1.How the risks are managed?
i)By making a balance between the current and potential initiatives associated with risk and rewards for dealing with them.
ii) By making futuristic strategies for the group to protect it against the uncertainties which can hinder the process of achievement of organizational goals (Quinsey, 1998).
iii)The opportunities are explored and optimally utilized for enhancing the performance of the group.
iv)Major emphasis is given on dealing with strategic, financial and operational risks.
2.Risk management methods?
i)The responsibility of identification and management of risks in everyday operations of the company lies with the management.
ii)The framework for risk management is designed in such a manner that it can assist the management in the continuous monitoring of the risks and provide the report about the status of the risks to the risk management committee (Power, 2008).
iii)The process is fully insured under the protection of insurance plans so as to protect the company against financial and negative consequences associated with the various kinds of risks.
3)How the risk management plan is communicated?
Management after proper analysis of the potential risks and the cost associated with them and even the cost of the project. Then those estimated costs and risks will communicated to all the concerned parties of the project. Then the assurance is taken by all the parties that the project will deliver the expected returns and benefits through its operations.
iv)Maintain a risk management system for the business?
A team of dedicated IT professionals for the undertaking and managing the process of governance is formed by the group. IT governance with the activities of compliance, management continuity and risk management is dealt by the team of IT professionals.