The critical success factors are certain components that are applied for the success of a certain project or task. For the risk management strategies to work successfully it must be applied in an organization on a continuous base, and the best way to achieve this is to incorporate critical success factors that ensure that the strategies are implemented using a structured approach. The critical success factors help an organization and its workers to identify certain reference points that will direct them towards the goal and objective, and measure the success of the project or business. The four critical success factors that help to develop a structured approach for implementation of strategies are supportive organization, appropriate supporting infrastructure, competent people, and a detailed process document (Yaraghi & Langhe, 2011).
The critical success factor of supportive organization has clear goal and objective for risk management, has adequate resources available to implement risk management strategies, buy in from stakeholders, has a culture that recognizes uncertainty, accepts the need for change, and has a suitable framework to support risk strategies. Analyzing the company in the case, Flayton Electronics, it has sufficient resources to implement risk management as the firm had spent considerable time and money on the new payment card industry (PCI) standards for data protection. The company’s vice president of loss prevention anticipated the risk for data theft; showing that the firm recognized that uncertainty was inevitable.
Having competent people results in successful risk management strategies; the employees and other stakeholders need to be trained and made competent for the risk pro...
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...ed to the project risk as the company may be exposed to several lawsuits and legal actions. The public perception of the brand image may change considerably, resulting in additional requirements to be incorporated into the project risk management for Flayton Electronics.
Govori, A. (2012). Measuring and Managing the Impact of Risk on Organizations: The Case of Kosovo. Journal of Advanced Research in Management, III (1), 17-26.
Hillson, D, & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd Ed.). Vienna, VA.: Management Concepts.
Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration, 4(1), 13-22.
Yaraghi, N., & Langhe, R. G. (2011). Critical Success Factors for Risk Management Systems. Journal of Risk Research, 14(5), 551-58
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