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I am doing the OBU Project on topic 16 in an Insurance Brokerage Company.
I have gathered all of my information regarding management of operational and financial risk in the company.
Thanks for the information on the models Gillian, as this was my major issue on deciding on models to use.
Hi
I am thinking about topic 16 “A critical evaluation of the financial and operational risk management within an organisation” for my OBU RAP submission in November 19.
I am working for a charity organization which is a Company Limited by Guarantee.
I am not sure if a charity would be a good choice for this topic? Any thoughts?
Thank you
EmiliaThe key thing is identifying and quantifying the risks. The type of organisation is not so critical but clear identification of the risks and being able to evaluate them is. You will need some figures to work with and you might assign some probabilities to them e.g being able to assess the likelihood of an event occurring and the probability of what it’s impact would be in terms of operational effectiveness and costs.
Greetings all,
I’ve selected Topic 16 for my RAP which I want to submit during Period 42. The way I want to approach the topic is by evaluating my chosen Organisation (I have full access to management and the internal risk management processes) against a benchmark technique. Will this be an acceptable method to structure the RAP? What I would like to do is complete a Pestel analysis on the Organization and then evaluate the risk management processes put in place against each risk area identified and conclude in it’s effectiveness in managing this risk.
This is my understanding of the Topic, to comment on the suitability of the processes in place to mitigate the various risks by evaluating their effectiveness.
Thanks and regards,
Martin
This is in interesting topic and depends on outlining the full range of possible types of risk within the key areas [financial, operational and possibly reputational]
PESTEL analysis on its own is not necessarily the best model to apply.
My suggestion is that in addition to this you consider the Risk Assessment Matrix to evaluate the potential risks occurring and their impact and then assess the suitability of the processes in relation to these potential risks
Thanks very much for the response Gillian. Yes the organisation I selected already has a Risk Matrix in place. My aim was to prepare my own version of it, after performing a PESTEL analysis, and evaluate their existing matrix against that to identify any differences in risks and weighting of risks. It would simultaneously test a weakness that all Risk Management Processes experience, which is lack of updating. I’m glad to see I’m on the right track and very appreciative of your feedback.
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