Business Risks

Instructions

Assignment 4 – Employee Risks (PO4, CO2, ILO.SK3, BIS2, IS1, AL1, CL1, DL5)

Assignment Instructions

For this assignment you analyze which employee risks you anticipate and the measures you will take to protect your business (Stand alone Barbershop is the business) and yourself, even if you employ temporary or independent contractors. Anyone you pay money to should be considered for this assignment. Use the information from the article Hirai, 2015 (attached) from your readings to complete the following activities:

1. List your Quadrant A risks
2. List your Quadrant B risks
3. List your Quadrant C risks
4. List your Quadrant D risks
5. Complete a Pragmatic Risk Management table (from the article):
   1. The first column, Risk Factors, will derive from your four Quadrants of risks
   2. The second column, Type, is based on what type of Company Killer it is (review article)
   3. The third column, Likelihood, is your decision of low, medium, or high risk
   4. The fourth column, Consequences, is your description of what will happen to the company if that risk comes to “life.” Be thoughtful, be realistic, be truthful, and be specific.
   5. The fifth column, Mitigation Tactics, is a list of your ideas of what you can do to minimize the impact of the consequence (column 4) or to reduce the likelihood of it happening.
   6. The sixth column, Mitigation Costs, is your determination of the cost(s) for each mitigating factor (column 5). The costs may not be solely financial. Think about the non-financial risks as well. Again, be thoughtful, be realistic, be truthful, and be specific.
   7. The seventh column, Status, is your decision of which mitigating tactics (column 5) you will implement.
6. Analyze your results in a minimum 2-page APA paper.
7. Include your table as an appendix (or an Excel sheet with proper formatting).

Your table would look like the following with the first risk factor as an example:

Risk Factors

Type

Likelihood

Consequences

Mitigation Tactics

Mitigation Costs

Status

Employee

People Risks

Medium

Theft; high turnover

Ensure all employees know the goals of the business; instill a culture of integrity

Costs are time (as an expense) to communicate to employees goals and culture

In planning phase

Minimum 2 pages

Minimum 1 table

Minimum 2 sources

APA format