Question

Implementing Risk Management Strategies

Choose one of the policy implementation documents from this week's readings (a) DHS Risk Management Fundamentals OR (b) DoD Cybersecurity Culture and Compliance Initiative. Using your selected policy implementation document (DHS or DoD), prepare a two page briefing paper (5 to 7 paragraphs) for the senior leadership and Red Clay Renovations corporate board. Provide specific information about "the company" as appropriate for your briefing content. In your briefing paper, you should address how this type of policy implementation document can be used to support implementation of specific risk management strategies. For the DHS document, you should focus on the use of training and doctrine (establishing a specific business process) as a risk management strategy. Discuss the pro's and con's of using a single risk management process across all corporate operations. Make sure to explain the risk management process you choose. For the DoD document, you should focus on the use of "culture shift" as a risk management strategy. Discuss the pro's and con's of using "culture shift" and "individual responsibility / accountability" as a risk management strategy.

https://www.dhs.gov/xlibrary/assets/rma-risk-management-fundamentals.pdf

https://dod.defense.gov/Portals/1/Documents/pubs/OSD011517-15-RES-Final.pdf

Answer 1

//Step 1: Provide specific information about "the company" as appropriate for your briefing content

Red Clay Renovations has developed into a significant business and hence it is very important to understand the company's position in the market place. Due to our north-east extension, the dynamic improvement supplied to the organization's clients has become succinct inside the majority of the company's field workplaces. The company's policy to avoid assisting business for negative activities has always helped for the company's growth.

The Department of Homeland Security (DHS) has recently issued a standard containing policies on the risk management fundamentals. The doctrine states that the objectives of an organization need properly implement and foster the risk mitigation policies and explain the importance of right training which eventually helps everyone in the company. It is crucial Red Clay Renovations to know, understand and implement the risk management practices. This document presents the Senior Leadership and corporate board the summary of DHS risk fundamentals and specifically to mention advantages of practicing the policies in the company.

//Step 2: Explaining how this type of policy implementation document can be used to support implementation of specific risk management strategies

It is probable that any organization can be subjected to vulnerabilities and unexpected events such as natural disasters, fire accidents, burglary and injury to staff. customers or people in the near vicinity during the event. All these events will certainly impact the business operations, impacting the functioning of the company to a great extent. Risk management helps to be prepared for these unexpected events and practicing the strategies help to minimize costs in the unlikely occurrence of the events and help in the business continuity.  At the organizational level, the application of risk management will complement and augment strategic and operational planning efforts, policy development, budget formulation, performance evaluation and assessments, and reporting processes.(Risk Management Fundamentals, 2011). As a growing organization, it is important to implement a risk management strategy for RCR. The DHS suggests many ways to adopt the risk management strategies. It is also important to train all the employees of the company on the strategies.

The risk management specification by DHS additionally makes reference to the different types of risk management applications, namely Strategic Planning, Capabilities-based Planning, Resource Decisions, Operational Planning, Exercise Planning, Real-world Events, and Research and Development (Risk Management Fundamentals, 2011). All these applications are employed for different use as the risk management strategies and also exemplify the scenarios in which they can be implemented. These applications don't mean anything except if their motivation is comprehended and the most ideal approach to achieve this is via preparing. In spite of the fact that though the senior board and corporate board acknowledge DHS procedures, it is the employee who need to get a handle on the procedures.

// Step 3: Explaining the process and discussing the pro's and con's of using a single risk management process across all corporate operations.

According to DHS, The Risk management process involves six stages, (a) Define the context of decisions and related goals, (b) Identify the potential risks associated with those goals, (c)   Analyze and assess the risks, (d)   Develop alternatives actions for managing the risks including the cost and benefits, (e) Decide and implement the decision, (f) Monitor and observe the decision to see if there is a better option (Risk Management Fundamentals, 2011).

This administration procedure not just cycles itself to keep new dangers represented yet needs correspondence to happen. There must be correspondence between partners, accomplices, and clients and as senior pioneers and corporate board individuals. One may see that all the conceivable dangers were distinguished and proceed onward to the appraisal of those dangers. Yet, correspondence guarantees that dangers present in all offices are distinguished, not just the ones that influence one side of RCR. With a hazard the board technique comes the various targets that guide in accomplishing our associations objectives. Refreshing approaches, principles, mission, and qualities, are generally measures that are included with the reception of another procedure. The fundamental correspondence that happens with the risk the board procedure is as indispensable as the procedure itself. Correspondence prompts comprehension and consistence. Despite the fact that RCR isn't receiving an absolutely new procedure, moderating any perplexity will enable us to achieve our objective all the more smoothly.

//Step 5: Concluding the paper

Lastly, the objective at RCR is to accommodate our customers. The management need to address their issues and demonstrate to employees the importance of operational management. So as to completely bolster the objective, theobject is to guarantee a smooth operational procedure. With help of strategies mentioned in DHS report, RCR can implement a risk management process that address the possible risks that company may face and mitigate the risks.

References

Risk Management Fundamentals (Rep.). (2011). Retrieved https://www.dhs.gov/xlibrary/assets/rma-risk-management-fundamentals.pdf