Data collection on various risks

Risk management is process of identifying, analyzing and setting the priority according to the probability or the chances of occurrence of the risk event. This further helps in minimizing the impact of risk on the football player’s team. Also it helps the organisation in setting the future objectives (Aven, 2013). The report is basically based on the risk management of the Australian Football team that is going for the world cup to be held at Russia in 2018 from 14th June to 15th August. The report is having two parts in first part various risk has been recognized and recorder.

Second part includes a brief analysis over predetermined risk. Health, metal risk, coaching and leadership, financial and environmental risks are the various risk mentioned in the part 1. Second part will comprise discussion on the aim and success criteria of the particular project. Also will include risk appetite & tolerance, breakdown structure, risk probabilities, risk consequences, risk severity matrix, risk responses strategy, risk register etc. in regard to the Australian Football team.  

Aim and Success Criteria for project 

Risk management is a procedure used for determining, measuring, and also to treats its liability, property, personnel expenses and the proceeds. The main goals of the association are to preserve its human as well as physical assets for its continuous growth. Also the general purpose is of delivering well-organized services to the football association and its players in order of protecting them from predetermined risks. In order to attaining following goals and objectives risk managers are needed to delegate risk management functions and responsibilities.

The following project if of managing the various risk related to the Australian football team in their entire journey from Australia- Russia -Australia. Meanwhile, it the risk manger’s that mine responsibility to take care of players from various risk. So that it could not affect the health or performance of the team. In order to perform my duty I have to look for successful criteria in order to make this journey successful (Badsberg and et.al., 2014).

Goals and objectives

• Main purpose regard this risk management is to find various risk attached with the vents in advance so that further actions can be taken to avoid those risk. So hat while the football event the team players do not meet with any such risk which would affect their performance or health.
• Second objective is to promote the corporate principles among the team players so that sportsmanship as well as active lifestyle will be implemented (McNeil, Frey and Embrechts, 2015).
• Last goals to maintain all activities in order to promote or achieve the above objectives.

Deliverables

• Recording various risks including its causes, events as well as consequences etc.
• Also will record supporting details of the above identified risks including their source of risk.
• Assuring the determination and management the risks and is required to be informed to the Team management.
• It is Risk mangers’ duty to assign work within the team of risk management.
• Case of any new risks that is been recognized, the in that vase they are required to inform this to the TM and is to be updated I table 1.

Following stages are involved in successful criteria:

• Plan- Firstly I am required to make plan that is what things are to be considered and what not to be. Also will disclose the purpose behind risk management and how it will help the players of the team (Dell, Pawar and Savage, 2014).
• Identify- Under various risk are required to be identified by me as a risk manager. So that further actions can be taken n. risk are the uncertain events that either have positive or negative impact over the project (Zhang and et.al., 2014).
• Analyze- After the risks are identified next step is of analyzing. That helps in finding out various circumstances and what will be the impact of those occurrence on the players and their performances (Cui and Levinson,  2015).
• Respond- Once the risks are identified and also have analyzed the impact of these risks. I as a risk manager am required to prepare some preventive strategies regarding those risks in order to mitigate the risk that may arrive in future.
• Monitor &Control- At last I’m required to observe the situation as and when the event goes on and tries to predict if any uncertain event is to happen. Take preventive actions according to the strategies prepared before (Barnett and Weyman, 2016).

Risk Appetite and Tolerance 

Risk Appetite- It assists the risk manager in describing various types of risk that can be occurred or the team has to face with. Also helps in determine that at what extent these risks will affect the team performance. Further provide guidance in assessing methods to be used for responding such risk in order to mitigate the risk (Eriksson, 2015). It also sets a line between acceptable and unacceptable risks. It is required to reflect current operating environment and how change may take place over the time. It is required to be set for specific time as well as should be reviewed semiannually. Financial objectives, type of risk, and risk infrastructure and culture are the factors that influence the risk appetite of the project.

Risk Tolerance- Risk tolerance helps in assessing whether the project is going on correct way or not with the help of clear established value as well as description that risk tolerance is to be calculated (Glendon, Clarke and McKenna, 2016). It can be expressed as a desire for maintain a specific external debt rating which is often used to measure the risk appetite. When the rating downgrade occur that point is represent as a maximum tolerance of the risk by the football team.

