Risk Management Techniques Raffles Education Corp.

Question: Discuss about the Risk Management Techniques for Raffles Education Corp. Answer: Introduction: The purpose of this report is to prepare a risk management plan for Raffles Education Corp. It deals with identification and analysis of the risks management plan based on identification of thirty risk indicators and also providing a treatment of the eight of such issues observed in the risk registered. The various types of parameters in the in the registers consists of risk description, causes, consequences and area of risk. The measurement of the risk is based on parameters such as control risk level, control risk score, control likelihood and risk accepted. The treatment plan of the risk provides the guidelines treatment options, rating after treatment, costs and benefits analysis of the risk, preferred options and persons responsible for the correction of the risk causing factors. The report also suggests the various types of measures for monitoring of the risk and strategies for the purpose of effective management of the risk. Risk management organization Objective of risk management plan The objective of the various types of risk management plan is to identify the potential threats of the Raffles education corporation. It is done in order to identify the proper channels of risk and mitigate the risk in accordance with the timely assessment of the risk. The risk management plan will ensure efficient decision making process within the institute. It will also help to identify the various types of risk area and departments with which the respective risk can be categorized. The risk department categorization mainly consists of the long terms and short term sources of the risk. The risk register further provides the guideline for the proper evaluation of the likelihood of the various types of identified risks and the consequences which can be adopted to control the risks. The measurement of the risk further provides the risk control level and the risk scores provides the risk control level based on the threat level of the respective risks.[2] [3] Risk management policy The risk management policy of the Raffles Education Corp forms an integral part of the internal and control and governance of the various types of activities managed by the institute. The various norms of the risk policy deals with the key aspects in risk management process and identification of the reporting procedures maintained for the purpose of the risk management. [4] The various approaches for the risk management involve the following process: The main executive and the head responsible for the purpose of policy making body of the college corporation of the Raffles Institute is responsible for risk management. The college corporation has a role in maintaining a effective system of the internal control that is in the favor of the achievement of the policies and thereby also safeguarding the public interests and funding of the assets which is responsible as per the accordance with the Government guidelines and financial memorandum along with the learning skills council of a particular region. The college committee should follow a free principle in responding and approaching the risk the risk with more receptive problem solving approach. The policy based on the audit committee should further ensure that the committee advises the Raffles Corporation on risk management. The Institute is responsible for making a conservative approach and prudent recognition of risk factors and disclosure of the various types of financial and non financial types of the risks. The head of the department of the Raffles Institute Corporation and other governing bodies of the college committee are responsible for encouraging and promoting the implementation of efficient risk management procedures and practicing of the same at departmental levels. The corporation has a major role to play in influencing the risk culture of the management which exists within the college and determining whether the risk can be averted or not. The entire issue is seen as relevant individual issue. The college is also responsible for setting the standards and expectation among the staffs with an emphasis on respect and conduct and probity. It is also important to determine the risk appetite of the Raffles Education Corporation. The heads of the departments play an augmented role on the identification implementation of the policies related to the management and internal control of the risk parameters. It is also essential to evaluate the fundamental risks faced by Raffles which are taken into consideration by the Audit Committee by the means of Assistant principle and student services. The risk management done by the head of the departments also have a crucial role in timely information on the various areas of the uncertainties which may arise in the institute. The internal control of the risk management techniques includes the policies and procedures, business planning and budgeting, high level risk framework, audit committee, internal audit program, external audit program and third party reports. Independency with strategic planning The independency in accordance to the strategic planning is done on the basis of the strengths, weakness, opportunities and threats. It also discusses on the various types of the threats associated with the internal land external risks of the Raffles Education Corporation. Strength Weakness Opportunities Threats The global recognition of the being a premier institute in terms of quality. The college lies in the bottom list of the ranking published by fashionista. Some of the top institutes include central saint Martins, parsons, Bunka fashion college and Antwerp Royal Academy. The college has a major scope in the fashion designing course and the investing decision of the management in this particular area will ensure that the college is able to maintain lower risk