QUESTION $1[30$ MARKS$]$

Use the following template below to develop a Risk Management Plan:

A$.$ Executive Summary: $(5$ marks$)$

$$ Briefly introduce your chosen business venture $($e$.$g$.,$ name, type, location$).$

$$ Summarize the key findings of your risk assessment and mitigation plan.

$$ Highlight the overall financial viability and potential return on investment $($ROI$).$

B$.$ Business Description: $(5$ marks$)$

$$ Provide an overview of your business venture, including its products$/$services$,$ target market, and competitive landscape.

$$ Conduct a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats.

C$.$ Risk Assessment: $(5$ marks$)$

$$ Employ a risk assessment framework $($e$.$g$.,$ FMEA, risk matrix$)$ to identify potential risks associated with your business venture.

$$ Describe risks based on their probability $($likelihood$)$ and impact $($severity$)$ on your business.

$$ Explain the potential financial impact of each risk, if possible.

D$.$ Risk Mitigation Plan: $(5$ marks$)$

Develop specific actions to address each identified risk. These can include:

$$ Risk avoidance: Eliminate the risk altogether $($e$.$g$.,$ choose a different location$).$

$$ Risk reduction: Minimize the likelihood or impact of the risk $($e$.$g$.,$ diversify suppliers, implement quality control measures$).$

$$ Risk transfer: Transfer the risk to another party $($e$.$g$.,$ insurance$)$

$$ Risk acceptance: Accept the risk and monitor it closely.

$$ Define clear risk ownership and responsibility for each mitigation action.

E$.$ Implementation Plan: $(5$ marks$)$

$$ Describe the key steps involved in launching your business venture and implementing your risk mitigation plan.

$$ Define a timeline and milestones for each step $($High Level$).$

$$ Identify key resources and personnel needed.

F$.$ Conclusion: $(5$ marks$)$

$$ Summarize the key points of your model solution.

$$ Reiterate the potential of your business venture and its risk management approach.

$$ Recommend further actions or next steps.

Additional Considerations:

$$ Throughout your model solution, utilize relevant academic sources and support your claims with data and evidence.

$$ Present your findings in a clear, concise, and well$-$organized manner, considering your target audience $($e$.$g$.,$ potential investors, stakeholders$).$