Risk appetite and tolerance

 Risk Breakdown Structure  

Project in this report is to mitigate the risk of uncertain events so that it will not affect the health as well as performance of the players (Risk breakdown Structure, 2017). Risk breakdown can be further classified into 4 major risks those are as follows:

• Technical Risk- First risk considered in regard of the team is of technical risk. Under this the risk may arise in the process or designs prepared which further leads to failure of the project. Or may impact the performance or health of the players which result in losing the match and the world cup (Heagney, 2016).Also under those the risk manager of the team is required to consider safety and security measure so that the player does not met any injury while tournament is running.
• Management Risk – Management risk comprises of various risk such as project, performance portfolio management, operational management, organizational, resourcing, communication, information, quality as well as reputation (Hopkin, 2017). Reputation is another important factor in the success of the mangers should take care of risk that might affect the team’s reputation. This will lead to negative impact over the team and its players.
• Commercial risk- Following risk is related to the terms and conditions of the contract made between the Australian football association and the football players. Any fraud or misinterpretation may lead an adverse impact on the team performance and will demotivate them (Kendrick, 2015). Hence being a risk manger it my responsibility to take care of the contracts made in between teams players and the associations so that no problem would arose in future at the time of event.
• External risk- Following risk are however not in control of the risk mangers but still are to take preventive actions against any adverse impact. External risk includes exchange rate, competition regulatory political or social etc. factors (Leech and Gupta, 2015). Those are uncontrollable and may place a negative as well as positive impact over the performances of the players.

 Risk Probabilities 

Being a risk manger I am required to be aware of these risks that might affect the players or their performances while the world cup. However, it is not possible to consider each and every risk associated with the respective project as it will be way expensive as well as time consuming (MacLeod, 2016). Instead of listing these risk as per the priority a manger that is me is required to concentrate more over the risk that might place a large impact over the players and their performances. In order to mitigate risk I am required to use probability chart which will further help me in deciding most important risk out of entire list. The probability chart is based on two primary dimensions which are as follows:

Probability- Risk is uncertain that the probability of occurring of the risk is from 0 to 100 percent (Mayberry, Weaver and Wilde, 2015).

Impact- Generally risk places a negative impact over the organisation of the project. But there may different in the effect based on the size of the effect as it differs in the term of health, human life’s, cost and other factors.

Following chart assist in rating the potential risk on the two dimensions (McIntyre and et.al., 2017). And the probability of the risk to be occurred can be places on the one axis of the chart and effect of the risk on the other axis of the chart.

Risk Consequences  

As and when the various risks are determined and prioritized based on its important or effect on the team players. Raking is done based on various critical factors that might place a major impact over the health or the performance of the players while world cup. Therefore those risk are required to be reflected first in the list as it assist the risk manager in managing the risk and determine the consequence those may arise with the occurrence of following event (McNeil, Frey and Embrechts, 2015). Impact from every risk event is required to be measured.

The assessment helps in analyzing the impact will cost, technical performance goals, schedule of the performing team. Impacts are not limited to the standards it may also comprise political as well as economic consequences which are needed to be measured by the risk managers in regard of the respective team (Moum and et.al., 2014). Risk consequence generally involves the use of subjective valuation techniques that further leads to the direct assessment of probability through object methods.

Risk Severity Matrix 

Risk Severity matrix is used during risk assessment for identifying and defining the different levels of risk. Under this the risk are characterized on the basis of critical feature involved that might place a huge impact over the players and team as well (Obradovi?. and et.al., 2015). In other words it can be said that risk severity matrix is a mechanism that is used to enhance the increase reflectiveness of risks and further helps the risk manager in making decision. However there number of risk metric available for the similar purposes but it is more beneficial for the association to maintain their own standards severity matrix (Öjehagen and et.al., 2016). Although many standard risk matrices exist in different contexts individual projects and organizations may need to create their own or tailor an existing risk matrix.

Risk breakdown structure

The diagram showed below categories likelihood and consequences as per the critical factors involved in the risk.  If there is higher risk that it is categorized as high if low then low. Extreme, moderate are also some categories in which risk is categorized to ascertain the priority by the risk manager (Olson and Wu, 2017).

 Risk Responses Strategy  

Risk response is strategy that is used in developing strategic options and also determines it in order to enhance the opportunities and reduce threats attached with the respective project. A project team member is assigned to take responsibility for each risk response (Pittard and Sell, 2016). Entire process guarantees that each risk require response requires a manger to monitor various responses, although the manager of the team may represent implementation of a response to someone else.

