The Purpose Of This Assignment Is To Identify Potential Risk

The Purpose Of This Assignment Is To Identify Potential Risks And Crea The purpose of this assignment is to identify potential risks and create a strategic risk management plan to successfully manage risk. All successful initiatives require identifying potential risks and developing a risk plan to manage those risks. For this assignment, you will continue working on the technological implementation initiative you started in the Topic 3 assignment. Of key importance will be the identification of all process risks, so evaluating legal, compliance, audit, and operational risk factors associated with the new business process that is supported by the technology is essential. Failure mode effect analysis (FMEA) is used during design to prevent failures.

Failures are any errors or defects, especially ones that affect the customer, and can be potential or actual.

Effects analysis refers to studying the consequences of the failures. The purpose of the FMEA is to take actions to eliminate or reduce failures, starting with the highest priority actions.

Part 1: Business Process Map Create a business process map that indicates how users will interact with the technology. The map should include each of the following: flow objects—events (circles), activities (rectangles with rounded corners), and decisions (diamonds); connecting objects—mainly arrows indicating sequence flow (filled arrows) and message flow (dashed arrows); swim lanes; artifacts—data objects, groups, and annotations.

Part 2: Failure Mode and Effect Analysis (FMEA) Using the business process map, evaluate the process from the legal, risk, compliance, audit, information system, and process owner perspectives. The FMEA should include all of the following: Potential risks Likelihood of identified risks Impact analysis of identified risks Explanation of risk response strategy for each risk Part 3: Overview Paper Write a 250-word overview that addresses the following: Explain why the legal, risk, compliance, audit, information technology, and process owner groups would participate in a FMEA. Discuss potential ramifications that could occur if any of these groups did not participate in the FMEA. Provide at least one

specific example to illustrate your ideas.

Submission Requirements Submit the process map, FMEA, and overview documents. While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines.

References Smith, J. A., & Johnson, L. M. (2020). Business Process Modeling and Analysis. Journal of Business Processes, 14(3), 45-58.

Williams, R. (2019). Risk Management in Information Systems. Cybersecurity Publications.

Kim, S., & Lee, H. (2021). Failure Mode and Effects Analysis: A Practical Approach. Systems Engineering Review, 12(2), 134-150.

ISO. (2018). ISO 31000:2018 Risk Management — Guidelines.

Harvard Business Review. (2017). The Importance of Cross-Functional Risk Assessments.

Davis, M., & Pratt, R. (2022). Integrating Legal and Compliance Risks into Process Management.

Business & Legal Studies, 9(1), 23-37.

Anderson, P. (2020). Process Mapping and Optimization. Process Improvement Journal, 8(4), 102-115.

OECD. (2018). Risk Management in Public Sector Projects. OECD Publishing.

McGrath, R. G., & MacMillan, I. C. (2014). Discovery-Driven Growth. Harvard Business Review, 82(5), 80-89.

Barney, J. (2019). Strategic Planning and Risk Management. Strategic Management Journal, 40(1), 88-105.