Running head: ABI PROJECT RISK MANAGEMENT PLAN
ABI Project Risk Management Plan
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University of Phoenix
ABI Project Risk Management Plan
The recent acquisition of the ABI company by FAFS mean that ABI needs to change many of their internal processes to coordinate and be accessible by both entities. The union of these banking companies means a merging of databases and software applications. The challenge is to implement the fusion of these companies in a timely cost efficient manner.
With the VP of FAFS guiding two ABI executives and one FAFS executive, the CEO of ABI needs to come up with a plan to integrate the companies and manage the project throughout the process. Weighing the risk of decisions and implementing these choices becomes more challenging than expected. With unforeseen resource barriers, and changes in scheduling, the team had to work together to bring these financial institutions into a bigger better banking entity
Management Responses
"An important manifestation of effective risk management is getting a handle on the scope, volatilities, and severities of the risks one's company faces, then tailoring an appropriate set of risk responses. Risk managers have many types of risk treatments at their disposal. Every company's risk management "solution" will be unique because the exposures and risk appetites all differ. The key is to have a reasonable under-standing of how each treatment option works, alone and in combination with others, so that decisions are informed and results are less influenced by luck than by reason (McCarthy, Flynn, and Brownstein, 2004)."
The executive team in relied on history and the current situation to asses the risk of different decisions. Placing weight on their ...