Risk Management Is Essential For Every Organization

exposure. All municipal activities should be evaluated and facilities inspected. Court decisions and legislation that affect municipalities must be reviewed. Insurance and risk management publications should be studied for the latest information on loss avoidance. Attending courses on risk management may prove beneficial.The importance of the human element cannot be overemphasized when identifying risks. Asking employees and supervisors for their input because they are in the best position to identify risks. It is important to communicate with people in other municipalities who are involved in risk management that might have faced and solved a similar problem in the past.Obviously, a great amount of guesswork is involved in risk identification, and some potential losses may be overlooked. However, by making a conscientious effort, the most common losses can be reduced or perhaps totally avoided (Marcus, 1986).

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,

A holistic view of risks is crucial for business profitability and this can be achieved through a process of frequent evaluation, training, monitoring and feedback sessions with key stakeholders (Chugh, 2016). This approach provides a framework for understanding the patterns and trends of potential risks and how they relate to the industry. A successful business should have efficient procedures, which include management and financial reporting systems. There many examples of organizations which have successfully managed their risks and turned the opportunities into concrete returns for the shareholders.

Risk management is beneficial for the Department of Homeland Defense (DHS). Not only for the DHS, but for just about any situation needing a further analysis. How can an individual understand risks if homework is not accomplished beforehand? Risk can be associated with just about any situation. The focus will be to better understand the benefits of a risk management program as applied to homeland security operations. Also, the perception, influence, and balancing of risk elements, and how it can be applied in determining the level of risk.

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.

Risk management compiles data of all the factors in the scenario or event that could likely or rather possibly come about from any negative situation. The risk management formula and method of approaching situations more often than not attempts to look beyond the current situation and determine possible outcomes based on experience rational thinking considering all factors. Risk management is more than just an equation however, it is a way of thinking, operating and making good use of ones abilities and resources. It is a much needed skill and practice that should be used continuously as threats to homeland security and defense are always changing and or growing bolder. Along with continuous application, one aspect of risk management is that as threats continuously change it is a constant and always applicable formula that can be used despite the situation. Risk management will always be applicable useful no matter the situation if one is capable of applying it

For any company, risk management is an important strategy to have in place. There are a number of factors that need to be reviewed in order to decrease the risk of failure. A presence of a Risk management program would not only set the framework into place to save time, money, and rework but also increases the chance of success for that particular company.

Risk management refers to the process of forecasting, estimating and evaluating the possible risks that are likely to befall an organization in the normal process of conducting its activities. It includes the identification of measures, methods, and procedures to mitigate them. Healthcare risk management is the process of estimating and forecasting the potential risks relating to patient safety, staff, adherence to federal regulations, prevention of medical errors and prevention of financial loss of the entire healthcare organization and the steps necessary to mitigate them. Healthcare organizations use service-based ERM.

The concept of risk management is a broad term that is designed as a way to quantitatively assess risks within an organization, and set priority and likelihood of those risks.. 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

Today 's business world is continually changing—it 's flighty, unstable, and appears to become more complex each day. By it’s extremely nature, it is full of risk. Generally, organizations have seen risk as a necessary evil that should be minimized at whenever possible. Lately, expanded regulatory requirements have constrained organizations to expend significant assets to address risk, and shareholders in turn have started to investigate whether organizations had the right controls set up. The expanded interest for straightforwardness around risk has not generally been met or met in an opportune way, be that as it may—as prove by the financial market emergency, where the low quality of basic resources significantly affected the

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)

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

The project manager working with the project team and project client will ensure risks are actively identified, analyzed and managed throughout the life of the project. Risks will be identified as early as possible to minimize their impact. This can be done using several ways like