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Block 17: Managing Risk - Coggle Diagram
Block 17: Managing Risk
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Risk Management
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Risk scoring, which requires quantitative (ex: historical stock price data) and qualitative (ex: assessing impact of new regulations) analysis, lets you decide which risk should be given more attention.
Managers define their risk appetite, which influences decisions on which risks should be prioritised.
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A) Reduce or Treat
Risk Mitigation: implementing new processes to minimise risk (ex: management science to reduce queues, financial forecasting by accountant)
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Risk-Register: outlines risk identification, risk assessment and actions needed to mitigate risk
Scenario Planning (SP)
exploring possible future changes through stories, not predicting outcomes
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2) Identify Assumptions, Drivers and Uncertainties
3) Imagine Plausible, Dramatically Different Futures
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