Question

More than a good strategy is needed for a risk management plan. Implementation of the plan must be practiced and maintained. Complete the following assignment:

Discuss why each of the following components must be considered in plan implementation:

Rehearsal Maintenance

Benchmarking Assurance and Audit

The completed assignment should be at least 250 words.

Answer 1

Yes each of the following components must be considered in plan implementation because ignorance of any component will lead to failure of plan implementation. Thus it is necessary for an organization to realize the importance of all these components and work accordingly.

Now let’s see each component one by one;

Rehearsal;

Rehearsal helps an organization in making itself competent for any uncertainty in future time. In other words we can say that it is a mock preparation at regular interval so that in case of practical requirement we can handle it very efficiently. That is why rehearsal is very important component of plan implementation.

Maintenance;

Maintenance helps in keeping all things operational. Hence we can say this is a very vital component because perfect plan implemetation is not possible without proper functioning of all possible resources. Thus proper maintenance is required to keep everything upto date.

Benchmarking Assurance;

This is a specific tool that helps in checking our real performance on the basis of some predetermined standrads. In other words we can say that with the help of benchmarking assurance, we can be assured about real implementation of plan as per standard plan. So this is very vital component of plan implementation.

Audit;

Auditing is the verification of actual performance. Normally we see that audit is done by some experts so that various stakeholders can know true & fair information. With the helps of audit, management can know the malpractices & variations in real plan implementation so that in case of any variation immediate corrective actions can be taken. Thus we can say that audit is very important component of plan implementation and it helps in taking required corrective actions in time.