Describe risk mitigation and prevention strategies in principle and in some detail against specified risks.

Coursework – Written Assignment (1500 words)Risk management is a step-by-step process for the identification, evaluation, and prioritisation of risks, followed by a coordinated and economical application of resources to minimise, monitor, and control the probability or impact of unfortunate events or to maximize the realisation of opportunities.Assignment TaskIdentify and explain the component parts of a Risk Assessment process; show how the process flows; and quote examples of where these systems are used.Assignment CompletionSubmission of a written assignment answering each of the following questions regarding the Risk Assessment Process:1. List in order the key components (steps) of the risk assessment process2. What are the parts or features of each of those key components (steps)?(10 marks)(20 marks)3. Using a diagram explain how “likelihood” is related to “impact” in terms of risk assessment?1(20 marks)You should make sure that you understand the task, use appropriate sources of information and the Tutor may be approached to clarify aspects of the assignment. They will be available for advice.This assignment carries 60% of the module mark.Your submission should focus on the Learning Outcomes highlighted in the Table below.Learning outcomes1 Examine the concept of risk.2 Identify the component parts of the processes of risk assessment and risk analysis.Describe risk mitigation and prevention strategies in principle and in some detail against specified risks.