Risk Management And Insurance Management

Risk management is an important element in managing information systems. Applying risk management principals to business procedures is essential because it helps organizations design and maintain a safe systems environment to ensure the confidentiality, integrity, and availability of company data. Kudler Fine Foods has expressed an interest in developing an Enterprise Resource Planning (ERP) system. The primary objective is to improve business administration by integrating stores and business systems. Kudler Fine Foods has three stores in California and integrating business

This paper is intended as a risk management primer for senior managers. It discusses the

Background- In its most basic sense, risk management identifies, allows assessment, and prioritizes risks that are associated and central to an individual project or organization. Risk management allows the organization to be proactive in preventing or mitigating risks, for improving certain processes within the organization, and with the hope of preventing fiscal exposure. However, in almost every organization there are risks individuals are unique and do not always perform at a high level of safety; mechanical or design failures exist, construction projects have supply or labor issues, there are uncertainties in computer or data modification, of course natural disasters, and even deliberate attacks from competitors, etc. Because this is such a common occurrence, national and even international standards have been developed in conjunction with the insurance and regulatory institutions to at least provide basic guidelines to minimize risks risk (International Organization for Standardization, 2009).

Scenario: You are leading during the second day of the Self Reliant Camp in the Coffin Bay National Park. While exploring in the Pt. Whidbey Wilderness Area during lunchtime, one of the group was bitten by a snake just above the right ankle. They are complaining of pain and nausea, there are two puncture marks on the right foot.

Risk management and quality improvement initiatives have been instituted into the health care system and numerous other industries for the past several decades. This paper will discuss the improvement, implantation and usage of risk management and quality improvement initiatives of computer technologies and information security which have been utilized in non-health care industries within the last ten years. The paper will also look at rationale for the application, outcome of the application and two recommendations for follow-up with the application.

Colorado State University-Global (CSU-Global), located in Greenwood Village, offers students 100% online courses to complete a Bachelor’s and/or Master’s degree. Hazard or pure risks exist for this scholarly institution. Traditional risk management allows CSU-Global to assess and treat these risks. Generally, this is accomplished through insurance, specifically property-casualty, which transfers the risk of loss from the policyholder to the insurer. For this university, five loss exposures will be identified and studied using the six-step traditional risk management process.

A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. This Risk Management Plan defines how risks associated with the Charming Café project will be identified, analyzed, and managed. It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project. It details how risk are prioritized. The Risk Management Plan is created by the project manager in the planning phase and is monitored and updated throughout the project.

The scope of this paper will be evauluating the information and detailing the tasks that must be carried out within the following scenario, "Suppose you were recently hired for a new initiative as a business continuity lead / manager at a medium-sized healthcare company. You have been asked to prepare a presentation to the Board of Directors on your main duties for the company and how your position could help protect the business in case of a large-scale incident or disaster. You have been alerted that since this is a new initiative and could come with a potentially large price tag, there is skepticism from some of the Board members."

* Long Term Care facilities have to have an official operational plan in place to handle emergencies and disasters before they actually occur. Industrial risks include computer failures and data that has been lost, contaminated spills, electrical fires and explosions. Industrial problems often result from human error. For example, if someone presses the wrong switch or simply forget the right one to press, and the lights go out not only in your establishment, but in the surrounding communities as well. Or if someone stumble over a electrical cord and disables the whole system and all access to the electronic files are lost, and there is a possible but strong chance that they will not be recovered.

The insured has over twenty (20) years experience in this field and have been operational on the premises for approximately seventeen (17) years with no known losses or claims. The building measures approximately 12,000 square feet. Business hours are 8:00 AM-8:00 PM Monday- Saturday and from 10:00AM-4:00PM on Sunday. The risk is an automobile dealership. They are an authorized VW- new car dealership. They will sell new and certified used vehicles. They do operate a service and parts department. The risk does not have a body shop. The risk does not engage in any towing operations. However risk does have an official roadside assistance service provide by the dealer ship.

Risk management provides organisations with common tools to deal with uncertainty. (Hillson, 2006) Risk management aims to build a communication between internal parts of organisation. This language of communication is given name by many risk management authors as “risk language”. Failure of communication between internal departments results in failure of success, as well as rises the risks the organisation may face in future due to lack of communication. The one of the most important principles in risk management is being the integral part of whole organisation. The organisations failing to integrate its risk management to entire organisation, fails to establish an effective risk management policy. The risk management implemented separate from organisation tends to be ineffective, as a result of less engagement into the processes within organisation, poor communication with other departments (Beaumier, 2012). Risk management should involve all staff and everything within organisation. Human

The goal of risk management is to identify and eliminate or evade potential vulnerabilities and threats that are not wanted because it creates losses. The fundamentals concepts and principals of Risk Management apply at home, at work, in the community, and at critical infrastructure locations in because there are risks that can cause losses at these places which should be identified and escaped. For instance, at home there are many vulnerabilities which should be found and ways to evade them determined, houses are vulnerable to theft and accidents like gas leaks which can cause a fire (Pfohl et al. 2010). At work is also applies because there are risks that cause losses that cannot be seen but felt, at work risk management will help mitigate risks like injuries, business losses like employee turnover losses, job losses, and losses caused by employees. The community needs risk management concepts and principals to help them make the better decision to mitigate risks like political risks. Government instability can create losses to a community when there is no sufficient public resources and insecurity. It also applies at critical infrastructure locations because accidents like a plane crash or natural calamities like flooding or earthquake can create great losses including loss of lives. These risks cause great losses, and they should be mitigated by making good risk management decisions.

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

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.

The complexity of modern organization requires a way to pre-plan and assess situations that may be detrimental to the organization. Risk management is one way to identify issues that may occur to disrupt business; to assess in detail the quality and quantity of those risks, and to prioritize how managing those risks can contribute to the organization's overall success. The purpose of risk management is to be proactive in improving places or processes within an organization that may have risks that can be mitigated or controlled and to do something to minimize those risks and the financial exposure to them. In almost any organization, there are potentials for risk within a construction project there may be supply or labor issues; within a small business stock, weather or employee issues; or in other organizations uncertainty in markets, legal issues, credit risks, accidents, natural causes or disasters, deliberate competitive attacks, and a host of other unpredictable cases. So rife are risks for organizations, that standard and have been developed by national and international bodies, insurance agencies, and regulatory agencies to help organizations identify and minimize risk (International Organization for Standardization, 2009).