Risk Appraisal Technique And The Nine Essential Strides

The last step in a risk management plan is to evaluate the risks. This is a learning step and works to provide experiences gained form working with risks. This evaluation should consider all aspects of the plan and identify best practices. The evaluation should answer the questions pertaining to how the project team did, what could be done better, what lessons were learned, and how can best practices be incorporated into the risk management process. This risk evaluation helps to influence how the organization will plan, prepare and commit to future risk management plans.

Risk assessment is used to determine the extent of handling threats and the risks associated with an IT system throughout its life cycle.

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.

7.2 Describe how to carry out a risk assessment and risk management in line with policies and procedures

1.3- Explain what risk assessment is and how this is managed in the work setting.

Health and Safety Executive (n.d.2) explain five steps of risk assessment that are ‘identify the hazards, decide who might be harmed and how, evaluate the risks and decide on precautions, record your significant findings, and review your assessment and update if necessary’.

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

date, and that a new risk management plan must be developed. Because of the importance of risk

The risk assessments process began with evaluating the strength and weaknesses of each control areas and selecting five areas with the highest risk level, which

Risk management framework is decided based on the organization rules and requirements and also the project. Risk management is primary requirement to fulfill the needs of the project and reduce the vulnerabilities in various aspects

At any instances of undertaking the operation of reducing the risk. The processes should be assessed further to make sure that they are effective, efficient and reliable .To accomplish that the supervision and assessment team should consider several characteristics and events at which the risks

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)

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

Concept of risk, risk assessment, risk management and how uncertainty affects the process will be discussed.

The study aims at learning the techniques involved to manage the various types of risks, various methodologies undertaken. The application of the techniques involves us to gain an insight into the following aspects: