Risk Management – Something Bad Could Happen, Be Smart About the Chances You Take!!
The field of Risk Management is awash with acronyms: ERM (Enterprise Risk Management, PPM (Portfolio of Projects Management), DRM (Disaster Risk Management), BCP (Business Continuity Planning) PRM (Project Risk Management), GRC (Governance Risk Compliance), ECM (Emergency Crisis Management), LUCK (Luck!!!), etc.
They all do essentially the same thing: providing a structured approach to achieving continued existence should risks occur, and avoiding extinction.
The assignment will require you to consider all of the subject content material for this module and to place it into a context that is relevant and specific to you. To do this you will need to prepare a critical personal reflection on a number of questions set out below.
It is important to develop personal critical reflection skills so that you can evolve and develop within your chosen professions.
The philosophy behind the assessment regime is that it is an integral part of your education process and one of the principal drivers to your learning. Assessment follows the same approach as the learning materials in being innovative and related to the student’s (future) workplace and/or profession. In all assessment activities, you are encouraged to apply what you have learnt to your own (personal, project or business) previous experience. The assessment will be based upon the extent to which you have been able to apply subject material to gain new insights and create or envisage the start of new innovations within the assignment.
The assessment for this module consists of:
- A Critical Reflection essay (100%)
Critically reflect on you, and your employers organisation, and your country of origin’s attitudes and behaviours towards Financial Management and Risk Management.
If you have NO work experience then you need to analyse you and your country of origins’ national construction industry and the country of origin’s national economy - but this must be made clear at the start of your submission.
You should consider the following questions as a guide – but not limited to these questions – to preparing your critical personal reflection:
Do any Financial Management and Risk Management Methods, (including Tools or Techniques)
work? (How do you know it works?)
Would anyone in your family and organisation (or country) even know if they did not work? (How do you show that it works?)
If they did not work, what would be the consequences (both tangible and intangible)?
If they do work, would they be sufficiently robust (antifragile) to a Black Swan event - (The impact of a highly improbable but high consequences event)?
What do you believe should be the Financial Management and Risk Management Methods, (including Tools and Techniques) that you should use in the future for Personal and Organisation (or Country) to ensure continued survival and career progression?
This is a critical personal reflection and should be written in the first person, so using I and We. It is an essay, not a technical report, so proof and evidence of WHY and HOW is more significant than a mere description of WHAT. The assignment requires demonstration of analysis and reflection of attitudes and behaviours, rather than description of practices and procedures.
You may find the following sources useful in defining terminology:
Nassim Taleb, 2008, The Black Swan and the Impact of the Highly Improbable, Penguin.
Nassim Taleb, 2010, Antifragile, Penguin.
Daniel Kahneman, 2012, Thinking Fast and Slow, Penguin.
A demonstration of sufficient critical reflection, appropriate knowledge and understanding employed in selecting and justifying the Financial Management and Risk Management position for you, your organisation and country. 15%
A good understanding and an ability to critically evaluate and present appropriate features to the
Risk Management systems exhibited by you, your organisation and country.
A good understanding and an ability to critically evaluate and present appropriate features to the Financial Management systems exhibited by you, your organisation and country. 15%
A critical appraisal of Financial Management and Risk Management to achieve sustained survival. Reference to Black Swan events – demonstrating how you and the organisation and country evaluate such occurrences. 20%
A demonstration of appropriate knowledge and understanding of Financial Management and Risk
Management Performance in the future.
Communication of the critical reflection -
An essay that covers ALL of the above aspects showing a high level of critical thinking and reflection, demonstrating the justification and rationale for the selections made, based on the evidence presented within the essay. A high level demonstration of written and visual communication skills. An accurate and appropriate citation and bibliographic representation within the essay. 20%
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