register and able to compete more in the same department. The threats of the REC includes maintenance of the quality of the various academic programs The adaptation of SPACE learning environment which focuses on social responsibilities, professional initiatives, creative and entrepreneurship. The college is yet to build a reputation in course related to business management, psychology, technology, educational study and language related study. This is the major reason for the lagging behind in the competition in terms of other educational institutes. The college has a major potential to attract many students from different set of countries and excel in various programs of the study. The ability of the institute to relate the management programs with the real life case studies is doubtful in case of post graduation preparation studies. Global presence of the Institute in areas such as Australia, Cambodia, China, India, Malaysia, Indonesia, Thailand and Singapore. The Raffles education corporation based in Singapore significantly lacks in terms of availability of the natural resources such as availability of water, lack of space and increased pollution level and due to various types of seasonal hazards originated from Indonesia. The Raffles education corporation has further shown a potential for the purpose of extending the educational facilities in the various regions of the world other than just the headquarters location of the company that is Singapore. The maintenance of guidelines with the private educational license is also questionable in nature. High amount of demand for the fashion course of the institute. The fashion department of the institute is responsible for bringing in the maximum amount of revenue for the institute. The institute is known for several achievements such as being The corporation has a major weakness in influencing the stakeholders and explaining their role for the purpose of the generating more amount of revenue for the institute. Political situation of Singapore is very viable for the purpose of running an educational institute. The ability of the institute to stay on top by competing with other institutes such as Copenhagen academy, NIFT, George brown college, Lasalle college international and Kingston university. Is also doubtful in nature. Independency with Corporate Governance The Board of Directors of Raffles Education Corporation is dedicated to a higher standard of the corporate governance. This is considered as a key factor to the sustainability of the performance and business and the enhancement of the value of the shares. The guidelines and the principles of the Code of Corporate Governance of the year 2012 guide the processes and practices of the corporate governance of the company. It has been found that these are spontaneously being reviewed for the effectiveness and relevance by the reference to the regulatory and legal environment where the particular organization operates and regulates. Therefore, it can be said that there are no biasness within the organization regarding the implementation of the corporate governance. The Board of Directors of the firm Raffles Education Corporation has complied with the stipulation of the Code during the period of the financial year 30th June of the year 2015. [7] It has also been found that the particular company has always followed the rules and regulations of implementing the corporate finance within the organization Raffles Education Corporation. Moreover, it has been noted that at the moment when the particular company has not implemented the rules and regulations of the corporate finance correctly or any deviation from the Code has occurred within the organization, the management department has provided the appropriate explanation within the annual report of the company Raffles Education Corporation under the section of corporate governance statement. [8] The codes of the corporate governance have been implemented independently, such that the Board have directed the organization in the behavior of its dealings and have also exercised its fiduciary role during all the time in the Groups interest in order to get ensure about the fact that the ethical standards and corporate responsibility have been met or not. It has been noted that the particular Board of the organization Raffles Education Corporation is also finally responsible for the Group activities, its governance and strategies, financial performance and risk management. The study of the annual report of the firm Raffles Education Corporation indicates that the Board delegates some of the functions to the committees in order to make the Board enable to manage more efficiently and effectively its fiduciary and stewardship responsibilities. Nevertheless, the final decision and responsibility on all the matters lies along the Board. The corporate governance is implemented accurately and perfectly within the organization Raffles Education Corporation as there are four different committees based on which the unbiased decisions are made. The four committees based on whose decision the corporate governance are incorporated within the organization without any biasness include the Audit Committee, Remuneration Committee, Risk Management Committee and Nomination Committee. Responsibility and Accountability As per the annual report of the company Raffles Education Corporation of the year 2015, it can be said that the Board gives the shareholders of the firm with quarterly and annual financial reports, reports to regulators and price sensitive reports in order to maintain the accountability and audit within the organization. During the presentation of these mentioned reports, the Board decided to provide the shareholders of the firm with an understandable and balanced assessment of the financial performance of the Group, its prospects and positions in the present competitive market. The Board also ensures the full and timely disclosure of the material