Assessing and Managing Risk4

The purpose of this assignment is to identify potential risks and create a strategic risk management plan to successfully manage risk.All successful initiatives require identifying potential risks and developing a risk plan to manage those risks. For this assignment, you will continue working on the technological implementation initiative you started in the Topic 3 assignment. Of key importance will be the identification of all process risks, so evaluating legal, compliance, audit, and operational risk factors associated with the new business process that is supported by the technology is essential. Failure mode effect analysis (FMEA) is used during design to prevent failures. Failures are any errors or defects, especially ones that affect the customer, and can be potential or actual. Effects analysis refers to studying the consequences of the failures. The purpose of the FMEA is to take actions to eliminate or reduce failures, starting with the highest priority actions.Part 1Create a business process map that indicates how users will interact with the technology. The map should include each of the following:Flow objects: events (circles), activities (rectangles with rounded corners), and decisions (diamonds)Connecting objects: mainly comprising arrows indicating sequence flow (filled arrows) and message flow (dashed arrows)Swim lanesArtifacts: data objects, groups, and annotationsPart 2Create a failure mode effect analysis (FMEA) using the business process map. Evaluate the process from the legal, risk, compliance, audit, information system, and process owner perspective. The FMEA should include all of the following:Potential risksLikelihood of identified risksImpact analysis of identified risksExplanation of risk response strategy for each riskPart 3Write a 250-word overview that addresses the following:Explain why the legal, risk, compliance, audit, information technology, and process owner groups would participate in a FMEA.Discuss potential ramifications that could occur if any of these groups did not participate in the FMEA. Provide at least one specific example to illustrate your ideas.General RequirementsSubmit the process map, FMEA, and overview documents.While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

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