Create a fictional company, in any type of business you want. Give it a name and explain the type of business it is. Then prepare a Risk Management Plan (RMP) for your fictional company. Two...

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Create a fictional company, in any type of business you want. Give it a name and explain the type of business it is. Then prepare a Risk Management Plan (RMP) for your fictional company. </o:p>

Two questions to flesh out in your RMP:</o:p>

1. Legal Risks involved in activities within Alberta, Canada. What are the risks, how can we mitigate them? Provide your opinion on whether the risk is acceptable, eg. should the company assume the risk, or is the risk too great? If yes, what is your plan to manage the risk? </o:p>

2. How can we transfer any risk with Insurance? What type of insurance do you recommend? </o:p>

Please flesh out or expand on these two (2) issues. Please provide three suggestions or recommendations for both the Legal risks and the Insurance risks. Your preamble (where you tell me about your company and what it does) should be about half a page at maximum.</o:p>

Answered Same DayJul 27, 2022

Answer To: Create a fictional company, in any type of business you want. Give it a name and explain the type of...

Parul answered on Jul 28 2022
19 Votes
By the virtue of this assignment, I have prepared Risk Management Plan (RMP) for Elixir Technologies. This company is high-technology company working in offering IT consulting to various client companies. Elixir has strong scale its value offerings as per the customer requirement such that service delivery and high performance is implemented. The company primarily focuses on technological innovation and disruption completely automating various legacy processes for various client organisations (Cootner, P. H., & Holland, D. M., 1970).
Different types of Business Risk for Elixir Technologies
· Political Volatility and Changes
· Threats of Cybercrimes
· Negative impact on the reputation
· Mergers and Acquisitions
· Problem with health crises
· Threat inherent in the locations
Legal Risks involved in activities within Alberta, Canada.
Policy given by Alberta offers many guidelines which is developed by Department in province from 1991 (Boodman, D. M., 1987). Essentially the underlying framework for the guidelines needs to be modelled in such a way that it builds strong Canadian Council of Ministers of the Environment. Control of the exposure is essentially required to be...
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