corporate developments to the shareholders. At present time, the management of the particular organization provides business plans and annual budgets to the Board members of Raffles Education Corporation for endorsement. The detailed management reports of the organization are also given to the members of the Board on a quarterly basis. The executive directors obtain the detailed accounts of management of the Group on the monthly basis. The Board of the risk management committee recognizes the importance of internal controls and practices of risk management to good corporate governance. [9] The particular Board asserts its all total responsibility for the system of the Group regarding its risk management and internal controls. This also helps in reviewing the integrity and adequacy of the systems on a yearly basis. The risk management and the internal control functions are performed by the key executives of the Group and are reported to the Audit Committee for its review. As per the details provided in the annual report of the company Raffles Education Corporation, the Board developed the Risk Management Committee in the year 2012 in order to reduce, control and monitor the risks within the organization. In addition to this, the organization Raffles Education Corporation has developed an internal control framework that covers operational, financial technology and compliance controls as well as risk management systems and policies. On the other hand, the responsibilities indicate the rights of the shareholders. The organization Raffles Education Corporation should treat all its shareholders equitably and fairly. The particular organization is committed to the fair practice, timely and transparent disclosure of the material information in order to enable the shareholders to prepare the shareholders to make the decisions informed in respect of investment in the firm. All the information that are price sensitive is publicly released before to any sessions with analysts or individual investors. The particular company provides its annual report, notices and circulars regarding the meetings of the shareholders through the website of the company. The articles of the company allow the ordinary shareholders to appoint two proxies in order to vote and attend in her/ his stead. In the meetings of the shareholder, they are provided with opportunities to participate, openly communicate and engage to the directors, their app roaches on the matter that are associated with the Group. The communication with the shareholders is also counted as one of the responsibilities. The investor relation of the organization helps in promoting the effective, regular and fair communication with the shareholders. The organization also conducts meetings for its shareholders as this provides an opportunity to share the views and also to meet the Directors of the Board Committees. The external auditors of the firm will help to address the queries of the shareholders. The organization will value and encourage the participation of the shareholder at its general meetings. [10] Risk management process Communication and Consultation Business communication is the integral part of the management practices. It is to be indicated that the establishment of the communication transparency is the most required aspect in maintaining the sustainable management of an organization. In case of the business risk management aspect, the communication process is much essential. ([11]) indicated that the business usually focuses on communicating with the both internal and external stakeholders. Employee communication is considered as the lifeblood of the business practices. Employees need to exchange their views as per the business process. It helps in bringing the innovative ideas and building the strengthened structure of the business. It is to be indicated that the communication and consultation with the stakeholders ensure the involvement and development of an organizational functionalities. It is noted that the stakeholders are the major people who drive the organizational process. Various stakeholders present their diversified perspectives that have been focusing in the potential risks and the risk management process. Simultaneously, Raffles Education Corporation has been maintaining such process for making any relevant organizational decisions. The communication and consultation process is associated both with the internal and external stakeholders. The communication process with the external and internal stakeholders are described further: Internal Stakeholders: Raffles Education Corporation is the educational institute, which is associated with the number of internal stakeholders. The internal stakeholders of this particular institute are the teachers, students, non-teaching staffs, and shareholders. ([12]) opined that the internal stakeholders pass the information about the employee regulations, which are needed to be followed while performing the internal business practices. This is helpful enough in presenting the clarified documents including the requirements of business process. Hence, the consultation with the internal stakeholders would be ensuring the structured process of running a business. [13] External Stakeholders: External Stakeholders are the outside people who have been influencing the business process by interacting with the organizational executives. In a specific context, the external stakeholders are the government, society, and the common people. The regulators or the policy makers are influencing the business externally. The rules and regulations imposed by the government figure is needed to be followed by the business to maintain the sustainable position. Hence, if any of the business decision goes against the society, it would be difficult for the organization to survive further. Hence, it is required to keep the concentration on the consultation and communication process with the external