An Organizational Structure Based on Risk and Quality Fundamentals

Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,

However, companies generally adopt a methodology for overall risk assessment. Sometimes these methodologies involve the assignation of risk oversight to leaders in each area. The approach is based upon the assumption that each area knows itself best. However, this often overlooks potential issues in favor of confronting them after they develop. As the need for

Health care managers identify and evaluate risks as a means to reduce injury to patients, staff members, and visitors within an organization. Potential risk can include any factor that possess a threat to the well-being of the employee, patient, and organization. Those risks can consist of incidents, such as falls, slips, breech of information, onsite injuries, documentation errors, communication errors, unnecessary medical procedures, etc.

Risk management is the process of identifying, evaluating and prioritization of risks to minimize the hazards. Risk management is also part of planning for all levels of business. Risk management included all type of risks. The risk management helps all parties make appropriate decision according to the level of risk. Basically, risk management can be defined as manage the risk.

According to Freeney & Murphy ( 2013) risk management is a process of risk identification, response development, risk evaluation, continuous observing and appraisal in order to reduce the risk of injury to patients, staff and visitors. Risk has been defined as “the chance of something happening that will have an impact on the achievement of organisational stated objectives,” HSE (2008) or “the effect of uncertainty on the objectives” ISO 31000 : 2009.

Risk is a concept that many organizations deal with on an everyday basis. In fact, risk is an integral facet of operating an organization. Risk has negative connotations, but that is a misnomer, because many organizations make use of it for positive gain. One way of looking at risk is that it is what an organization lays on the line so that they can gain something in return. Risk is not inherently bad; it is how an organization manages it that matters. If an organization fails to manage risk properly then that is when problems ensue. In this paper, we will take a look at an example of a company that failed to manage risk properly and explain how it could have been averted. The company that we are going to focus on is British Petroleum (BP) and how their failure to manage risk has resulted in the largest marine oil spill in history. It is through examining and understanding what went wrong that we will be able to find out that risk is always present, it is managing it that matters. In the case of BP, the risks piled up without any safeguards.

Risk management refers to the process of forecasting, estimating and evaluating the possible risks that are likely to befall an organization in the normal process of conducting its activities. It includes the identification of measures, methods, and procedures to mitigate them. Healthcare risk management is the process of estimating and forecasting the potential risks relating to patient safety, staff, adherence to federal regulations, prevention of medical errors and prevention of financial loss of the entire healthcare organization and the steps necessary to mitigate them. Healthcare organizations use service-based ERM.

Definition: A Risk is an unwanted situation which might arise in an organization which might lead to negative impact on the desired result. Risk management plans involves the analyzing, managing and evaluating the projects risk and threats. It involves layout of the entire project i.e from the beginning during and after results of the project.

Risk management’s objective is to guarantee uncertainty does not digress from the attempts from the business goals. All projects, operations and any personal activity inherent some sort of risk no matter how routine mission.

The risk management approach of the company is proactive and focuses on identification and effective management of risk through the assistance of the risk management committee of the board with the purpose of creating long term shareholder value. Risk specific management activities are carried out in core areas including operational risk, strategic risk, and reporting and compliance risk. Besides, the board oversees and approves risk management strategies and policies, internal compliance and internal control (Harvey Norman Holding Limited, 2015).

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

This essay would start by defining risk management capability and how risk maturity model can be used to assess and enhanced an organisation risk management capability. Then it will go on and discuss the importance of enterprise risk management and discuss the role of chief executive risk officer.

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is

Risk Management—Contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.

Risk Management is a relevant task in a management such as marketing, purchasing and finance. If we look at its functional aspect, we can easily observe that is used by every country to direct the realisation of the economic objectives. The Oxford English dictionary defines risk as” possibility of danger, loss, injury or other adverse consequences”