Risk response strategy can be categorized into 2 dimensions:

Opportunity

• Exploit-The purpose behind it is to make sure that the opportunity is being realized and further this strategy leads to eliminate risk associated. It is considers as an aggressive response mostly used for the golden opportunities which have high impacts or probability (Pritchard and PMP, 2014).
• Share- In this the opportunity is shifted to another party who enables to make best use out of the occurrence of the event. Transferring and sharing threats is liability and opportunities it is considered as a potential benefit to the third party
• Enhance-This purpose behind this response is to change the “size” of the positive  That is the opportunity is improved by increasing the probability or impact, by maximizing the realized benefits in regard of the respective project. If the probability can be increased to 100 percent, this is effectively an exploit response (Sârbu and et.al., 2016).

Threats

• Avoid- Riskmanager can avoid risk by eliminating the cause of the risk or executing the project in a different way while still targeting to achieve specified project (Thompson and et.al., 2013).  But not all types of risks can be avoided also the following method is too expensive and time?consumin However, this should be the first strategy considered by the risk manager.
• Transfer-Transferring risk includes discovering another party that is ready to take the responsibility for its management, and who will bear the liability of the risk should it occurs (Wan Ismail and et.al., 2016). The purpose is to guarantee that the risk is owned and managed by the party best able to deal with it effecti

.Risk Register  

 In order to complete the risk management for the respective football team I’m Required to maintain a register as documentation. For the success of the project it is very important for a risk manager to carry risk management activities as it helps in making pre plans (Risk Register, 2017). After the creation of a management plan it is required to create a risk register as well. The need or significance of the risk register is that it records recognized risks, their severity, and the actions steps to be taken. It can be a spreadsheet, simple document or can be a database system, but the table format is most effective (Devereux and et.al., 2014).

A table presents a great deal of material in few pages. Being a manger I am required to view the risk register as a management tool for  review and updating process that identifies, assesses, as well as manages the risks down to acceptable levels. The register also re provides a framework in which problems that threaten the delivery of the anticipated benefits are captured. Actions are then instigated to reduce the probability as well as the potential impact of risks on the respective football team. Making risk register visible to various stakeholders of the project so they can see that risks that is being addressed (Wragg and et.al., 2017).

Conclusion

Health, mental risk, coaching and training related, media, practical aspects, financial and also the environmental risk which has been identified in the part 1 of the assignment. In which the data regarding these risk has been collected (Zh and et.al., 2014). Also the analysis is done in part 2 in respect of these risks for finding the substitutes for preventing the danger at the time of occurrence of the event. Also risk appetite and tolerance, Aims success criteria, breakdown structure of risk, risk probability and consequences are certain things that have been discussed in the report for shaping or analyzing the following of risk in respect of the Australian football team in order to mitigate any kind damage or injury to the players.

After collecting and analyzing the data I as a risk manager is also asked to give primary as well as recommendation in order to prevent the risk from the team players so that they could perform well in the coming event of world cup to be held in Russia.

Probability and impact of risks

Following are some risk that has been identified in part 1 which includes Health, training and coaching, media, practical aspects, financial as well as environmental risks.

Health risk, While traveling from Australia to Russia the team players might get through decisions due change in climate which results in illness and health issues. Also traveling sickness can also be caused (Wu, Chen and Olson, 2014). Other than these depression is also a health issue that leads physical and mental health issues

Recommendation- Being a risk manager I would recommend those proper timings of food and also the temperature is to be taken care as weather changes leads to illness.

Training and coaching risk, Inappropriate coach or biased coach who does discrimination on the basis of caste, age, color discrimination within the team. That further leads to the differences among the team players which is not good for the team (You and et.al., 2016).

Recommendation- As a risk manger I’m required to closely observe the activities of the coach and I found that the coach is inappropriate that I might take the decision of reallocating the coach or take serious action against him.

References

Books and Journals

Aven, T., 2013. On the meaning and use of the risk appetite concept. Risk Analysis. 33(3). pp.462-468.

Badsberg, J. H. and et.al., 2014. Psychological consequences of screening for cardiovascular risk factors in an un-selected general population. Scandinavian Journal of Public Health.

Barnett, J. and Weyman, A., 2016. Communication challenges associated with the expression of uncertainty in the Plant Health Risk Register.

Cui, M. and Levinson, D., 2015. Accessibility Analysis of Risk Severity.

Dell, A. I., Pawar, S. and Savage, V. M., 2014. Temperature dependence of trophic interactions are driven by asymmetry of species responses and foraging strategy. Journal of Animal Ecology. 83(1). pp.70-84.

Eriksson, L., 2015. The importance of threat, strategy, and resource appraisals for long-term proactive risk management among forest owners in Sweden. Journal of Risk Research. pp.1-19.

