The HR department plays a critical role in risk management strategy, education, and mitigation. When a risk situation has arisen within an organization, the HR department must respond and take action.
Imagine that you have just been hired as an HR manager for a large corporation (fictitious or real). The executive team is worried about potential organizational risks within the company. They have asked you to create a risk management plan to mitigate organizational risk.
In order to understand the process of how an organization responds to a risk situation, you will need to find two public cases of risk mitigation. In examining the two public cases, you will pay special attention to the legal, ethical, safety, environmental, cultural, political, and financial factors addressed by both.
Your goal will be to create a compare and contrast assessment of the two cases regarding the aforementioned considerations. The result of the two case comparisons will allow you to extract best practices while developing a risk management plan for the company you work for.
The risk management plan will showcase your mastery with respect to the following course outcomes:
Analyze ethical and legal risks of complex human resource issues to ensure legal compliance and to mitigate risk.
Predict the impact and costs of legal, safety, environmental, and financial risks on stakeholders.
Analyze societal, cultural, and political factors in order to make well-informed human resource decisions.
Evaluate the current trends related to workplace health, safety and security for their impact on corporate social responsibility.
Describe pertinent federal employment laws that are related to ethical challenges facing human resource professionals today.
1. Prepare: Read the following Executive Summary by Ernst and Young Business Pulse 2013
The Ernst and Young report identifies the top risks and opportunities for executives to consider for their strategic plans. This report discusses many influences on business practices, such as society, culture, politics, health, safety and security.
2.Executive Summary Project Phase I: Imagine your company is planning and strategizing for the future and that you have been asked by the executive team to brief them on the state of the risks and opportunities in the industry. Prepare a 2- to 3-page analysis of the Executive Summary by Ernst and Young Business Pulse 2013, along with a review of the Modules 1-5, your textbook, and other research. Your analysis will help the top executives create a comprehensive strategic plan that includes risks and opportunities that could impact employees and other stakeholders. Make sure your paper clearly addresses the following questions:
What are the top legal, safety, environmental, and financial risks and opportunities identified?
What situations are influenced by society, culture, politics, health, safety and security? Connect to Federal and State laws when appropriate.
In the global market, what are challenges businesses face when identifying risk for forecasting?
This assignment covers the following areas and objectives:
Ethical and Legal Risks