Risk management refers to the recognition and evaluation of the risks that can impact an organisation and affects the future opportunities (The economic times. 2019). Forecasting of the risks and minimising the impact of uncertain events or situations is the risk management. This study aims at analysing an effective risk management plan for SmarTech. The risk management plan helps in availing beneficial opportunities even in the uncertain situations. Risk management plan of SmarTech includes continuous communication with the stakeholders, establishing a context for risk, identification of risk, analysing and evaluating the impact of risk, risk treatment and following an action plan to avoid the uncertainties in the business.
Risk context is the attitude, behaviour or environment which affects the risk and controls it to gain the opportunities (Apm. 2019). SmarTech is an Australian Company which works with the technology-based gadgets. Risk context is helpful in identifying the probability of uncertain events which can affect an organisation. Smartphones and tablets are very popular among individuals and require the need of new technological advancement. New idea of smartwatch and retail store contains different risks at different levels. These risks are identified with the study.
Scope of risk management plan
Risk management plan of SmarTech is applicable for the launching of retail store and new project of wearable device which is smartwatch. It can help in all stages of the business and how to present it for the consumers (Nawaz, Waqar, Shah, Sajid and Khalid. 2019). Risk management plan is bounded to the uncertain risks involved with the manufacturing, designing and selling smartwatch. It is a new project for the company with new technology and manufacturing at the same location.
Stakeholder analysis is the procedure of identification those people who seeks interest in the organisation or a project before initiating the project (Eskerod and Jepsen. 2016). It involves the communication with stakeholders and determining how to make them involved in the project by providing them certain powers. Stakeholders of a project are customers, employees, management, and project manager, board of directors, financer, society and government
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