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City Bus Corporation provides school bus transportation to private and public schools in Lancaster County. City Bus owns 50 buses that are garaged in three different cities within the county. The firm faces competition from two larger bus companies that operate in the same area. Public school boards and private schools generally award contracts to the lowest bidder, but the level of service and overall performance are also considered. (1) Briefly describe the steps in the risk management process that should be followed by the risk manager of City Bus.

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Answer:

1. The measures that City Bus Risk Manager should take in the risk management process are as follows

Figure out the risk context: In this case, we need to find out which market City Bus is catering to and what sort of service it can provide. The risk manager will take into account what the business requirements are, what are the technical criteria for delivering this service, such as the legal regulations that City Bus has to follow.