Risk Assessment and Mitigation Techniques

Risk Assessment and Mitigation Techniques | |
|Alternative Solution           |Risks and Probability               |Consequence and Severity           |Mitigation Techniques                 |
|To offer traditional and       |Replacement programs come at a cost|The consequence and severity of   |To lessen the negative effect of this|
|non-traditional benefits that |to the traditional benefits         |this risk could be minimal if     |plan, Riordan should consider taking |
|will stimulate employee       |structure, however. Replacement     |Riordan implements the change     |away the high-cost benefits of full   |
|morale, reduce attrition, and |means that something of value to   |correctly, on the flip side, the   |medical coverage and opt for an       |
|increase job satisfaction     |the employee has been taken away so|positive result would be that when|employee-tailored program instead of |
|                               |there is a chance that the         |employees have options about their|offering the same package for all     |
|                               |employees will feel resentful       |coverage they feel in control, and|employees.                           |
|                               |because they have had their current|control brings comfort in their   |                                     |
|                               |benefit structure changed or taken |jobs and in their future.         |                                     |
|                               |away.   The probability of this     |                                   |                                     |
|                               |happening could be high but could   |                                   |                                     |
|                               |serve a minimal consequence if the |                                   |                                     |
|                               |mitigation technique is             |...