$**$For Question $1$ to Question $4$ use the following Case Study.

CASE STUDY: MANAGEMENT RISK

The ABC University has decided to come up with a student exchange program in foreign universities The main aim of this strategy is that, with the introduction of this program, they not only help in training the future youth of their country, but also introduce them to a different business environment to develop networks and bring in new initiatives between the two countries. Students return with their new knowledge, cultural understanding of the place visited, increased maturity levels and make lifelong friends from the country they visited.

The university faculties from different departments also showed keen interest in this program. To reach the objectives of this new initiative, the university management conducted meetings to discuss the curriculum, cost, faculty support needed, developing relationships with foreign universities, accommodation and other facilities needed for the students, etc. across the organization at different levels.

A SWOT analysis was also conducted to list out and evaluates the current strengths, weaknesses, opportunities and threats to the university. Since any change is a strategic risk, care was taken to ensure that the organizational goals are met and the procedures are changed internally to meet the organization's standards and safety. Due to this holistic approach for risk awareness adopted, clear communication among all the members and accountability of the staff, this new strategy was a great success for the University.

Q$1$ Why is it important for any organization like the ABC University to have a risk management system?

A$1$ Student Answer

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Q$2$ What are some tools that can be used to manage the risk?

A$2$ Student Answer

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Q$3$ Do you think that the SWOT analysis helped the University in identifying the risks? Explain why.

A$3$ Student Answer

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Q$4$ How do you think the ABC University adopted a holistic approach to risk management?

A$4$ Student Answer