Legal and regulatory risk management plan
Introduce that the business has decided to conduct an audit process of its areas of risk.
Introduce the category that your business will review.
Establish the context-
Audit can defined as an inspection or examination of business to ensure their compliance to requirements
https://asq.org/learn-about-quality/auditing/
- Internal /external audits(theory)
- Who is going to do the audit? How much time and resources are allocated? Roles and responsibilities? Objectives and goals?
- Quantified and/or qualified?(theory)
- Prospective/ retrospective?(theory)
Risk analysis-
- What is risk analysis? (theory)
- Here you identify the 5 risks based on your research (case studies / statistics/ industry publications/ etc). They need to be relevant to your business.
- They need to be relevant to your business (your identifiers in business overview should link into these)
- Consequences and likelihood descriptors. Based on your research above.
Evaluation-
- What is risk evaluation? (theory)
- Introduce and discuss the 'Risk evaluation matrix' (theory)
- Discuss each of your 5 risks and where they fall on the matrix. (Provide supporting arguments for the decisions you have made. This must be linked back to your research)
- Introduce the next step of 'treating the risk'
Attachment:- Assignment.rar