Managing Risk Your company has decided to implement a human re
Managing Risk Your company has decided to implement a human resource demographic portal. Under the system envisioned, employees would be able to use an online internal web page to change various personal information items themselves, such as, address phone, etc. In addition, the employees would be able to change limited payroll related items, such as 401k deduction percentages or amounts, optional United Way contributions, and the number of federal and state exemptions to be claimed. Along with thie portal would be the ability to view, download, and print current and YTD pay information, including the current paycheck and check “stub”. Under the current system, employees must go to the HR office to make any changes – there is no online access. Your company already requires direct deposit for all employees, and under the new system, pay stubs would no longer be printed. Employees would be able to do this as needed through the portal. There are many potential risks associated with this project. Your task is to Identify as many risks as you can (4 is a minimum, but feel free to identify more risks if you so desire). Determine the relative likelihood of each risk occurring (low, medium high) Propose at least one strategy for addressing each risk, and describe the strategy in terms of the 4 risk responses (Avoidance, Transference, Mitigation, or Acceptance). Remember that sometimes, risks are acceptable and can be taken, so long they are identified and a strategy to address the risk is presented. For example, driving a car is a risky venture, but to address that risk we have driver’s education (mitigation), manufacturing safety standards (mitigation), insurance (transference), and staying at home (avoidance). Driving an older, unsafe vehicle by an unlicensed and uninsured motorist could be considered acceptance, . Turn in as much as needed. (Sometimes less is more, sometimes more is more; it’s your call.) Support your strategies as needed with external references, and make sure your answer directly address the potential risks with the human resource demographic portal.
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