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Risks Of Risk Management Discipline Essay

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Risk is the chance that the actual return from an investment may differ from what is expected. (Hickman, K. A., Byrd, J. W., & McPherson, M. 2013) Risk management discipline has evolved and expanded over the years and has shifted the focus from financial risks to a broader perspective with strategic risks. (Bugalia, J., & Kallman, J. 2012) Risk management involves; organizing, planning, controlling, leading and allocating resources and make decision for the organization for a success path. To achieve this component in running of a business, measures have been devised to identify and analyzed the uncertainties associated. This paper discusses the techniques devised by Dr. James Kallman, in comparison to those of other risk management experts.
Risk managers have new and different responsibilities that need a new set of skills to help carry out these new responsibilities. (Bugalia, J., & Kallman, J. 2012) They are expected to come to a decision for an organization with successive analysis. The process of risk management technique helps provide a guide to the realistic actions to take when setting an organizational goal and standard operating procedures with evaluation of the organization’s resources, internal and external environment. Problems can be defined by a combination of political, economic, social, technological, legal and environmental factors with fuzziness, incompleteness and randomness. (Forbes, D. R., Smith, S. D., & Horner, R. W. 2010) Some techniques that Dr.
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