stakeholders. Similarly, Raffles Education Corporation needs to consult with the government before undertaking any relevant decision for their students. In fact, it is noted that the consultation process with the external stakeholders determines the improvisation of the organizational practices. Mo re specifically, the business development suggests the improvisation of the employees work performance as well. In keeping concentration on such signified reasons, it can be inferred that the communication and consultation process with the external stakeholders would be effective enough for the further business development. Moreover, it secures the business position in the competitive market. [14] Risk Management Framework The organization Raffles Education Corporation has instituted a framework for internal control that covers operational, financial, compliance and technology controls as well as the policies and systems of risk management. An organization wide risk management framework has been set in the place in order to enhance the risk management capabilities of the particular organization. The Enterprise Risk Management team (ERM) administered this risk management. The essential risks of the organization Raffles Education Corporation have been identified and the action plans are made in order to moderate the mentioned risks. [15] [16] The ownership of the risk treatments and the awareness towards the risk would be spontaneously instilled and toughened throughout the firm. It has been found that the particular company Raffles Education Corporation exists in a changing environment thus the operation of the particular firm changes, risks also changes and thus the opportunities also changes. It has been found that under the Enterprise Risk Management framework that has been established with the reference to the model of the Committee of Sponsoring Organizations of the Tread way Commission (COSO), all levels of the management are predicted to review the operations of the business continuously. [17] [18] In addition to this, the particular environment in which the specified company Raffles Education Corporation is operated in order to identify the areas of risk and also to ensure the measures of mitigation that is developed promptly in order to address the particular risks. The Enterprise Risk Management framework generally outlines the approach of the organization Raffles Education Corporation in order to manage the risks of the enterprise and sets out a process that is systematic for the identification, evaluation, and management and monitoring of the risks that are faced by the particular organization. The individual business units of the organization Raffles Education Corporation have various risk profiles and cultures as each of the business unit of the firm Raffles Education Corporation helps in identifying and evaluating its own sets of risks. [19] [20] The internal audit of each of the business unit the organization Raffles Education Corporation, the identification of risk, its analysis and its evaluation exercise will be performed and treated as per the procedure of risk management as it has been set out in the framework of Enterprise Risk Management. It has been found that as per the framework of the risk of the firm Raffles Education Corporation, the risk owners, the management and the internal auditor also participate in this in order to run the business effectively, efficiently and successfully. On the basis of the internal controls that have been maintained and established by the particular company Raffles Education Corporation, the performance of the work by the internal auditors are measured. It indicates the performance of the management and various Board committees and assurances that are obtained from the CFO and CEO of the firm with the concurrence of the AuditorCommittee. Risk Assessment The risk assessment process is identifying the evaluation of the potential risks that is included in the diversified business practices. ([22]) defined that the risk assessment process is associated with the different techniques as well as the identification of the potential risks. Recognizing the risk is essential to understand the process of mitigating or reducing the risks and maintaining the safer approaches within an organization. Both the identification and techniques of the risk assessment is described in the further segments. Risk Identification Techniques: Identification of the risks is the primary stage of the risk assessment. ([24]) indicated that the identification of the risks is the most important part and if a business fails to recognise the risks, the other steps of the risk assessment would not be structured properly. Therefore Raffles Education Corporation needs to understand the exact area of the management practices that may face the potential risks. The risk identification techniques are classified into two segments, such as the initial risk identification and on-going risk identification. At the initial stage Raffles Education Corporation needs to consider the communicational area, which is always needed to be transparent. It would be helpful in understanding the requirement of the business to establish the sustainable business. On the other hand, the on-going risk identification indicates the importance of undertaking the risk assessment techniques. If Raffles Education Corporation identifies the importance and potentiali ty of the risks, it would be helpful for them to restructure the functionalities for the future impactful associations. When the organizational objectives are stated in a clarified manner, it would be easier to identify the potential risks that are involved with the undertaken management practices. ([25]) suggested that the implementation of the brainstorming session is preferable to identify the risks and the involvement of the efficient leadership skill is mostly required. Many of the organisations include the frequent monitoring, auditing, and