Manage Risk

Risk- when your putting your-self, a friend, a family member, or even a stranger in danger.

Managing risks - ensuring that the business will gain benefits, more so that being affected by costs. This can involve developing control procedures that management and staff can follow to ensure practices are being completed appropriately and are going towards the organisation’s goals. Control procedures can include:

Identify the potential risks which affect the company and manage these risks within its risk appetite;

Risk is defined as the probability that a company will become insolvent and will not be able to meet its obligations when they become due for payment. The profitability versus

* There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support

Managing risks means minimizing and, if possible, eliminating any situation that jeopardizes property or a person’s health, safety or emotional well-being. The Risk Management Chairman is responsible for assisting officers and chapter members in following all Risk Management Procedures and policies to minimize risks to an individual or property.

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.

Defined by Coopers textbook, risk is the exposure to the consequences of uncertainty and has two elements: the likelihood of something happening that has an impact on the project objectives, and the positive or negative consequences of something impacting the project objectives (Cooper, Grey, Raymond, & Walker, 2005)

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 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)

Risk management: The company motivates all employees to realize the importance of risk management by participating in all processes according to corporate culture.

In researching for this assignment, I read several articles relating to the subject matter and remarkably, each article addressed the topic in very similar ways. Fundamentally, the articles established a framework for identifying and addressing issues that could rise to the level of risk. Similarly, the reading assignment, lecture, and articles all stated that while risk cannot be avoided it can be subdued or minimized if dealt with correctly and timely. Further, the lecture and articles stated some risk is good for business operations, but organizations are charged with determining whether the risk is worthy of the investment.

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.

The operations on a FPSO encounters many hazards or risk to personnel and the environment. Production facilities on the FPSO increases the risk associated with many marine incident.