Look and provide a good paper please.Ask me to clarify.APA formatThank you so much!Major Incident Case Response Analysis Part 2 Event Description
Review Figure 2.3 on page 33 of the text. Use the “Category” section of
the Bow Tie Model pictured to provide a description of the disruption
(what was the incident) of the incident you selected. Address this
disruption as it relates to the following elements from the model: People,
Premises, Processes and Products. (5 to 6 pages)
My incident topic is:
Texas Fertilizer Plant Explosion, 2013
As the business develops, it is likely to move to a higher return for the same level of
risk. This is the growth phase for the business or product. As the investment matures,
the reward may remain high, but the risks should reduce. Eventually, an organization
will become fully mature and move towards the low-risk and low-return quadrant.
The normal expectation in very mature markets is that the organization or product
will be in decline.
The particular risks that the organization faces will need to be identified by
management or by the organization. Appropriate risk management techniques will
then need to be applied to the risks that have been identified. The nature of these risk
responses and the nature of their impact is considered in Part Four of this book.
The above discussion about risk and reward applies to opportunity risks. However,
it must always be the case that risk management effort produces rewards. In the case
of hazard risks, it is likely that the reward for increased risk management effort will
be fewer disruptive events. In the case of project risks, the reward for increased risk
management effort will be that the project is more likely to be delivered on time,
within budget and to specification/quality.
For opportunity risks, the risk versus reward analysis should result in fewer unsuccessful new products and a higher level of profit or (at worst) a lower level of loss for
all new activities or new products. In all cases, profit or enhanced level of service is
the reward for taking risk. The concept of the risk versus reward analysis in relation to
strategic risks is considered in more detail in Figure 15.2.
risk versus reward
have proved to be a very good decision.
In fact, the rain did not start for four or five laps, by which time the driver had been
overtaken by most other drivers and his set of wet-weather tyres were ruined in the dry
conditions. He had to return to the pits for a further set of new tyres more suited to the race
conditions. In this case, a high-risk strategy was adopted in anticipation of significant
Attitudes to risk
Different organizations will have different attitudes to risk. Some organizations may
be considered to be risk averse, whilst others will be risk aggressive. To some extent,
the attitude of the organization to risk will depend on the sector and the nature and
maturity of the marketplace within which it operates, as well as the attitude of the
individual board members.
Risks cannot be considered outside the context that gave rise to them. It may
appear that an organization is being risk aggressive, when in fact, the board has
decided that there is an opportunity that should not be missed. However, the fact
that the opportunity entails high risk may not have been fully considered.
One of the major contributions from successful risk management is to ensure that
strategic decisions that appear to be high risk are actually taken with all of the
information available. Improvement in the robustness of decision-making activities is
one of the key benefits of risk management. Attitude to risk is a complex subject and
is closely related to the risk appetite of the organization, but they are not the same. Risk
attitude indicates the long-term view of the organization to risk and risk appetite
indicates the short-term willingness to take risk. This is similar to the dif- ference
between the long-term or established attitude of an individual towards the food they
eat and their appetite for food at a particular moment in time.
Other key factors that will determine the attitude of the organization to risk
include the stage in the maturity cycle, as shown in Figure 2.2. For an organization
that is in the start-up phase, a more aggressive attitude to risk is required than for
an organization that is enjoying growth or one that is a mature organization in a
mature marketplace. Where an organization is operating in a mature marketplace
and is suffering from decline, the attitude to risk will be much more risk averse.
It is because the attitude to risk has to be different when an organization is a startup operation rather than a mature organization, that it is often said that certain highprofile businessmen are very good at entrepreneurial start-up but are not as
successful in running mature businesses. Different attitudes to risk are required at
different parts of the business maturity cycle shown in Figure 2.2.
The referendum in the UK on continued membership of the European Union (EU)
in June 2016 resulted in a vote in favour of British exit (Brexit). The UK government
has to activate the procedure for the UK to leave the EU. The text box below provides
an outline of the most commonly discussed options available to the UK government.
Overall, the challenge for the UK government is to ensure the continued success of the
UK economy based on a Brexit strategy and tactics that will ensure the continued
resilience of the UK.
