Types of Risks (Research Paper Sample)

Information Technology Name Institution 1: Organizational Risks Organizational risks in the workplace comprise compliance, strategic, legal, material, reputational, and operational. These risks can contribute to the attainment of losses because of uncertainty (Springer, 2019). Compliance is related to not following the established regulatory procedures for the business conduct in the country. Strategic relates to not having a strategy that guides the organizations towards the attainment of goals and objectives. Legal risk is associated with the organization's subjection to questionable behavioral practices in the business environment, including lawsuits. Material risks are linked to the issue of having defective products. Reputation risk is associated with the development of a negative perception of the organization by the customers. Operational risk is linked to failures in the process because of the aging equipment.             Compliance risk is a factor that needs to be mitigated through avoidance. As such, measures have to be undertaken to comply with all requirements. Further, the firm should avoid strategic, legal, material, reputational, and operational risks. These risks should not occur since they will hinder the attainment of success for the company. The firm should focus on formulating and implementing a strategic framework to achieve its goal. The framework should act as the guiding principle for how the projects are implemented in the organization. Furthermore, the framework guides the acquisition of materials and methods for implementing different organization projects. There is also a need to avoid instances of being in the state of legal cases. It involves ascertaining that there is compliance with regulatory bodies. Moreover, the organization has to focus on embracing ethical business practices, eliminating any room for being a victim of lawsuits. The supply chain and management system should aim at certifying the quality of materials provided in the organization. The approach should involve identifying the critical materials needed in different schedules of the project. Therefore, the implementation of project activities is aligned with the material required for each task. The management team has to focus on building a positive reputation for the company. The approach involves embracing an ethical code of conduct, as well as engaging corporate social responsibility. Finally, the project team has to engage in ensuring that equipment and processes occur as expected. This entails supporting the servicing of equipment and hiring the best team to provide essential services and skilled labor. 2: Technical Risks            Technical risk depicts the design evolution and system production, which affects the performance level needed to meet the technical requirements and stakeholder expectations (Kaplan & Mikes, 2012). The organization's technical risks include preliminary design, inadequate investigation of the site, and low servicing of the needed equipment.             Preliminary design is a risk that needs to be mitigated in the organization by ensuring complete avoidance. The firm should embark on establishing measures that ensure that procedures are done completely. The design work should involve several parties that evaluate what is done to determine the quality of the produced content. Further, the project team should have metrics and checks utilized in cross-checking the design before it starts being implemented on the site. These checks allow the project team to identify any possible aspects of challenges that the design can introduce to the organization.            Shoddy investigation of the site is a risk that is mitigated through reduction. The organization has to embrace measures that enhance the site's proper study, which provides a detailed report on the state and condition of where the project will be implemented. Site investigation should include an indication of possible challenges during project implementation (Lee & Ulferts, 2011). Moreover, the site's analysis creates room for understanding how materials will be delivered and situated on the ground.             Low servicing of the equipment is a risk that needs to be mitigated through transfer. The organization should ascertain that resources are utilized to transfer the risk to third parties. External service providers should be sought who will be engaged in servicing the equipment used in the organization's project work. These service providers should ensure that detailed reports are provided daily regarding the equipment's usability in the execution of the project goals and objectives.  3: Resource Risks            Resource risk relates to the inability to achieve the goal of the organization because of the limited resources. These resources include time, financing, and skilled workers. Therefore, when the organization lacks these resources and utilizes them, it becomes impossible to achieve its desired goals and objectives.            Time is a risk that is mitigated upon through having effective schedules in the organization. These schedules facilitate ensuring that there is the proper utilization of time as per each organization's activity. Financing is a risk that is mitigated by ascertaining that financial resources are accessed. These resources include taking loans and engaging in investment (Jones, 2005). However, the organization has to focus on ensuring that it cuts its expenditure volumes. It is because high expenditures result in increasing the cost for the organization. The budgeting team has to focus on identifying the needed resources and ensuring adequate allocation of funds for each activity for the organization. The approach ensures that the organization does not find itself in the state of being constrained by resources.             Workers are the core factors of production in the organization. The firm should strengthen its human resource department to ensure sufficient identification of talent in the market. Human resource managers should also ascertain that there are talent management and development. The approach ensures that the organization ca...