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Risk Management

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Assignment - Risk Paper #1

Write a paper regarding a project, either real or fictitious, where one is able to discuss how risks were identified, ranked, and monitored. The student is also welcome to write about a major purchase or major decision in one's life, such as buying a new car, buying a new home, or even the decision to return to school to earn a degree. All of these are considered projects or procurements that required some form of formal or informal risk review.

Remember to cite and reference any sources that were used in the project or in the decision making process. At a minimum, students should connect this assignment back to the text and support their decision making process with key concepts from the text. One of the elements of this assignment is to connect the material from the course to actual risk decisions. You are also welcome to use any of the checklists from the text to support the decision making process.

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Solution Summary

A full-length risk management essay that can be used as a model for identifying, ranking and monitoring risks within an organization. Includes APA references.

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I suggest that you focus on Thurgood Marshall College Fund, an organization in New York City that is easy to understand and can be expanded upon with the topics indicated in the assignment your provided. I've included references to get you started. I've divided the paper into sections that mirror the risk management process. You should expand on these concepts as much as possible and be sure to put the text into your own words. Visit www.thurgoodmarshallfund.org for more information.

Introduction

At the core, every organization exists to provide value for stakeholders. Determining who those stakeholders are and determining how much risk the organization is willing to accept as it "strives to create value" is an important part of risk management (Flaherty, Maki, et. al., 2004).

Enterprise risk management is a concept used by managers within organizations to identify, assess, and manage risk. Developing a framework to gauge and improve risk management systems is an important task and in response to the cross-industry need for such a framework, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a comprehensive Executive Summary on the topic in 2004.

You can apply the framework of the COSO study to Thurgood Marshall College Fund, an education services non-profit organization in New York City.

Thurgood Marshall College Fund currently serves thousands of students at America's public HBCUs (historically black colleges and universities). The school's unique model of education places emphasis on diversity, acceptance, and support for one another.

Entry into Markets

Every organization faces uncertainty, that uncertainty comes in many forms, some present challenges to the organization and other uncertainties present opportunities. Risk management systems allow organizations "to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value" (Flaherty, Maki, et. al., 2004).

Changes in technology, federal and state regulations, and economic uncertainties all affect the risks organizations must take to remain competitive and to offer maximized value (Jensen, 1993). While risk taking is inevitable, an organization's value is made greater when it sets forth a sound strategy to find the optimal balance between growth and resource-use in aim of the organization's objectives. Federal laws such as the Sarbanes-Oxley Act of 2002 ...

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