Brexit: what departure options exist for the UK
Key benefits for businesses that arise from EU membership include:
the existence of a single market: there are no tariffs or other barriers to trade;
the freedom to provide services and freedom of establishment;
‘passporting’ that allows financial services to be traded across the EU;
visa-free migration of people within the EU;
access to EU free-trade agreements with 53 countries around the world.
to retain. Broadly, there are three models that the UK could target.
the norwegian model
single market, but must adopt EU standards and regulations and is unable to impose
immigration restrictions. Also, Norway must contribute towards the EU budget.
the swiss model
allows it to access certain selected parts of the Europeanmarket inreturnfor accepting EU
legislation in relevant areas as well as making contributions to the EU budget.
the Canadian model
that has ever been created, and it is possible that the UK could aim to replicate this sort of
relationship. Such an agreement might not allow the continued passporting of financial
All these models struggle to reconcile the central issue of regulatory control. Using
and opportunities for business.
Risk and triggers
Risk is sometimes defined as uncertainty of outcomes. This is a somewhat technical,
but nevertheless useful, definition and it is particularly applicable to the management
of control risks. Control risks are the most difficult to identify and define, but are
often associated with projects. The overall intention of a project is to deliver the
desired outcomes on time, within budget and to specification, quality or performance.
For example, when a building is being constructed, the nature of the ground conditions may not always be known in detail. As the construction work proceeds, more
information will be available about the nature of the conditions. This information
may be positive news that the ground is stronger than expected and less foundation
work is required. Alternatively, it may be discovered that the ground is contaminated
or is weaker than expected or that there are other potentially adverse circumstances,
such as archaeological remains being discovered.
Given this uncertainty, these risks should be considered to be control risks and the
overall management of the project should take account of the uncertainty associated
with these different types of risk. It would be unrealistic for the project manager to
assume that only adverse aspects of the ground conditions will be discovered. Likewise, it would be unwise for the project manager to assume that conditions will be
better than expected, just because s/he wants that to be the case.
Because control risks cause uncertainty, it may be considered that an organization
will have an aversion to them. Perhaps, the real aversion is to the potential variability
in outcomes that then need to be managed. A certain level of deviation from the
project plan can be tolerated, but it must not be too great. Tolerance in relation to
control risks can be considered to have the same meaning as in the manufacture of
engineering components, where the components must be of a certain size, within
acceptable tolerance limits.
A means of representing the risk management process so that it becomes more
accessible to managers and other stakeholders concerned with risk management
activities is constantly developing. One of the tools for representing risk management
activities that has recently been developed is the bow-tie. The bow-tie as a representation of the risk management process is used several times throughout this book.
Figure 2.3 shows a simple representation of the bow-tie applicable to events that can
cause disruption to normal efficient operations.
FIg URE 2.3
Disruptive events and the bow-tie
The left-hand side of the bow-tie represents the source of a particular hazard and will
indicate the classification system used by the organization for sources of risk. In Figure
2.3, these sources of risk used are the high-level sources of strategic, tactical,
operational and compliance (STOC) risks. The right-hand side of the bow-tie sets out
the impact should the risk events occur, and Figure 2.3 uses the high-level com- ponents
of financial, infrastructure, reputational and marketplace (FIRM) impact of a risk
In the centre of the bow-tie is the risk event. Table 3.2 indicates the categories of
disruption that can affect organizations, and the same categories of people, premises,
processes and products are used here. The purpose of using the bow-tie illustration
is to demonstrate the risk classification systems used by the organization and the
potential range of impacts should a risk materialize. Controls can be put in place to
prevent the event occurring and these can be represented by vertical lines on the
left-hand side of the bow-tie. In a similar manner, recovery controls can be represented on the right-hand side of the bow-tie.
The bow-tie representation of the risk management process can be used in many
ways, including the representation of opportunity risks. Additionally, the bow-tie can
be used to illustrate the various types of controls that are available to organizations
and this is discussed in more detail in Chapter 13 on loss control.
Use of the bow-tie has become widespread, especially in the public sector. The box below
provides a practical application of the bow-tie to the identification of preven- tive and response
controls related to a fire in the kitchen of a residential
risk management and the bow-tie
a risk is using a bow-tie.
along with the preventive controls to stop the risk occurring. The impact of the risk is also
risk should it occur.
Source of risk
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