Hello, please find the attachment down there for risk management questions

Hello, please find the attachment down there for risk management questions


Chapter 3
For each assignment, you should define or describe each of the Key Words and Phrases and answer each
of the Review and Application Questions.
Educational Objective 1
Describe the evolution of business continuity management and its alignment with risk management.
Review Questions
1-1. Describe the objective of business continuity management (BCM).
1-2. Compare and contrast risk management and business continuity management.
1-3. Describe in general terms the objectives of the three internationally recognized standards that
promote private-sector preparedness, adopted by the United States Department of Homeland
Security.
Educational Objective 2
Explain how risk mitigation is achieved through business continuity planning.
Review Questions
2-1. Describe how developing a business continuity plan can help an organization.
2-2. Describe the role of a business impact analysis (BIA) in business continuity
planning.
2-3. Describe the following strategies used in continuity planning:
a.
Active back-up model
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b.
Split operations model
c.
Alternative site model
d.
Contingency model
2-4. Describe the roles of senior management in establishing a business continuity management
(BCM)/business continuity plan (BCP) culture.
Educational Objective 3
Describe the scope and stages of strategic risk redeployment planning.
Review Questions
3-1. Identify the four stages of a strategic redeployment plan.
3-2, Describe the three objectives of the emergency stage of a strategic redeploy-ment plan.
3-3, Summarize the alternate marketing stage of a strategic redeployment plan.
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3-4. Describe the considerations an organization must address during the contin-gency production
stage.
3-5. Identify the sole objective of the communication stage.
Educational Objective 4
Explain how supply chain risk management is used to assess and mitigate risks that could disrupt an
organi-zation’s flow of goods and services.
Review Questions
4-1. Define supply chain risk management as it applies to the production of goods and provision of
services.
4-2. Describe six internal supply chain exposures and vulnerabilities.
4-3. Describe eight external supply chain exposures and vulnerabilities.
4-4. Describe the process for establishing supply chain best practices.
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Educational Objective 5
Explain how risk mitigation is achieved through efficient communication in times of crisis.
Review Questions
5-1. Identify the attributes of a good stakeholder crisis communications plan.
5-2. Identify communication that should be directed specifically to internal stake-holders during and
following a crisis.
5-3. Identify communication that should be directed specifically to external stake-holders during and
following a crisis.
Educational Objective 6
Given a scenario involving a supply chain, recommend the risk-appropriate mitigation tools.
Application Question
6-1. Southern Bend Ranch, located along Texas’s Colorado River, is a producer of organic beef and
venison. It uses a combination of grass/forage feeding and ranch-grown supplemental organic grain to
produce a uniquely favorable and tender meat, and it is one of only a few producers of this type of meat
in Texas.
Southern Bend Ranch sells approximately 85 percent of its beef and venison to one primary customer,
Whole Organic Meat Market in Houston. Southern Bend is Whole Organic’s sole supplier of beef and
venison.
Southern Bend’s contract with Whole Organic outlines the parameters in which the beef and venison
will be produced as well as the amount of meat that will be supplied. If either of these sets of
parameters is not met, the contract defines penalties that Southern Bend Ranch will have to pay. The
contract is silent on “acts of God.”
The Colorado River, on the southern border of Southern Bend Ranch, has a series of flood-control dams
upstream. One spring, the quasi-government entity (QGE) in charge of monitoring the water flow failed
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to anticipate the effects of a heavy rainfall upstream, including the resulting flooding of the lakes above
and between the dams. To prevent flooding the expensive homes surround- ing one of the lakes, QGE
released water from the lake. As a result, properties farther downstream were flooded. The flooding
caused nonorganic pollutants to wash downriver onto part of the ranch. Southern Bend Ranch informed
Whole Organic that its shipments of meat would be cut in half because 50 percent of its herds,
grass/forage, and feed had been contaminated by the nonorganic pollutants from the flood. Whole
Organic demanded that Southern Bend pay the penalties stipulated in the contract. Southern Bend
Ranch countered that because the flood was an act of God, the ranch is not responsible. Lawsuits
resulted.
a. Identify at least four exposures for Southern Bend Ranch.
b. Identify at least four exposures for Whole Organic Meat Market.
c. For each exposure listed for Southern Bend Ranch, recommend at least one potential option.
d. For each exposure listed for Whole Organic Meat Market, recommend at least one potential
option.

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