The Fair Risk Management Methodology

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.

As a level 3 practitioner it is important to take a balanced approach to risk management so that children are able to learn and develop. Practitioners need to be aware of the risks, however “if the activity is well planned and organised, with thought given to possible risks, the likelihood of an accident or injury should be minimal” (Tassoni et al, 2010, p144). Practitioners working with children have a duty of care towards the children and must make sure that they are safe at all times. They should plan the play environment and activity which is safe for the child, but there also needs to be a balance between the risks a child is able take. Children should be allowed to take risk they think they are able to achieve with adult support but not too much intervention, If they are not allowed to take risk they will not be able to develop the skills required to deal with risks and make judgement about their own strengths and skills which may affect their development, self-esteem and confidence. Avoiding risks and challenges may result in a very timid adult lacking in every day skills and abilities. Children can take risks in all different areas by following the seven areas of development which was introduced by the foundation phase, these areas are as follow:-

The world can be a dangerous place so practitioner are able teach the children way of making their way around the world without causing to much danger to the children; however there is no such things as a risk-free environment so just telling them about the dangers is not good enough. They must be given the chance to experience the dangerous first hand, yet there must be a balance between protecting young people and children from harm while allowing them to develop through independence and risk awareness

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,

Risk analysis is an integral part of data safety within an organization and the analysis is vital to the mission and success of an organization. Risk analysis is used “to identify threats and then provide recommendations to address these threats” (Taylor et al, 2006). Risk analysis encompasses not only the equipment and programs used in an organization but also covers the culture, managerial, and administrative processes to assure data security. A key factor in risk analysis is to have a good Information Resource Management Plan.

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).

There are two main types of risk management assessments. They are qualitative and quantitative methodologies. With the qualitative methodology, a relative values are used to determine the probability and impact of a risk (Gibson, 2011). This type of information can be collected quickly. A quantitative risk assessment is used to estimate how much money would be lost should a vulnerability be exploited (Vanderberg, n.d.). With the quantitative methodology, actual dollar values are used. It can take a time to gather this type of data. Once the data is gathered, however, a math formula is used to determine the priority of risks and in turn show the results of controls (Gibson, 2011).

Receiving effective information to allow the right information to assist with analyzing the risks involved. The effective information can be broken down in a work breakdown structure and tracked through a checklist. The tools and techniques that will assist in the accurate tracking and monitoring include an activity information checklist, interview methods that involve personnel with their direct work responsibilities. Additional techniques include studies conducted throughout the organization on processes and producers to include lessons learned from past projects. In analyzing risk there are two methods such as qualitative and quantitative risk analysis to assist in making the analysis process straightforward.

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)

Good security management requires risk management to mitigate or reduce risk to an acceptable level within an organization. Security management’s objective is to protect the company and its assets. A proper risk analysis will identify the company’s major assets, threats that put those assets at risk, and estimate the possible damage and loss a company may endure if any of the threats were to become real. With a good risk analysis, management can determine the type of budget they want to set to mitigate threats. Risk analysis justifies the cost of the countermeasures against the threats and determines the benefit or worth of security

The business environment is constantly changing; it is unpredictable, extremely volatile and complex. This makes businesses exposed to risk because of the nature of the environment. It is therefore important for businesses to make strategic decisions on how to either reduce or make the effect of the risk less severe as much as possible. Businesses have to identify and manage their risks to ensure their success and continuation. According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Uncertainties present both risks and opportunities, with potential to erode or enhance value.i Risk management is an increasingly important business driver and stakeholders have become much more concerned about risk. The 2008–2009 global financial crisis and the rapidly deteriorating global economy has created a context in which companies now face risks that are more complex, more interconnected, and potentially more devastating than ever before. Failure to adequately acknowledge and effectively manage risks associated with decisions being made throughout the organization can and often do lead to potentially catastrophic results.ii Risk may be a driver of strategic decisions, it may be a cause of uncertainty in the organization or it may simply be embedded in the activities of the organization. A good Risk Management program means that the company is able, first of all to identify, then to measure risks, to project, to

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.