Risk Management Concepts and Strategy. Risk Management Concepts and Strategy. Risk Management:
Question 1 (30 Marks)
Using the notes on Graham Kenny’s Strategic Factors (the PowerPoint presentation for Day 2: Risk Management – Concepts and Strategy), and also the insights gained from Day 1: Finance and Day 3: Contracts & Procurement; fill out the Table with column headings ‘Organisational Objectives’, ‘Behavioural Outcomes’, ‘Risks’, ‘Strategic Factors’ and ‘Measure’ (template provided). The Case Study A: Football Stadia pertains to The Millennium Stadium, Cardiff given on pages 381-398. Refer to page 392 of the, Figure A.3 for a list of stakeholders for the project. With the Welsh Rugby Union (WRU) / Millennium Stadium as the ‘Organisation’, identify any six (6) key stakeholders of which two (2) of these should be subcontractors (Contract & Procurement) and one (1) of these a bank (Finance). Do the following:
i. Identify the WRU’s organisational objectives (as many as you can) in relation to each of the identified key stakeholders.
ii. What do you think are the desirable behavioural outcomes that the WRU would desire of these stakeholders?
iii. What are the potential risks faced by the WRU? Next to these risks, in a sentence or two indicate how these may be mitigated.
iv. What are the strategic factors? In other words, what does each of the selected key stakeholders want (in return) from the WRU?
v. Identify some measures (i.e. metrics) by which each of the key stakeholders could establish their level of success in doing business with WRU.
Note that in filling out the Table, you would have answered i-v.
Question 2 (30 Marks)
Refer to the PowerPoint presentation for Day 2 on Risk Management – Basic and Advanced Tools. Using the soft copy of the risk matrix template (see Group Exercise II) made available to you, do the following:
i. Identify the hazards and risks for the key stakeholders that you have identified above.
ii. Assess the probability (likelihood) of occurrence, the potential consequences and the resultant risk rating if no mitigating measures are put in place. 2015 – Page 4
iii. For each of these risks, indicate what mitigating (control) measures should be instituted in order to reduce the likelihood of occurrence and the severity of the consequences
iv. Re-assess the likelihood of occurrence, the potential consequences and the revised risk rating in view of these measures.
Note that in filling out the columns of the risk matrix, you would have answered i-iv. The final question below (v.) is listed on the risk matrix (template) spreadsheet itself.
v. In your opinion, which of these risks would be better assessed using a more quantitative risk tool e.g. Monte Carlo? Briefly explain your answer.
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