Risk Response Strategies

We have now used qualitative and quantitative risk analytics techniques to identify the impact and likelihood of threats to the organization with the addition of a new product line. Now that we understand these risks and their potential impact we must establish the necessary risk response strategies to mitigate their impact. As we had studied in week 2 of the class, Key Risk Indicators (KRI’s) are often used to ensure that management remains aware of potential risks. In this assignment you are requested to create hypothetical KRI’s using the methods provided by COSO (2010) see attachment. Under the heading of Risk Response Strategy, I would like you to provide a short description of your three risks and the associated KRI that you will use for each risk. For each KRI you should explain the basis for its development, referencing the phases of CRISP-DM to ensure that you fully understand the specific risk along with the data sources and models to be used in monitoring and reacting to the risks. Lastly, I would ask you to provide thresholds that would represent trigger points for each risk and a risk response strategy that management would invoke if the risk threshold was breached. Please provide no more than two pages.

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