ITEC602 Management of IT Systems and Projects Assignment Sample

Pandemic Control and Management Support

Contents

Section 4.

Risk Management Plan.

Risk Management Matrix.

Risk Model

Recommendations.

References.

Section 4

Risk Management Plan

Risk management is a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. To reduce the loss exposures from Pandemic Control and Management Support (PCMS) there are steps in the risk management process that should be followed in order to reduce or avoid it. When Pandemic Control and Management Support (PCMS) happened an organization can use enterprise risk management technique as it is comprehensive risk management program that address all risks faced by the corporation, pure risk, speculative risk, financial risk, strategic risk, operational risk and others.

A risk management framework engages everyone in the organization to support preparation and changes to reduce possible negative impacts from that pandemic. If the framework and enterprise risk management strategy applied and take into action it will reduce the loss exposures from the virus. First step in risk management process is identifying the loss exposures whether it minor or major. This step involves all possible or potential losses that faced by an organization or individual (Habibzadeh, 2014).

Risk Management Matrix

Table 1: Risk Management Matrix

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Table 2: Risk Measure

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Risk Model

Fig 1: Risk Model

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Once the risks had been identified, it should be analysed. Because COVID-19 is new, there are some additional analysis tools that may be employed. Next, step in manage the risks of Pandemic Control and Management Support is select the risk treatment measures or appropriate techniques. In risk control measures which are avoidance, loss prevention, loss reduction, separation, duplication and others are usually used to treat the risks. However, other measures may be needed for additional risks that been considered in an enterprise risk management.

As Pandemic Control and Management Support (PCMS) happened there are some risks that may face by some organizations and it will impact the businesses operation, financial and others. Loss exposures that may happen or face include property loss exposures, liability loss exposures, business income loss exposures, human resources loss exposures and others. In identify the loss exposures; risk managers can use some tools to identify it which are physical inspection, questionnaire, flow chart, financial statements and historical data. Because COVID-19 is a new pandemic that happened around the world the risk managers must aware as it is the new loss exposures that may happen to the organization. Additional sources are necessary with the enterprise risk management (Nichols & Rauch, 2020).

Recommendations

An organization can set some guidelines to follow when Pandemic Control and Management Support (PCMS) had caused them risks. For example an organization can make risk management plan which all organizations should complete a risk assessment towards their business processes. As there are many types of risks that may happen, so there are also measures that may considered such as make an analysis about the business as it will allows organizations to identify which parts of the organization that should be prioritize to maintain the operation even COVID-19 may affect their businesses. Last step in managing the risks of COVID-19, the techniques should implement and the organizations should monitor the program (van Schalkwyk & Steenkamp, 2015).

As the implementation may be difficult because it is a new program and it requires a commitment from all departments in the organization as there are new changes that may made in facing the risks. The new way of viewing the risks must be communicated, and the employees should interest in the program to achieve maximum benefits from the techniques that had been implemented. In conclusion, even though COVID-19 is a new pandemic that happen around the world, the organization or individual must calmly take an action to manage the risk by using the risk management or enterprise risk management in order to reduce or avoid the loss that may happen in the future. As the chances of COVID-19 to settle down in a short period of time is not possible because most health care experts expect or believe the vaccine of COVID-19 take more than a year to give or hand out to one who need it. It means the approach needs to recognize and there are more than enough time to use the risk management methods (van Schalkwyk & Steenkamp, 2015).

References

Habibzadeh, F. (2014). Hadj ritual and risk of a pandemic. American Journal Of Infection Control, 42(1), 84. https://doi.org/10.1016/j.ajic.2013.08.011

Nichols, J., & Rauch, C. (2020). A Laboratory Risk Assessment during the Coronavirus (COVID-19) Pandemic. The Journal Of Applied Laboratory Medicine. https://doi.org/10.1093/jalm/jfaa061

van Schalkwyk, R., & Steenkamp, R. (2015). A holistic risk management framework to address the global noise-induced hearing loss pandemic. Corporate Ownership And Control, 12(3), 295-303. https://doi.org/10.22495/cocv12i3c3p2

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