Regulatory Risks And Regulatory Risk Management

The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.

Risk management is the process of prioritizing various risks to determine a the best course of action to take given set resources, importance, or abilities. Risk is determined by a simple mathematical function.

In today’s business environment it is important for all organizations to develop and maintain a plan to avoid regulatory risks. Management should be able to manage any risks through preventive, detective, and corrective measures. As a manager it is important to prevent extensive loss, environmental and commercial, preserve the companies’ public image and abide by pertinent environmental statues. Ensuring the company follows an extensive plan will help to eliminate any risks, by outlining steps that should be taken to resolve these

Risk management is designed to mitigate safety concerns, assure quality and protect patients’ rights. Risk management is both proactive-eliminating risks before they can occur, and reactive-after a risk has occurred, taking steps so if will not occur again. Every

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

Consequently, any activity that is likely harmful to others and requires certain proclaimed capability for its safe effectiveness, it is in theory beneficial that we monitor, regardless if it were to trouble a single person. For example, refusing someone a driver's license in our society would inconvenience that person terribly by prohibiting them from working, shopping, or visiting in places only obtainable by car.

It would appear that the SRA Codes are based on the approach of risk-based regulation. It is critical therefore to comprehend what risk implies in this specific circumstance. Despite its common usage, risk-based regulation is utilized in numerous disciplines for a variation of meanings. In this context, risk – based regulation is figuring out if a certain action should be controlled or to what degree safeguard measures firms should adhere to. Furthermore, the risk based approach taken by the SRA has two steps which are impact and probability of 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.

The concern areas for risk assessment include administration, marketing, crowd management, health, safety, security, and transport (Bennett 2012). Nevertheless, its influences can arise from internal and external environment while the precise outcomes are hard to estimate and control, organisation then need to construct a strategic risk management plan for specific departments or projects to eliminate and minimise the possibility. It will reassure company’s stakeholders that the safety is the priority objective as well in case of law suit occurs, the organisation has already established appropriate legal responsibility measures and duty of care.

Liability: First of all, regarding risk management, the organising team of the event can be held liable for its actions or omissions. According to Silvers, liability means „the legal responsibility for one’s actions or omissions” (Silvers, p.56, 2013). An important question regarding legal aspects is „who owns the event”? The legal owner of an event can range from the organising committee, sponsors and the coordinator. Therefore, „whoever assumes ownership for the event entails legal responsability and therefore liability”(Bowdin, p.330, 2006) In order to avoid being taken liable for the participants actions, such as an injury, every reasonable precaution must be considered and taken care of. This should be done through a risk assessment, therefore considering and trying to avoid any possible negative risk that can occur. This legal responsibility for actions and omissions is called duty of care, and is covered by an area of law known as torts(Bowdin, p.339, 2006). The duty of care states in the Health and Safety Executive from 2003 that „An employer does not have to take measures to avoid or reduce the risk if they are technically impossible or if the time, trouble or cost of the measures would be grossly disproportionate to the risk”. Therefore, the employer would be the person legally responsible for the event, and he should consider and take appropriate actions to avoid a risk if it’s reasonably practicable.

* Operational Risk: It includes all the major and minor processes taking place in the company. It included: trained Human Resources, strong IT Infrastructure, management and repair of equipments. The risk involved has low

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, compliance and governance activities are by nature interconnected and rely on common sets of information, processes, technology and methodology. The traditional approach to governance, risk and compliance relies on working in silos and using separate point solutions to address each assurance group’s requirements. This creates a fragmented approach

Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is

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