Risk Management Process Section Of Management - 2300 Words

Prepare the Scope and Objectives of the Risk Management Process section of the Risk Management Plan based on the facts presented in the case study Risk management process is an important aspect of the organization. There are various threats that may impede the organization’s success. For example, the scenario in the case study may make the company lose a number of loyal customers; hence, reduction in sales revenue. The scope and objectives of the risk management process should be in line with the overall risk management plan. They are important elements in providing the guidelines for the management in the implementation of the risk management plan. The main objective of the risk management process is to develop a method to monitoring, evaluating, and managing the risks in the entire project life. Risks are usually uncertain, and may have a positive or negative impact on the project objectives (Govori, 2012). With respect to the case study, theft of customer data is a risk. It is uncertain, and gets the organization in a time that it has not fully completed its risk management plan. The objective of the risk management p rocess, in this case, is to establish an approach to monitoring the customer use of credit cards, identifying the authenticity of the transactions, and managing the use of the credit cards to avoid any fraudulent activities. Next, the risk management process would identify the potential risk sources; evaluate the individual risks and effect on cost,Show MoreRelatedWhat Is Iso 9001? Iso 9001 Is An International Standard1207 Words   |  5 PagesISO 9001 is an international standard that focus on the requirements for a quality management system. Companies in different countries use this system as it proves the capability to consistently provide products and services that meet customer and requirements that they want. 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