Identifying and Managing Risks in SMEs
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Identifying and Managing Risks in SMEs
dentifying and managing risks is a crucial aspect of running a small or medium-sized enterprise (SME). Risks can arise from a variety of sources, including economic changes, technological disruptions, natural disasters, and other unpredictable events. By identifying and managing these risks, SMEs can protect themselves from potential harm and ensure their long-term success.
Here are some steps to help you identify and manage risks in your SME:
Conduct a risk assessment: The first step in managing risks is to identify them. Conduct a comprehensive risk assessment to identify the risks your business is facing. This should include an analysis of the internal and external risks to your business, as well as the likelihood and impact of these risks.
Prioritize risks: Once you have identified the risks, prioritize them based on their likelihood and impact. This will help you determine which risks need to be addressed first and which can be managed in the future.
Develop a risk management plan: Develop a risk management plan that outlines the steps you will take to mitigate and manage each risk. This should include strategies for reducing the likelihood of the risk occurring, and plans for responding if the risk does occur.
Implement risk mitigation strategies: Implement the risk mitigation strategies you have identified in your risk management plan. This may include changes to your business processes, investments in new technology, or changes to your insurance coverage.
Monitor risks regularly: Regularly monitor your risks to ensure that they are being effectively managed and that your risk management plan is still relevant. This should involve regular reviews of your risk assessment and risk management plan, and updates as needed.
Communicate with stakeholders: Communicate your risk management plan to your employees, stakeholders, and customers. Ensure that everyone understands their role in managing risks and is aware of the steps you are taking to protect your business.
Insure your business: Insurance can provide an important safety net for your business in the event of a loss. Consider the types of risks your business is facing and the coverage you need to protect against those risks.
Prepare for crises: Be prepared for crises by developing a crisis management plan. This should outline the steps you will take in the event of a crisis, such as a natural disaster or a major customer loss, to minimize the impact on your business.
Continuously evaluate and improve your risk management strategies: Regularly evaluate your risk management strategies to ensure that they are still relevant and effective. Use lessons learned from previous risks and make changes to your risk management plan as needed to continuously improve your risk management strategies.
In conclusion, identifying and managing risks is a critical aspect of running an SME. By conducting a comprehensive risk assessment, developing a risk management plan, and continuously evaluating and improving your risk management strategies, you can protect your business from potential harm and ensure its long-term success.
Identifying and Managing Risks in SMEs
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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