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Assessing and Minimizing Potential Risks in Business
Assessing and Minimizing Potential Risks in Business
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Assessing and Minimizing Potential Risks in Business
Assessing and minimizing potential risks is an important step for individuals, businesses, and organizations in managing their operations and protecting their interests. Risks can arise in many different forms, including financial risks, operational risks, legal risks, reputational risks, and environmental risks. By taking proactive measures to assess and minimize these risks, individuals and organizations can minimize the likelihood of negative outcomes and ensure the sustainability of their operations.
There are several steps involved in assessing and minimizing potential risks:
Identify the potential risks: The first step in assessing and minimizing risks is to identify the potential risks that may be present. This may involve conducting a risk assessment, reviewing historical data, and considering the external factors that may impact the operation.
Analyze the potential risks: Once the potential risks have been identified, the next step is to analyze them in terms of their likelihood and potential impact. This may involve estimating the likelihood of a risk occurring and the potential financial, legal, and reputational costs associated with the risk.
Develop a risk management plan: Based on the analysis of potential risks, the next step is to develop a risk management plan that outlines the specific actions and measures that will be taken to minimize or mitigate the risks. This may involve implementing new policies and procedures, investing in new technology or equipment, or developing contingency plans to address potential emergencies.
Monitor and review the risk management plan: Once the risk management plan has been implemented, it is important to regularly monitor and review the plan to ensure that it remains effective and relevant. This may involve conducting regular risk assessments, monitoring the performance of the policies and procedures that have been implemented, and making adjustments as needed to ensure that the plan remains effective.
Some specific strategies that can be used to minimize potential risks include:
Implementing strong internal controls and procedures to minimize the risk of fraud, embezzlement, and other financial crimes.
Investing in cybersecurity measures to protect against data breaches, cyber attacks, and other online threats.
Developing and implementing strong workplace safety policies and procedures to minimize the risk of accidents and injuries.
Ensuring compliance with applicable laws and regulations, and engaging with legal professionals to identify and mitigate potential legal risks.
Building strong relationships with suppliers, customers, and other stakeholders to minimize reputational risks and build trust.
In summary, assessing and minimizing potential risks is an important step for individuals, businesses, and organizations in managing their operations and protecting their interests. By identifying potential risks, analyzing them, and developing and implementing a risk management plan, individuals and organizations can effectively minimize the likelihood of negative outcomes and ensure the sustainability of their operations.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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