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Statistics Help

**Question: **Risk Identification and Mitigation Edit

**Answer: **Cobham Plc.

Risk identification and mitigation:

The principal risks associated with the operations of company and the mitigation strategies followed by the company are as follows:

Risk Description Mitigation strategies

Volatile macroeconomicenvironment Revenues and costs dependent on complex mix of commercial, fiscal and macroeconomic factors (Cobham plc. 2017). Review conducted for predicting long term market trends.

Characteristics of market are complex Highly competitive environment faced by the company Use of contract policy and focusing on the customers in which company has deep understanding and technical expertise.

Ineffective programme and project management Supply chain is not managed properly Adoption of lifecycle management system (LMS)

Shortage of adequate talent and skills Challenges faced in recruiting suitable employees and staff Undertakes workforce planning(Albalate, et. al., 2015).

Dissatisfied customers Expectations regarding quality of service and innovation not met Adoption of customer focus as a strategic objective.

Business interruption External events or natural disasters posing significant risk to day to day operations Business Impact Planning and adoption of business continuity plans(Cobham plc. 2017).

Non-compliance with laws and regulations Failures to comply with the rules and regulations applicable to company Inclusion of policies and procedures in the Group’s Corporate framework.

Improper construction and implementation of governance framework Internalgovernance framework can misalign the level of constraint Revised delegation of authorities and on-going review of governance.

Measurement of risk:

Risk = Probability * loss

Risk of inadequacy in customer satisfaction = .2 * 35

= £7 million

The above calculation of risk represents a net loss of £7 million for the company Cobham Plc. The probability of risk has been identified by considering external factors and the total loss which can be incurred due to customer dissatisfaction will amount to £35 million.

Reasonableness of mitigation strategies and recommendations:

The risk mitigation strategies adopted by the management of Cobham Plc. are adequate and appropriate. However there is a need to implement proper internal control within the company. This will ensure avoiding the risk and controlling their occurrenceefficiently (Albalate, et. al., 2015).

References:

Albalate, D., Bel, G., Bel-Piñana, P. and Geddes, R.R., 2015. Risk mitigation and sharing in motorway PPPs: A comparative policy analysis of alternative approaches. Journal of Comparative Policy Analysis: Research and Practice, 17(5), pp.481-501.

Cobham plc. 2017, Annual report and accounts 2017, [ONLINE], Available at: http://www.cobhaminvestors.com/~/media/Files/C/Cobham-IR-V2/documents/annual-review-2017/ar-2017.pdf, [Accessed on: 25.02.2019]

Edit

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