involvement of the ERM staffs for identifying the risks. Risk Assessment Techniques: The mitigation or assessing the risks is much required within an organizational scenario. The techniques involved in assessing the risks are indicating several segments. At the very first stage, the identification of the potential hazards is required. In case of Raffles Education Corporation, it has been seen that the major risk has been found in communication system. Apart from the communication process, the quality issues are also visible in the organizational practices. The next step is to identify the people who will be affected by such risks. In considering the next step, evaluating and deciding the precautions against such risks are much needed. Keeping the record of the significant risks and hazardous aspects is also necessary in such cases. The final assessment is determining the reviewing of the risks and updating the risks specifications is also needed to be considered. The recognition of such techniques would be effective enough in managing the risks related to the organiz ational functionality. In fact, it can be inferred that the application of such techniques would be ensuring the mitigation of the risks and achievement of the organizational excellence. Risk Register Calculated Risk Rank Position Risk Reference Risk Description Causes Consequences Risk Area Control Consequence Control Likelihood Control Risk Level Control Risk Score Risk Accepted Current Risk Controls Risk Owner Risk Treatment Plan (refer no. tab) 1 OP-1 Communication Poor audience selection Underutilization of advertising resources and under communication Operations and Program management Catastrophic Almost certain Very High 20 No Selection of Social media for advertising 2 OP-2 Building of Reputation Poor performance of the students Negative brand image of the institute in the market Operations and Program management Moderate Possible High 16 No Maintaining of high rank 3 OP-3 Quality of programs Selection of professors and curriculum The quality of the various programs offered in the institute is directly related to selection of teaching staff Operations and Program management Major Likely Low 2 No Maintaining the curriculum according the present industry standards 4 LE -1 Judiciary Judiciary is dependent on legislature and executive arm of government in Singapore Judiciary appointed by the Prime Minister in Singapore Legal Minor Almost certain Medium 8 No Adhereing to legal laws of the country 5 OP-3 Selection of media For better rating Limited reach globally Operations and Program management Major Unlikely High 12 No selecting appropirate commercial and web media 6 LE -2 Compliance to Private Education License For better rating and quality Building a good reputation Legal Minor Rare Very High 20 No Application for Government license 7 OP-4 Global Standings Global outreach Competing with the top institutes globally Operations and Program management Catastrophic Almost certain Low 2 Yes Selecting quality students 8 EN-1 Providing basic facilities to the students and staffs Limited natural resources in Singapore Limited enrollment in Singapore division Environmental Major Unlikely Medium 8 Yes selecting appropiratelocation for accomodation 9 EN-1 Problem of pollution Seasonal haze originating from Indonesia Creating health issues among the students and the staffs Environmental Minor Rare High 12 No Selecting a pollution free facility 10 IT-1 Network facilities in all the locations of the institute Government restriction to Internet in country like China and Saudi Arabia Limited access to information Information Technology Catastrophic Likely Very High 20 No Selecting best network connection in the locality 11 HR-1 Loss of key information of the students and staffs Data loss due to hazards in the workplace Negative impact on business standard and performance Human Resource Moderate Possible Medium 8 Yes Taking precautionary steps for avoiding accidents 12 OP-4 Risk of malware and virus attack Inadequate computer security to protect the data Shutting down of data center and loss of key information Operations and Program management Minor Almost certain Low 2 Yes Partnership with a good antivirus company 13 OP-5 Vendor Escalation Insufficient knowledge of the IT staff to solve the technical issues Loss of time due to vendor escalation issues Operations and Program management Insignificant Possible Medium 8 Yes selection of appropriate vendor 14 OP-6 Inadequate website maintenance Irregular website maintenance Delayed access to the curriculum and other vital information of the company data Operations and Program management Catastrophic Possible Very High 20 No Regular maintenance of website 15 FI-1 Possibility of poor project performance Insufficient skill level and knowledge among the staffs Delays in operations and financial impact Finance Minor Likely Low Yes Regular monitoring of project 16 FI-2 Inappropriate accounting Lack of proper knowledge Loss of financial data Finance Moderate Rare Very High 20 No appointment of suitable accounts manager 17 FI-3 Inadequacy of the contractor Lack of proper knowledge Project quality and financial loss Finance Catastrophic Likely Low 2 Yes Selection of proper contractor 18 FI-4 Fire disrupting the business operations Improper maintenance of the facilities Loss of property and assets Finance Minor Rare Very High 20 No keeping fire safety equipments handy in the office of the college 19 OP-7 Electrical Disturbance Improper maintenance of the facilities Staff and student harassment Operations and Program management Major Likely High 12 No Regular checking of electrification 20 OP-8 Position of the college Performance of the students Poor ranking of the university Operations and Program management Insignificant Rare Low 2 Yes Course content updating on timely basis 21 HR-2 Maintenance of student information Overall Functionality of the Institution Loss of vital and confidential