Provide recommendations on how to monitor and review the

Assignment Detail:- Part - Identifying risk and applying risk management processes George and Mildred have become very concerned about the potential risks that could jeopardise CCF & MB's business operations- They were very impressed with your growth and promotional plans for CCF &MB so they have now moved you into more of a general manager's role with expanded responsibilities, including managing CCF & MB's risk- Part Question 1 As part of your new responsibilities, you are required to develop arisk management plan which:• establishes the context for CCF & MB's risk management plan and establish the boundaries of that context• outlines the regulatory requirements -in particular who are the regulators-• lists and explains the tools you will use in assessing the risks you identify• identifies the stakeholders -both internal and external- you would consult in establishing context and assist with the identification of CCF & MB's risks• outlines the tools you would use in identifying CCF & MB's risks• identifies at least two risks and the organisational processes associated with that risk thatCCF & MB could face for each of the six categories of business risk;including strategic risks, compliance risks, financial risk, operational risks, market and environmental risks and reputational risks; with an appropriate risk statement for each identified risk- Part Question 2 Refer to the email from co-worker identifying potential riskin the Toolbox- In the answerbox below, write an email to management outlining the identified risk, your analysis, how you would evaluate the risk and suggest how the risk could be best treated- Part Question 3Refer to the risk treatment mapping guide in the toolbox- Using the following steps, complete the risk evaluation and treatment table below:Step 1- Insert the risks that you identified in Question 1 into the table below-Step 2- By using the risk treatment mapping guidein the toolbox,appraise the likelihood and consequence for each risk identified and include these in the table-Step 3- Define how each risk can be treated, and whether a potentially serious risk should be escalated to management-Step 4- Develop recommendations to mitigate identified risks-Step 5- Provide recommendations on how to monitor and review the risks identified- Part Question 4Take two -2- of the risks you identified in Question 1 and treated in Question 3- Create a scenario for both where the risk has escalated in likelihood and/or consequence due to the control strategy you applied not working effectively or the situation has changed-Outline your recommendations for new controls-Complete the table attached- Attachment:- Risk management processes-rar

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