Risk 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

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,

The reason the investigation was conducted was to gauge what was both good and bad about the new café opening, what needs to be changed in order to increase efficiency at work and any legislative laws involved.

Risk refers to a likelihood, probability, a chance that a loss may occur in a given organization. Most of the times, there is a high risk when there is vulnerability. In this case, vulnerability refers to a weakness that the organization has. Risk assessment refers to the process of identification of potential hazards and proper analysis of the expected losses if those hazards occur (Homeland Security, n.d.). Risk assessment as a way of profiling risk according to impact to the organization. Some organizations have business impact analysis exercises geared towards determination of potential hazards based risk assessment approaches. Organizations’ risk differ depending on the size and the type of business they are doing. The disparity in organizations’ risk call for different adaptation of risk assessment approaches. Even with the disparities of the businesses, proper risk management not only ranks the risks according to the seriousness but also identifies the best methods to control risks in an organization.

Risk Management issues are often handled at the facility where the problem(s) exist. One of the duties of Risk Manager’s is to communication and collaboration between departments within an organization in question. In addition, to sinking risks, and cutting costs in order to promote process efficiency .By analyzing incident reports is one way to correct current problems, and future problem areas. Risk managers are also responsible for certain criteria that must be met in order for full participation in certain government and state reimbursement programs ("World Health Organization," “n.d.”). Risk Management is a structured approach to managing improbability, related to a risk, through a structure of human interaction.

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).

Assessment activity 6: Document critical success factors, goals or objectives for area included in scope

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.

In any occupational field, risk management refers to liability, proactively and reactively. Risk management, when it comes to health care, honors the safety of patients, quality assurance and patients’ rights. The potential for risk infuses all aspects of health care, which includes medical errors, the keeping of electronic records, and provider facilities along with facility management.

Proper survey and the complete scenario is taken into consideration about risks in the organization which enables the proper risk assessment. Potential of each threat or risk is evaluated and graded in order to reduce the impact of the risks or reduced the probability of its occurrence.

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)

Similarly, risk management is widely referred in the literature regarding economics, engineering and safety. Channing & Ridley (2008) claim that the element of risk is present in every business activity, and the foreseen, elimination and reduction of risk implications indicate a successful manager. In his work about risk management in the life insurance market, Koller (2011) sets risks as the dominating factor that drives the business governance and roles, the capital and risk appetite, the limits, the measurements and the exposure; all the aforementioned components define the organizational processes. As with QMS, several authors in their studies about safety (e.g. Stranks 2006a, 2006b and 2008, Ferret & Hughes 2007 and 2011, and Waring 1996) have introduced risk management models to be incorporated in the wide organizational structure.

Hazards risk management, also known as hazard mitigation, is the process of reducing or eliminating future or long-term risks to the lives and/or property (Haddow, Bullock, & Coppola, 2011). The many hazards we face can either be natural in origin or manmade. Natural hazards include earthquakes, floods, hurricanes, and tsunamis, among others. Manmade hazards include everything from driving to nuclear meltdowns, but most of the hazards we face are associated with our work environment. Many organizations have developed processes, standards, rules, laws, or codes designed to reduce or eliminate the risk associated with hazards. No single process, etc. can identify every hazard we face; therefore, we must use many different methodologies for identifying and analyzing hazards in order to reduce, engineer out, or eliminate our risk.

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.