Risk_Assessment_and_Mitigation_Techniques

Risk Assessment and Mitigation Techniques | | |Alternative Solution |Risks and Probability |Consequence and Severity |Mitigation Techniques | |To offer traditional and |Replacement programs come at a cost|The consequence and severity of |To lessen the negative effect of this| |non-traditional benefits that |to the traditional benefits |this risk could be minimal if |plan, Riordan should consider taking | |will stimulate employee |structure, however. Replacement |Riordan implements the change |away the high-cost benefits of full | |morale, reduce attrition, and |means that something of value to |correctly, on the flip side, the |medical coverage and opt for an | |increase job satisfaction |the employee has been taken away so|positive result would be that when|employee-tailored program instead of | | |there is a chance that the |employees have options about their|offering the same package for all | | |employees will feel resentful |coverage they feel in control, and|employees. | | |because they have had their current|control brings comfort in their | | | |benefit structure changed or taken |jobs and in their future. | | | |away. The probability of this | | | | |happening could be high but could | | | | |serve a minimal consequence if the | | | | |mitigation technique is | | | | |implemented. | | | |To strengthen its total |The risk of this option is that |The consequence of this action |A mitigation technique that could be | |rewards package in an effort |this option may cost Riordan more |could be result in Riordan losing |used to ensure that Riordan doesn’t | |to recognize employees in the |in monetary resources up front, |even more money if the plan isn’t |go overboard in the spending for the | |different departments for work|which could be an issue for Riordan|implemented correctly. If the |resources up front is benchmarking | |well done both on an |since they are struggling. The |plan is implemented correctly it |and S.M.A.R.T. planning. | |individual basis and a team |probability of high happening is |could lead to heighten group and | | |basis. |high and Riordan should take all |individual incentive and foster | | | |necessary actions to implement the |team spirit to strengthen | | | |most cost effective total rewards |individual accomplishment. This | | | |package. |option will also be realizing two | | | | |more of their end-state goals; | | | | |increased sales and employee | | | | |satisfaction | | |Taking a close look at equity |The risk of an employee |The consequence of untruthfulness |A mitigation technique that can be | |and fairness through a series |satisfaction survey is merely the |on the satisfaction surveys are |used to ensure truthfulness on the | |of employee satisfaction |opportunity for employees to be |slim and the severity of the |satisfaction surveys would be by | |surveys (ESS). |untruthful on the surveys. |consequences are low. |making the surveys anonymous. This | | | | |way, employees will not fear telling | | | | |the truth. |