For this assignment you will use risk management analytics to perform an enterprise risk assessment that takes into consideration competitive intelligence as a critical element in decision making. You will identify risks in a fictitious organization, assess their likelihood of occurring and the impact if they do. You will then assess the criticality of these risks using qualitative and quantitative techniques for your chosen industry. You will be expected to lead the risk analytics-based initiative that requires a clear understanding of the threat or risk associated with a new product acquisition by your fictitious organization. This assignment will require you to put into practice the main areas of focus that we have developed over the length of the course. You will bring them together in a comprehensive fashion that will assist you in understanding the many and diverse areas and requirements for successful risk management analytics.
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This assignment is directly linked to the following key learning outcomes from the course syllabus:
- Analyze business risk-assessment and risk-modeling techniques
- Conduct an external risk assessment by examining how competitors use comparable data
- Incorporate business attributes as critical elements in decision making based on risk management
- Identify the risks and opportunities a company faces associated with a possible product acquisition by analyzing the competitive environment
- Incorporate risk management analytics into the decision-making cycle, from the business question to the implementation
- Recommend a plan of action based on a solid understanding of internal and external risk assessment techniques
- List and discuss the strategic planning and risk management analytics activities that are needed to reduce risk.
In addition to these key learning outcomes, you will also have the opportunity to show evidence of the following skills (see grading rubric) after completing the assignment:
• Critical thinking
• Creative thinking
• Technical competency
• Problem solving
The signature assessment builds on previous work that you have delivered in your assignments. You began with developing a SWOT analysis that identified certain threats to be considered with the acquisition of a product or service that further differentiated the company’s presence in the marketplace and placed it in a competitive environment that it had not yet experienced. You then selected three fictitious competitive risks that you believed would be of concern in the acquisition of the new product and described each risk, establishing what the threat or risk was and its cause. You then explained where you would look for the data to perform the analytics-based assessment of the risk, providing your early views on the risk impact and the likelihood that it could occur. You then described how you would interact with your team and senior managers to complete the risk assessment. This was followed by your recording of the risks in the provided Risk Treatment and Response Plan (RT&RP) template. Thereafter, you had updated and submitted the Risk Treatment and Response Plan each week with information that you gathered throughout the term.
You then qualitatively assessed the three risks you identified to determine if they could potentially require further quantitative analysis. You provided a summary of how you qualitatively assessed these risks using Scenario Analytics (Chapter 22) and Industry Fusion Analytics (Chapter 17) describing how you used these analytics-based methods and techniques for risk identification, assessment, and mitigation. You then concluded, by risk, if there was a need for further quantifiable analysis in which you identified one risk that was eligible for further analysis using quantitative analytics techniques including predictive modeling and updated the RT&RP with an explanation as to why one or more of these risks are considered candidates for further quantitative analysis. You thenquantitatively assessed one of your three risks using the Indicators and Warning (I&W) analysis technique (Chapter 16 in the textbook) preparing a summary of how you quantitatively assessed the risk using the I&W analysis technique, summarizing what steps you took to determine quantitatively, the potential impact and probability of the risk. Then you again updated the RT&RP with the summarized high-level results of the quantitative assessment. You then established the necessary risk response strategies to mitigate the impact of your chosen risks. Key Risk Indicators (KRI’s) were created to ensure that management remains aware of potential risks. Your risk response strategy provided a short description of the three risks and the associated KRI that you used for each risk. For each KRI you explained the basis for its development, referencing the phases of CRISP-DM to ensure that you fully understood the specific risk along with the data sources and models used in monitoring and reacting to the risks. You also provided thresholds that would represent trigger points for each risk and a risk response strategy that management would invoke if the risk threshold was breached.
Completing the Signature Assessment Assignment
Taking into consideration your prior work outlined in the background section above, you are now asked to provide a report which aggregates your previous work in an enterprise risk management assessment to be delivered to decision makers. In this seven to ten page paper, you may use your previous assignments and discussion questions postings to bring together all the main areas of enterprise risk management analytics.
Important note: Please be aware that this Signature Assessment is worth 20 percent of your final grade. You may use your assignments and discussion submissions from the beginning of the class (cut and paste) but please be sure to make changes where appropriate based on the knowledge you have gained from the class and my grading feedback. Please feel free to refer to examples from our textbook; Business and Competitive Analysis (Fleisher & Bensoussan, 2015) or any other reference material you choose. Please remember citations and references for your sources.
As indicated above, this Signature Assessment report must be at least seven double spaced pages but no more than 10, excluding the title and references page. Your submission should be presented using these main headings as follows:
- Identification of Risks
- Qualitative Risk Assessment
- Quantitative Risk Assessment
- Risk Response Strategy
- Key Risk Indicators (KRI’s) and their trigger points for action
Annex 1: Complete Risk Treatment and Response Plan