Operating Risk Management Term Paper Example | Topics and Well Written Essays - 1000 words

Operating Risk precaution - Term story ExampleThis caution would non only save their client, but it would also save the personnel or employees they will use in the project. Tetra Techs Task Initiation Procedure ( compass point) requires that before a project is undertaken all lay on the line associated with the project are kn give birth, understood and the management of these risk are define and detailed (Fletcher and Newell). The Task Initiation Procedure based on the RFP (request for proposal) is conducted even before a shimmer for the project is put together. Short of coming up with an actual project plan or death penalty plan of the project from start-up to its completion the TIP will detail the resources needed as well as the materiel that will be needed by the project. Another aspect of Tetra Techs singular risk management strategy is also to stop and suspend the project when it encounters an unknown variable that was not included in the project plan inclined(p) at the onset of the project a re-assessment and re-evaluation of the risk base on the new variable is conducted. This unique aspect of Tetra Techs operation sometimes led to a renegotiation of the project. However, this practice has avoided near misses and potential disasters for the client, stakeholders and even the project resource that Tetra Tech is using. An inborn component of an effective risk management is being prepared for all known risks, and being prepared to handle unknown risks. The employees of Tetra Tech have appreciated the fact that the TIP is not a pissed mandatory requirement but a strict guideline that allows project manager to tailor expire their requirement to the uniqueness of their individual project. The innovation contributed by each employee to the TIP make the employees feel that they own the risk management and compliance process of Tetra Tech. Sarbanes Oxley Act of 2002 with regards to risk assessment and risk management in the context of good corporate go vernance (Lahti, Peterson and Lanza) used the COSO (committee of Sponsoring Organization of the Treadway Commission) model that identifies an Eight Framework dowery in managing risks (Moeller). Tetra Tech has an Internal Environment that is geared towards risk management specifically its operating pulsation to plan to address the risk before execution. Not only is this enshrined in their operation it is how they do business. For Tetra Tech, the successful risk free implementation of the project that is according to plan is the objective. The TIP in itself is the resultant role Identification and Risk assessment. The implementation plan is the risk response and the Control and Monitoring activities are the leash layers of audit it conducts (Peer review, executive review and compliance audit). Information and Communication is enshrined in the feedback mechanism that would include lessons acquire that strengthened the knowledge base of Tetra Tech. Tetra Tech even exceeds the requi rement of established Risk Assessment and Management frameworks. Elaborate on risk assessment in the task initiation procedure and oversight mathematical operation The risk analysis of Tetra Tech starts at the TIP process using the RFP as basis. Tetra Techs appetite will be the basis for joining a bidding process or not. However, the TIP ensures that what is considered as high risk is converted into low risk