Here we go!Kindly see the attached file
Running head: RISK MANAGEMENT
Implementing Risk Management
Risk Management Implementation
Organizational managers have an obligation of identifying the risks in various
projects ran by the firm and assessing the risks as well as supporting development of
strategies that will guarantee mitigation of recognized risks. In implementing a risk
management framework in a corporation, enterprise managers should ascertain various
factors of risk causes and management measures specific to the company and develop
contingency plans that will ensure success of company projects (Bosinger & Auchey, 2003).
The major issue with the implementation of risk management programs in companies lies in
the continuing gap problem between what company managers perceive as being the promise
of an efficient risk management process, and the actual fulfilment of this promise through a
company-specific operational framework for implementing risk management measures. The
research focusses on Symcor project in Canada. In summarizing various failures of the risk
management process of the project, and the levels of project uncertainty, it is possible to
formulate a risk implementation program that can facilitate success of the project. Factors of
management of organizational risk are extensively employed in the essay in discussing issues
on enterprise risk identification in the company project, and providing evidence on
appropriate contingency planning process for the Symcor project.
Summary of the Project
Situated in Canada, the Symcor project is a joint venture belonging to three of the
largest financial institutions in the country. The Royal Bank of Canada, The Toronto
Dominion Bank and the Bank of Montreal form the Symcor project. The institutions making
up Symcor offer employment to approximately 2500 people and offers services in financial,
telecommunication and retail industries in Canada (Symcor, 2017).
Some of the primary failures of Symcor project include poor project execution and delivery.
The company has been receiving feedback regarding low customer satisfaction with their
services. The businesses within the project have also reported inefficiencies, including
complaints of poor project management (Symcor, 2017). As a result, there has been stunted
growth in the company operations, with few investments in key new products and services
introduced by the corporation.
The project failures of risk management in the Symcor project occurred following
poor management and leadership at the company. Symcor managers did not appropriately
prepare and plan for potential project risks. Business stakeholders have a significant role to
play in ensuring success of an implemented risk management framework of a set up. Failure