses to the risks identified. The paper is, therefore, a continuation of the previous paper which concerned the integration of a new idea or process into the business. The new idea was very elaborate and took note of the budget, the people involved, training and the charges charged on trainings to mention but a few. In consideration of the uniqueness of the plan to be integrated, the chances are that it may work or fail to work. We give it a probability of half in its favor and the other half against it, meaning, we are on a crossroad. It is at the point that a risk assessment plan must be developed should the plan fail to work or in case it works but not as required. The risk assessment plan, therefore, advances its chances of becoming successful and taking care of any challenge which may be foreseen at an earlier stage.
One of the new plans which were supposed to be integrated is based on a 360 employee engagement program. The program ensures that people receive feedback from the peers, the managers, and other stakeholders round the clock. The program was thus focused on the workplace competencies and behaviors and may include other issues like numeric ratings coupled with written comments. Looking at the depth and complexity of the program to be integrated, chances are that conflict may arise between the stakeholders. Conflict may result due to miscommunications between the stakeholders or matters pertaining system faults to mention but a few. There also exist chances that not every person may be happy with the new process. Some stakeholders may have been showing exemplary performance in the old system and as such may not wish to be part of the new process (Griffiths, 2016). Their primary reason being on losing admiration and respect within the business domain. Other risks which may be associated with the process are based on the inability of maintaining the precedent, lack of finances and inability for further training.
The maintenance of precedent is mainly concerned with the business keeping up with the program without any difficulty. The drawn issue (keeping up with the new program) may be a problem because of the associated factors. The factors may be viewed from the financial dimension, the required expertise, and the nature of the business or the organization in general. Another issue which may pose a significant risk is based on finances. Such a program requires money to finance every key stakeholder and for conducting regular system monitoring and check-ups. The business is thus needed to have a clear framework on how such an issue will be addressed before the actual problem occurs. The other significant concern is based on conducting regular training; the people must be trained to work smoothly and efficiently. Inability to further the training of the employees and the stakeholders may, therefore, be a serious risking factor due to chances of the entirely new process going wrong. Concerning the information I provided in the previous file or paper, the training duration was supposed to last until the time when the new process was to take the course, meaning, there will be a need for further training to enable the employees to acquire full competency on the use of the new systems.
In consideration of the discussed, it is significant that a strategy is developed to act before the realization of any risk. The strategy must be very comprehensive to cover all the possible risks which may be brought by the new system or the employees. The business will, therefore, develop a risk management matrix which looks at the risks and the consequences, the probability, the impact, the priorities and lastly the mitigating response. The matrix is self-defined and must be part of the initiation process of the new business process to guard any faults and future risks. The nature of the matrix also helps in detecting and offering solutions before the actual problem takes place (Sadgrove, 2016). On the same breath, I plan to use different management theories in the management of the identified risks during the implementation of the new process. The main theories which I plan to use are the bureaucratic management, human relations theory and the systems theory. The three are mainly concerned with the manner in which the employees and other key stakeholders relate. They will thus be useful in advancing their relationship. These theories (systems, relation, and bureaucratic) are the most effective because they ensure that the management systems are more human-centered and emphasize the creativity of every key individual within the business. They are also concerned with the holistic patterns especially those in the metaphysical and scientific context as brought within the management domain.
In summary, the risk assessment plan to be used is based on the matrix plan which is divided into various categories that help in the identification of the problem and offering the most needed solutions before the problem advances. The plan will also incorporate the use of theories like bureaucratic, relations and systems theory in providing a workable and sufficient risk assessment plan.
Griffiths, P. (2016). Risk-based auditing. Routledge.
Sadgrove, K. (2016). The complete guide to business risk management. Routledge.
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