Risk ManagementIndividual Assignment ? Risk Management and Risk of Risk Management of an Existing Issue.This assessment focuses on aspects and practices of risk management and the risk of risk management and can be considered as being a combination report and academiccritical assignment.Using multiple articles from general, trade and academic literature identify and discuss an important current concern or issue for managing in an industry orcommercial or business sector (NOT for a specific or individual company or organization). Do not forget to use appropriate citation throughout this report.You need to follow the following structure for your report, using the sub-headings (the words in bold type and underlined) as the sub-headings in your assignment.1. Introduction. Outline what the report is about ? including brief summary sentences defining the risk issue, relevant industry/commercial/business sector, what makesthe issue an important issue, and any document details? for example, note who wrote the report, when the report and information was gathered, any sources of thatinformation; insert any disclaimers.For Your Information: One seventh of the marks cover Introduction and Recommendations and how well you follow and put together the report requirements.2. Issue Identification and Literature Review. From academic, trade and general literatures, identify the broad range and nature of the risk issues for the industrysector as found in this literature.From the above selected literature, identify the range of possible important risk issues for this industry. Provide sufficient argument to demonstrate what makes theserisk issues important ?supporting the argument from the literature you selected.Argue for one specific important risk issue that needs risk management (and provide support from the literature for this argument.For Your Information: One seventh of the marks cover Issue Identification and Literature Review.3. Managing the Risk Issue. From one or more literature sources, outline ONE way in which this risk issue may be managed and summarize the literature statements onthis one way of managing the issue.Suggest how this way may be managed (who does it, when is it done, what needs to be used, where does it get done, what steps of activity may be involved). Elaborate onwhat resources are consequently needed for this and Who is involved (consider all direct and indirect stakeholders and participants).For Your Information: Two sevenths of the marks cover Managing the risk Issue4. Risk of Risk Management. Outline in sufficient detail what may go wrong with this way of managing due to external factors (external and remote forces and actions).Elaborate on what may go wrong in doing the ?fix? this way (again considering who does it, when is it done, what needs to be used, where does it get done, what stepsof activity may be involved).Identify and explain what may go wrong with the costs and availability of resources should the approach be implemented. Identify and explain what may go wrong with thehuman side of this management.For Your Information: Two sevenths of the marks cover Risk of Risk Management.5. Recommendation. Given the above two sections (Managing the Risk Issue and Risk of Risk Management), outline what you recommend needs to be done and what needs to bemanaged or monitored to improve the chances of success with this way of managing the issue.For Your Information: as noted earlier, one seventh of the marks cover Introduction and Recommendations and how well you follow and put together the reportrequirements.For Your Information: One seventh of the marks cover the academic style of this assignment ? fluency, overall argument and explanatory reasoning, appropriate use ofcitations and reference list. As a correction for mark depreciation across the sections, 2% will be automatically added to the total mark.Warning: Those undertaking Assessment 2 are not expected to breach any conditions of confidentiality in any workplace or site used for this Assessment. There is norequirement to interview stakeholders at any site used as the basis for the Entry Scan. The facilitator and University of South Australia are in no respects party to,or accountable and responsible for, any work conducted by the student in the conduct and delivery of this Entry Scan report.Scope: This assignment assesses your individual application of a simple risk assessment and evaluation task. As such, this assignment includes graduate qualities ofbody of knowledge, effective problem solving, working autonomously, and effective communication. Length and Presentation: The notional length is 2000 words ? of text,not counting relevant Tables and Appendices. Do note that this is an applied assignment wherein sources for approaches, theory and data about the setting need to beclearly cited. Succinct formal writing style is mandatory, as is a font/print size of no less than 14 and 1.5 line spacing.Assignment is to be submitted in class.The criteria applicable to assignment of grades.? Succinct and balanced writing demonstrating clear logical connection, appropriate critical insight into the advantages and disadvantages entailed in theevaluation, and the depictive ability to design, undertake, and deduce management conclusions from the evaluation.? The points outlined in each of the assignment sections outlined above.CO1. Establish the historic perspective that has shaped research and thinking in risk and risk managementCO2. Fundamentally define what constitutes a riskCO3. Qualitatively conduct a basic risk evaluation of a situationCO4. Demonstrate a fundamental understanding of risk managementCO5. Develop a basic understanding of the application of risk management in an organisational environmentCO6. Develop an understanding of emerging issues and concepts in risk and risk managementUpon completion of this course, students will have achieved the following combination of Graduate Qualities and Course Objectives:GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7CO1 ?CO2 ? ?CO3 ?CO4 ? ? ? ?CO5 ?CO6 ? ? ? ?Objectives being assessed: CO2, CO3, CO5, CO6!

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