provide replies to below discussions ieach in 150 words based on thier posts.
City Government and Transit (ETS) are the two categories selected in this discussion (“City Government”, 2019). The discerned strategic risks in City Government are the operational risk and financial risk. Operational risk results from insufficient internal processes, persons, external events, or catastrophes (Miloš Sprčić, 2014). Government relations and city organization may be a source of operational risk at ETS. Financial risk poses the possibility of a loss of money by financial stakeholders in a business entity (Miloš Sprčić, 2014). Poor budgeting and over-taxation may result in financial risk at ETS. Regarding Transit (ETS), risks involved are market and strategic risks. Market risk is linked with financial markets where cash flows from the institution’s balance sheet depend (Miloš Sprčić, 2014). Fares and passes in Transit may pose a market risk at ETS. Strategic risk is associated with a company’s failure to timely anticipate the market’s needs (Miloš Sprčić, 2014). Safety, security, news, and events in Transit may lead to strategic risk if they are not well timely anticipated.
The development of a value map is on City Government. A value map is a graphical representation of opportunities and threats (Hampton, 2015). The left side of the map consists of the threats while opportunities are on the right side. Comparing the category on City Government, high and low probability threats majorly consists of the operational and financial risks that may negatively affect government relations and city organization. Shifting to opportunities, fair taxation, and proper urban planning positively reflect on the value map.
Zurich Hazard Analysis Tool is the selected tool in the discussion of Transit. This is a proprietary tool that aids business and its clients to systematically analyze and investigate major risks that affect various countries (Hampton, 2015). In Transit (ETS), market and strategic risks might unexpectedly combine and hence the need for this tool for Edmonton to have a 3 dimension on the countries that inhibit such a combination to statistically assess such a global threat and implement a good business plan to curb such threats.
Strategic risks of the categories
While there are innumerable types of vulnerabilities that could impact your organization’s growth and success, Strategic Risk can come in many different categories.Governance RiskOperational Risk
ERM is about the ability to understand and control the risks and developing a strategy for dealing with them while still generating acceptable returns.
Governance involves establishing a system that maintains order. It is the process of determining goals, creating tactics, controlling variables, and monitoring results. Organizations with solid governance are able to make intelligent decisions and steer the company toward a brighter future. Governance also helps to clarify top leaders’ expectations, which are expressed both directly, and indirectly. While management teams operate differently, every team needs two things: control over outcomes, and a planning process. Most Governance risks occur due to inadequate formation of their strategic plan, including the Vision, Mission, Values, Objectives, and Measures. These problems disappear when the goals are obvious, the rules are clear, and everyone knows what is required to achieve the objectives.
The second type of risk is Operational. This is the engine that drives your business forward by producing results. Most operational vulnerabilities occur when a set of actions results in inefficiency and waste. These can include:Higher numbers of defects and variability in day-to-day activities.Inefficient hand-offs wasted time and the effort between steps in the process.Increase in leaks in your service or product distribution cycle.
Even if you have a solid quality assurance or risk management program in place, hidden risks often lurk in the background. The best way to evaluate Operational vulnerabilities is to create efficiencies while also increasing the potential of achieving your company’s overall goals. Regular evaluations of inefficient processes can help you identify areas of waste, loss, and fraud. (Makarenko, Y. P. (2019)).
Value maps for the categories:
This is the case when all the departments of the government have to deal with each other. With attractions and events, I wanted to highlight the events organized by a company because these are the type of services which employees can experience when traveling to a place. It is the purpose of this blog to present information about both types of businesses to the visitor. For a city government to plan and be at all involved during planning, this is not what the city government does. This topic is for city planners to be involved in the area and it is there to be a participant in, this is to be the case so that they will know what the city government is in charge of during the development of this site. While the scope to reduce risk is broad, in addition to improving processes, you’ll want to focus on reducing unnecessary expenses: cost-cutting activities like training, staffing up staffing, acquiring extra equipment, and acquiring additional training are very costly. Some organizations, such as retail or manufacturing companies, have the resources to conduct regular, open assessment processes to evaluate the effectiveness of specific activities. In a small market such as Target, for instance, this type of information-gathering could be used to reduce the financial loss suffered through lower sales. In addition, some organizations with resources, such as the Federal Reserve and the U.S. Treasury could conduct similar evaluations to provide an accurate picture of their overall financial health. It is critical to be able to identify and remove inefficient procedures and practices that are part of your company’s suspicions, or the unknown, and the most prudent action in any company is to identify and correct them. There are a lot of procedures and practices out there, most of which are ineffective and unnecessary. When dealing with an unknown, it’s very helpful to consider the risks that may be present and find a solution. (Salih, A. A. (2018)).
Development of Strategic Risks:
Conventional horizontal evolutionary prototyping for small-data system development is inadequate and too expensive for identifying, analyzing, and mitigating risks in big data system development. The way to understand the risk is not to simply look at the probability. We can also look at the consequences if the risk is not managed. The biggest risk the government can be exposed to is its ability to pay. This has been an enormous amount of public debt in the past, that’s why it’s required to generate annual growth. In fact, it can actually sustain such growth because it can’t generate enough growth. A risk assessment tool can help the organization understand the importance of risk, identify the key actions for changing behavior, and generate actionable knowledge that will be put to use in real-time. The key to making a good risk assessment tool is to create a tool that works. Like the previous part of this blog series, it won’t take long for the Risk Assessment Tool to show up. The risk assessment tool is useful in identifying issues and problems, building a strategy for dealing with them, and identifying ways to address them. If the key to resolving a problem is to resolve that risk, the risk assessment tool can help in that direction. (Pollard, S. (2016)).