information related to students data Human Resource Catastrophic Almost certain Very High 20 No maintaining record of student data 22 FI-5 Sourcing of the students Occupancy of seats in the various global destinations of the institute Lower return on investment Finance Insignificant Likely High 12 No Sourcing of the students through advertisement 23 FI-6 Competitive program fees Higher amount of course fees than the competitors Lower amount of generation of the revenues Finance Moderate Possible Low 2 Yes Keeping the program fees low 24 FI-7 Contract disputes Poor terms of contract Contractual disagreement with the vendor Finance Insignificant Almost certain Very High 20 No Keeping the contract terms and agreements fair for all 25 IT-2 Sudden loss of data Theft of data Breach of security firewall and loss of student information Information Technology Catastrophic Almost certain Low 2 Yes Maintaining the data online 26 IT-3 Lack of access to electronic gadgets Unavailability of electronic gadgets to the students Lack of PC, laptops and Smartphone with the students Information Technology Minor Possible High 12 No Importing the electronic items and transfer from other locations 27 OP-9 Curriculum designed to meet the standards for the present industry practice Poor placement of the students Inability of the student sustenance in the companies after placement activities Operations and Program management Moderate Likely Low 2 Yes Curriculum design in accordance with present industry standards. 28 OP-10 Failure to develop new and existing clients due to inadequate marketing data Improper marketing plan Inability to retain the existing clients Operations and Program management Major Possible High 12 No Upgrading the marketing channels and content highlighted 29 OP-11 Insufficient marketing plan Marketing plan not in accordance with industry standards Decrease in no. of applications Operations and Program management Catastrophic Almost certain Medium 8 Yes Making the marketing plan interesting 30 OP-12 Improper accommodation facilities Lack of land space available Less no. of students opting for accommodation facilities Operations and Program management Major Possible High 12 No selection of appropriate Accommodation facility Risk Profile Figure 1: Risk Profile Source:[28] Risk appetite tolerance (ALARP) Figure 2: ALARP Source: 2016. Jakeman.Com.Au. Risk treatment plans Risk treatment Schedule and Plans Department: ____________________________ Date of Review: _______________________ Executive Owner: _____________________________ Compiled by : _______________________ Risk Dimension: ___________________________________ Reviewed by : ________________________ Risk (By Priority) Treatment Options Rating After Treatment Costs Benefits Preferred Options Person Responsible Timetable / Deadline Monitoring Ref Like-lihood Con-sequence Rating Description Strategies to measure effectiveness of Risk Treatment OP-1 Almost certain Underutilization of advertising resources and under communication Very High Communication Selection of Social media for advertising 8 High Online Preference of media Marketing manager 25.06.2016 Alpha Advertising in the website 8 High Online Preference of media Marketing manager 26.06.2016 Beta Advertising to school pass outs. 8 High Online Preference of media Marketing manager 27.06.2016 R-squared LE-2 Rare Building a good reputation Very High Compliance to Private Education License Compliance with the government rules 12 High Having a certification of approval Head of the Department 28.06.2016 Alpha OP-6 Possible Irregular website maintenance Very High Inadequate website maintenance Regular maintenance of website 10 Moderate Appointment of system engineer IT Engineer 28.06.2016 R-squared OP-7 Likely Staff and student harassment Possible Electrical disturbance Regular maintenance of electric supplies 4 Moderate Central Electrification Operations Manager 29.06.2016 Beta HR-2 Almost Certain Overall Functionality of the Institution Almost Certain Maintenance of student information Information stored in HRMIS 8 High HRMIS HR manager 30.06.2016 R-squared FI-5 Likely Occupancy of seats in the various global destinations of the institute High Lower return on investment Sourcing of the students from schools 6 High Manual sourcing Financial manager 1.07.2016 Beta OP-12 Possible Improper accommodation facilities High Less no. of students opting for accommodation facilities Selecting the best accommodation facilities 4 High Contracting services for accommodation Operations Manager 2.07.2016 R-squared IT-3 Possible Poor placement of the students High Unavailability of electronic gadgets to the students Curriculum in accordance with industry standards 8 High Conduction survey Placement coordinator 2.07.2016 Alpha Risk management Programs Risk management implementation plan The risk management programs selected for the purpose of the Risk control of the Raffles Industry is based on the various issues and it states its measure for controlling of the same. The risk description of the various areas of the risk includes communication, building of the reputation of the institute, quality of the programs, judiciary, selection of the media inadequacy of the contractor, disruption brought as a result of t fire breakout, electrical disturbance caused in the college premises and improper accommodation facilitates for the students. The various parameters of the risk register is based on the several factors which has a direct association of the risk. Monitor Review The personnel responsible for the purpose of risk review and monitoring ensures the proper tracking of the risks and the treatments of the risks which are effective from the current control and treatment. The boards of directors of the institutes are responsible for controlling of the college staffs and their roles and positions. The boards of directors of the institute are also responsible for controlling of the various types