Response to the following with 200 words, APA style
I have created a risk register for a construction company.
Current level of risk
Risk Index
Risk Description
Likelihood
Magnitude
Overall rating
Action to be Taken
1
Expansive construction marital for building properties such as; (houses, buildings )
High Medium High
Change the Targeted population.
2
The Risk of incapability of the complex and general flaws in building the property.
Low Low Low
Inspection expertise to check up the property before handing it to the client .
3
Labor shortages
Medium High High
Developing programs to attract and train labors
4
workers safety in the site or workplace (Injuries, illnesses)
High High High
Ongoing safety training throughout the workers’ careers.
References:
Hopkin, P. (2017). Fundamentals of Risk Management. Philadelphia: Kogan Page.
Expert Solution Preview
Introduction:
Creating a risk register is an essential task for any organization, as it helps identify potential risks and develop appropriate mitigation strategies. In the given scenario, a risk register has been created for a construction company. This risk register includes risk descriptions, likelihood, magnitude, overall rating, and actions to be taken. The purpose of this assignment is to evaluate the identified risks and provide necessary feedback on the current risk management strategies.
Answer:
Upon reviewing the risk register for the construction company, several observations can be made. First, the risk related to expansive construction materials for building properties has been identified. The likelihood of this risk is high, which means there is a significant chance of occurrence. Additionally, the magnitude is also high, indicating potential severe consequences if this risk is realized. To mitigate this risk, the action suggested is to change the targeted population. However, further details are required regarding how exactly the targeted population should be changed and what measures should be implemented to prevent the risk associated with expansive construction materials.
Secondly, the risk of incapability in the complex and general flaws in building the property has been identified. The likelihood, magnitude, and overall rating for this risk are all low, suggesting a relatively low chance of occurrence and less severe consequences. The recommended action to mitigate this risk is to have inspection expertise to check up the property before handing it to the client. This action seems appropriate, as inspections can help identify and rectify any flaws in the construction process before the property is delivered to the client.
Thirdly, the risk of labor shortages has been acknowledged in the risk register. The likelihood of this risk is medium, and the magnitude and overall rating are both high, indicating a significant impact on the organization if this risk is realized. To address this risk, the suggested action is to develop programs to attract and train laborers. This action seems reasonable as it can help mitigate labor shortages by creating a skilled workforce pool. However, more details are necessary regarding the specific programs and strategies to be implemented.
Lastly, the risk related to worker safety in the site or workplace has been identified. The likelihood, magnitude, and overall rating for this risk are all high, implying a high chance of occurrence and severe consequences. To mitigate this risk, the proposed action is ongoing safety training throughout the workers’ careers. This action aligns with industry best practices, as continuous training can enhance workers’ safety awareness and reduce the occurrence of injuries and illnesses.
In conclusion, while the risk register for the construction company provides a basic overview of the identified risks, there is a need for further elaboration and specificity in terms of the suggested actions. Furthermore, it is crucial to continuously monitor and update the risk register to ensure the effectiveness of risk management strategies. Considering the complex nature of construction projects, a thorough risk management approach is essential to mitigate potential hazards and ensure the successful completion of projects.
