I want to be first. Your team will help me with the initial risk assessment. What are the chances that something goes terribly wrong or that I miss a great opportunity? Either way, what could it cost me? All considered, how should I respond?” Your mind races as you start to consider the possibilities. The team will not be able to complete an entire assessment after one meeting, but an initial brainstorming of the event’s risks and opportunities will reassure Carmine that she hired the right firm. As you focus on the conversation at hand, the team leader asks for some details. “Carmine, how will the event be set up? Will patrons buy tickets ahead of time? How will they be allowed in?” Carmine responds, “To limit access, the event will be fenced on all sides, except along the river. Patrons will get into the festival by swiping a prepurchased wristband with an embedded radio frequency identification (RFID) chip. I envision setting up most of the wine displays in rows leading down toward the river. Beneath the tents will be tables for the vendors to showcase their wines and seating for the patrons. To leverage the natural beauty of the river and create a special feel to the event, I’ll reserve some of the nicer wines to serve on riverboat tours. Since the boat will dock at the pier, I’ll place the food vendors nearby so that patrons can enjoy a snack while waiting.” “Speaking of vendors, how will patrons pay for things? How will they find a particular wine or vineyard?” asks the team leader. Carmine answers, “I’m working with a developer to create an event app tied to a special card that acts like a prepaid gift card. Patrons will use the app to load money on the card. Each time they sample a wine or purchase food, a swipe of the card will update the funds available. The app will also give patrons information about the wines and vineyards showcased at the festival, along with their locations.” Carmine looks at the members of your team. “OK, I think you can get started. Let’s plan to meet again in a few days and see what you’ve come up with.”
 

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Risks and Opportunities are internal and external events that affect the achievement of an organization's strategy and business objectives. Risks may have negative effects, while opportunities may offer positive outcomes. In the form below, identify risks and opportunities the organization may experience. Significance represents potential cost or benefit, in terms of money and reputation. Classify the significance if a risk occurs or the opportunity is lost as either catastrophic, high, medium, or trivial. Likelihood represents the probability of the issue arising. Classify the likelihood of each risk/opportunity occurring as high, medium, or low. Risk Response is the action an organization takes to accept, avoid, pursue, reduce, or share. Explain the appropriate risk response for each risk/opportunity. Where applicable, recommend an appropriate control to implement as part of the risk response. Describe the Risk/Opportunity 1. Likelihood of Significance if Risk/Opp Occurs Risk/Opp Occurring Identify and Describe Risk Response and Applicable Controls 2. 3. 4. 5. 6. 7. 8. 9. 10. Risks and Opportunities are internal and external events that affect the achievement of an organization's strategy and business objectives. Risks may have negative effects, while opportunities may offer positive outcomes. In the form below, identify risks and opportunities the organization may experience. Significance represents potential cost or benefit, in terms of money and reputation. Classify the significance if a risk occurs or the opportunity is lost as either catastrophic, high, medium, or trivial. Likelihood represents the probability of the issue arising. Classify the likelihood of each risk/opportunity occurring as high, medium, or low. Risk Response is the action an organization takes to accept, avoid, pursue, reduce, or share. Explain the appropriate risk response for each risk/opportunity. Where applicable, recommend an appropriate control to implement as part of the risk response. Describe the Risk/Opportunity 1. Likelihood of Significance if Risk/Opp Occurs Risk/Opp Occurring Identify and Describe Risk Response and Applicable Controls 2. 3. 4. 5. 6. 7. 8. 9. 10.