of the risk factors. The risk registers is used to collate and make a summary of the various types of indentified risk. The risk are reviewed on the basis of various types of risks scores and level of occurrence the various types of risks. Performance Measurement The various types of parameters used in the risk register and the treatment of the same is responsible for the purpose of the performance measurement of the various type of associated risk of the Raffles Education corporation. The performance management is completely based on the quantitative assessment of the risk associated. Conclusion The purpose of this study was to prepare a risk management plan for Raffles Education Corp. It deals with identification and analysis of the risks management plan based on identification of thirty risk indicators and also providing a treatment of the eight of such issues observed in the risk registered. The measurement of the risk is based on parameters such as control risk level, control risk score, control likelihood and risk accepted. The treatment plan of the risk provides the guidelines treatment options, rating after treatment, costs and benefits analysis of the risk, preferred options and persons responsible for the correction of the risk causing factors. Reference List "Raffles Education Corporation". 2016. Raffles-Education-Corporation.Com. Accessed June 25 2016. https://www.raffles-education-corporation.com/Corporate_Info.html. "Raffles Education Corporation". 2016. Raffles-Education-Corporation.Com. https://raffles-education-corporation.com/InvestorRelations.html. "Raffles-Education". 2016. Raffles-Education. https://raffles-education-corporation.com/images/Investor/AnnualReport/ar2015.pdf. "Raffles-Education-Corporation.Com". 2016. Raffles-Education-Corporation.Com. https://raffles-education-corporation.com/images/Investor/AnnualReport/ar2014.pdf. Jakeman.Com.Au. Accessed June 25 2016.https://www.jakeman.com.au/sb_cache/media/id/20/f/alarp1.jpg. Benjamin, Martin. 2013. Project Risk Management. [Place of publication not identified]: Emereo Publishing. Beringer, Claus, Daniel Jonas, and Alexander Kock. "Behavior of internal stakeholders in project portfolio management and its impact on success." International Journal of Project Management 31, no. 6 (2013): 830-846. Chapman, C. B, Stephen Ward, and C. B Chapman. 2012. How To Manage Project Opportunity And Risk. Chichester, West Sussex: Wiley. Christoffersen, Peter F. 2012. Elements Of Financial Risk Management. Amsterdam: Academic Press. Corob, M., G. Rezes, L. Beesmyer, E. Papendick, T. Richardson, and R. Boyd. "Developing a strategic plan for the FW Olin library at Mills College, part one: Mission, vision value statements, environmental scan, and SWOT analysis." San Jose State University: School of Library and Information Science (2013). Filatova, Tatiana. "Market-based instruments for flood risk management: a review of theory, practice and perspectives for climate adaptation policy." Environmental science policy 37 (2014): 227-242. Gaudenzi, Barbara and Antonio Borghesi. 2012. Risk Management. Milan: Springer. Gupta, Aparna. 2014. Risk Management And Simulation. Boca Raton: Taylor Francis. Hampton, John J. 2011. The AMA Handbook Of Financial Risk Management. New York: American Management Association. Hopkin, Paul. 2012. Fundamentals Of Risk Management. London: Kogan Page. Hopkin, Paul. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers, 2014. Hopkinson, Martin. 2011. The Project Risk Maturity Model. Farnham, Surrey, England: Gower. Jefferson, Laura, Karen Bloor, Yvonne Birks, Catherine Hewitt, and Martin Bland. "Effect of physicians gender on communication and consultation length: a systematic review and meta-analysis." Journal of health services research policy 18, no. 4 (2013): 242-248. Khan, Arifur, Mohammad Badrul Muttakin, and Javed Siddiqui. "Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy." Journal of business ethics 114, no. 2 (2013): 207-223. Kroman, Sarah L., Ewa M. Roos, Kim L. Bennell, Rana S. Hinman, and Fiona Dobson. "Measurement properties of performance-based outcome measures to assess physical function in young and middle-aged people known to be at high risk of hip and/or knee osteoarthritis: a systematic review." Osteoarthritis and cartilage 22, no. 1 (2014): 26-39. McNeil, Alexander J., Rdiger Frey, and Paul Embrechts. Quantitative risk management: Concepts, techniques and tools. Princeton university press, 2015. McNeil, Alexander J., Rdiger Frey, and Paul Embrechts. Quantitative risk management: Concepts, techniques and tools. Princeton university press, 2015. Pinto, C. Ariel. 2015. Operational Risk Management. Momentum Press. Pritchard, Carl L., and PMI-RMP PMP. Risk management: concepts and guidance. CRC Press, 2014. Pritchard, Carl L., and PMI-RMP PMP. Risk management: concepts and guidance. CRC Press, 2014. Qaseem, Amir, Robert Centor, Andrew Dunn, David W. Baker, Robert M. Centor, J. Thomas Cross, M. D. Hopkins et al. "Screening, Monitoring, and Management of Chronic Kidney Disease: Review of the Performance Measures by the Performance Measurement Committee of the American College of Physicians." (2014). Rausand, Marvin. Risk assessment: theory, methods, and applications. Vol. 115. John Wiley Sons, 2013. Reiffel, James, Atul Verma, Jonathan L. Halperin, Bernard Gersh, Selcuk Tombul, John Carrithers, Lou Sherfesee, and Peter Kowey. "Rationale and design of REVEAL AF: a prospective study of previously undiagnosed atrial fibrillation as documented by an insertable cardiac monitor in high-risk patients." American heart journal 167, no. 1 (2014): 22-27. Stefani, Lorraine. "Performance measurement for academic development: risk or opportunity?." International Journal for Academic Development 18, no. 3 (2013): 294-296. Suter II, Glenn W. Ecological risk assessment. CRC press, 2016. Tbs-Sct.Gc.Ca. Accessed June 25 2016. https://www.tbs-sct.gc.ca/pol-cont/20010-03-eng.jpg. Tricker, Bob. Corporate governance: Principles, policies, and practices. Oxford University Press, USA, 2015. Voegtli, Cinda and Laura Erkeneff. 