Glendon, A. I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc Press.

Harlow, J. and et.al., 2015. Review: towards a risk register for natural capital. Journal of Applied Ecology. 52(3). pp.641-653.

Heagney, J., 2016. Fundamentals of project management. Amacom div American Mgmt Assn.

Hopkin, P., 2017. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Kendrick, T., 2015. Identifying and managing project risk: essential tools for failure-proofing your project. Amacom div american mgmt assn.

Leech, T. and Gupta, P., 2015. Board Oversight of Management’s Risk Appetite and Tolerance: Regulators Claim they Expect it but Change will Not Come Easy. EDPACS. 51(4). pp.9-14.

MacLeod, M. A., 2016. The role of risk management in business continuity: A generic qualitative inquiry of information technology managers (Doctoral dissertation, Capella University).

Mayberry, M. A., Weaver, C. D. and Wilde, J. H., 2015. Risk consequences of tax-motivated choice of organizational form in the banking industry. National Tax Journal. 68(4). p.999.

McIntyre, P. and et.al., 2017. Linking the Australian Childhood Immunisation Register to population-based perinatal datasets to assess coverage in at-risk groups. International Journal for Population Data Science. 1(1).

McNeil, A. J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts, techniques and tools. Princeton university press.

Moum, B. and et.al., 2014. Risk matrix for prediction of advanced disease in a population-based study of patients with Crohn’s disease (the IBSEN Study).Inflammatory bowel diseases. 20(1). pp.60-68.

Obradovi?, V. L. and et.al., 2015. Project success analysis framework: A knowledge-based approach in project management. International Journal of Project Management.  33(4). pp.772-783.

Öjehagen, A. and et.al., 2016. Risk factors for unnatural death: Fatal accidental intoxication, undetermined intent and suicide: Register follow-up in a criminal justice population with substance use problems. Drug and alcohol dependence. 162. pp.176-181.

Olson, D. L. and Wu, D. D., 2017. Enterprise Risk Management in Projects. InEnterprise Risk Management Models (pp. 161-173). Springer Berlin Heidelberg.

Pittard, S. and Sell, P., 2016. 3 Risk and risk management. BIM and Quantity Surveying.  p.51.

Pritchard, C. L. and PMP, P. R., 2014. Risk management: concepts and guidance. CRC Press.

Sârbu, A. and et.al., 2016, April. Research on Increasing Risk Management Efficiency as Support for Corporate Sustainable Development. In ICMLG2016-4th International Conference on Management, Leadership and Governance: ICMLG2016 (p. 450). Academic Conferences and publishing limited.

Thompson, M. E. and et.al., 2013. When the economy falters, do people spend or save? Responses to resource scarcity depend on childhood environments. Psychological Science. p.0956797612451471.

Wan Ismail, W. K. and et.al., 2016. Business strategy, enterprise risk management and organizational performance. Management Research Review.  39(9). pp.1016-1033.

Devereux, J. and et.al., 2014. The combined effect of physical, psychosocial/organisational and/or environmental risk factors on the presence of work-related musculoskeletal symptoms and its consequences. Applied ergonomics, 45(6), pp.1610-1621.

Wragg, A. and et.al., 2017. Cautious anticoagulation strategy in patients with dialysis-requiring end-stage kidney disease. Heart. 103(8). pp.641-641.

Wu, D. D., Chen, S. H. and Olson, D. L., 2014. Business intelligence in risk management: Some recent progresses. Information Sciences. 256. pp.1-7.

You, J. X. and et.al., 2016. Risk evaluation in failure mode and effects analysis using fuzzy digraph and matrix approach. Journal of Intelligent Manufacturing. 27(4). pp.805-816.

Zhang, B. and et.al., 2014. The emergence of cardiometabolic disease risk in Chinese children and adults: consequences of changes in diet, physical activity and obesity. obesity reviews. 15(S1). pp.49-59.

Zhu, W. and et.al., 2014. Multi-attribute Analysis of Consequence Severity in Risk Assessment for Natural Gas Pipelines.Information Technology Journal. 13(3). p.583.

Online

Risk breakdown Structure. 2017. [online] Available Through: < https://www.atom-risk.com/templates/Sample%20Risk%20Breakdown%20Structure.pdf >[Assessed on 3^rd May]

Risk Register. 2017. [Online] Available Through: <https://www.brighthubpm.com/risk-management/3247-creating-a-risk-register-a-free-excel-template/>[Assessed on 3^rd May].