2011. #Risk Management Tweet. Cupertino, Calif.: Thinkaha. Walker, Russell. 2012. Winning With Risk Management. Singapore: World Scientific. Wheeler, Evan. 2011. Security Risk Management. Waltham, MA: Syngress. Wu, R. Ryanne, Rachel A. Myers, Catherine A. McCarty, David Dimmock, Michael Farrell, Deanna Cross, Troy D. Chinevere, Geoffrey S. Ginsburg, and Lori A. Orlando. "Protocol for the Implementation, adoption, and utility of family history in diverse care settings study." Implementation Science 10, no. 1 (2015): 1. "Raffles Education Corporation". 2016. Raffles-Education-Corporation.Com. Accessed June 25 2016. https://www.raffles-education-corporation.com/Corporate_Info.html. Pritchard, Carl L., and PMI-RMP PMP. Risk management: concepts and guidance. CRC Press, 2014. Hopkin, Paul. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers, 2014. McNeil, Alexander J., Rdiger Frey, and Paul Embrechts. Quantitative risk management: Concepts, techniques and tools. Princeton university press, 2015. Filatova, Tatiana. "Market-based instruments for flood risk management: a review of theory, practice and perspectives for climate adaptation policy." Environmental science policy 37 (2014): 227-242. Corob, M., G. Rezes, L. Beesmyer, E. Papendick, T. Richardson, and R. Boyd. "Developing a strategic plan for the FW Olin library at Mills College, part one: Mission, vision value statements, environmental scan, and SWOT analysis." San Jose State University: School of Library and Information Science (2013). Benjamin, Martin. 2013.Project Risk Management. [Place of publication not identified]: Emereo Publishing. Chapman, C. B, Stephen Ward, and C. B Chapman. 2012.How To Manage Project Opportunity And Risk. Chichester, West Sussex: Wiley. Christoffersen, Peter F. 2012.Elements Of Financial Risk Management. Amsterdam: Academic Press. Gaudenzi, Barbara and Antonio Borghesi. 2012.Risk Management. Milan: Springer. Jefferson, Laura, Karen Bloor, Yvonne Birks, Catherine Hewitt, and Martin Bland. "Effect of physicians gender on communication and consultation length: a systematic review and meta-analysis." Journal of health services research policy 18, no. 4 (2013): 242-248. Beringer, Claus, Daniel Jonas, and Alexander Kock. "Behavior of internal stakeholders in project portfolio management and its impact on success." International Journal of Project Management 31, no. 6 (2013): 830-846. "Raffles-Education-Corporation.Com". 2016.Raffles-Education-Corporation.Com. https://raffles-education-corporation.com/images/Investor/AnnualReport/ar2014.pdf. Pinto, C. Ariel. 2015.Operational Risk Management. Momentum Press. Gupta, Aparna. 2014.Risk Management And Simulation. Boca Raton: Taylor Francis. "Raffles Education Corporation". 2016.Raffles-Education-Corporation.Com. https://raffles-education-corporation.com/InvestorRelations.html. Hopkinson, Martin. 2011.The Project Risk Maturity Model. Farnham, Surrey, England: Gower. Voegtli, Cinda and Laura Erkeneff. 2011.#Risk Management Tweet. Cupertino, Calif.: Thinkaha. Hampton, John J. 2011.The AMA Handbook Of Financial Risk Management. New York: American Management Association. Walker, Russell. 2012.Winning With Risk Management. Singapore: World Scientific. Hopkin, Paul. 2012.Fundamentals Of Risk Management. London: Kogan Page. "Raffles-Education". 2016.Raffles-Education. https://raffles-education-corporation.com/images/Investor/AnnualReport/ar2015.pdf. Lim, Stephen S., Theo Vos, Abraham D. Flaxman, Goodarz Danaei, Kenji Shibuya, Heather Adair-Rohani, Mohammad A. AlMazroa et al. "A comparative risk assessment of burden of disease and injury attributable to 67 risk factors and risk factor clusters in 21 regions, 19902010: a systematic analysis for the Global Burden of Disease Study 2010."The lancet380, no. 9859 (2013): 2224-2260. McNeil, Alexander J., Rdiger Frey, and Paul Embrechts. Quantitative risk management: Concepts, techniques and tools. Princeton university press, 2015. Suter II, Glenn W. Ecological risk assessment. CRC press, 2016. Rausand, Marvin. Risk assessment: theory, methods, and applications. Vol. 115. John Wiley Sons, 2013. Paustenbach, Dennis J., ed.Human and Ecological Risk Assessment: Theory and Practice (Wiley Classics Library). John Wiley Sons, 2015. Tbs-Sct.Gc.Ca. Accessed June 25 2016 Pritchard, Carl L., and PMI-RMP PMP. Risk management: concepts and guidance. CRC Press, 2014. Wu, R. Ryanne, Rachel A. Myers, Catherine A. McCarty, David Dimmock, Michael Farrell, Deanna Cross, Troy D. Chinevere, Geoffrey S. Ginsburg, and Lori A. Orlando. "Protocol for the Implementation, adoption, and utility of family history in diverse care settings study." Implementation Science 10, no. 1 (2015): 1. Reiffel, James, Atul Verma, Jonathan L. Halperin, Bernard Gersh, Selcuk Tombul, John Carrithers, Lou Sherfesee, and Peter Kowey. "Rationale and design of REVEAL AF: a prospective study of previously undiagnosed atrial fibrillation as documented by an insertable cardiac monitor in high-risk patients." American heart journal 167, no. 1 (2014): 22-27. Qaseem, Amir, Robert Centor, Andrew Dunn, David W. Baker, Robert M. Centor, J. Thomas Cross, M. D. Hopkins et al. "Screening, Monitoring, and Management of Chronic Kidney Disease: Review of the Performance Measures by the Performance Measurement Committee of the American College of Physicians." (2014). Kroman, Sarah L., Ewa M. Roos, Kim L. Bennell, Rana S. Hinman, and Fiona Dobson. "Measurement properties of performance-based outcome measures to assess physical function in young and middle-aged people known to be at high risk of hip and/or knee osteoarthritis: a systematic review."Osteoarthritis and cartilage22, no. 1 (2014): 26-39. Stefani, Lorraine. "Performance measurement for academic development: risk or opportunity?." International Journal for Academic Development 18, no. 3 (2013): 294-296.