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Risk Management Professor Institution Question 1 Risk is defined as the probability of harmful consequences that result from interactions between human induced or natural hazards including vulnerable conditions. These consequences include casualties, lost livelihoods, damaged properties, damage to the environment and disrupted economic activity…
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Download file to see previous pages Assessing the risk comprehensively includes evaluating the total magnitude and likelihood of the potentiality of losses, and also offers a full understanding, of the roots and impact of these losses (Kevin, n.d.). A comprehensive risk assessment involves the following steps: 1. Setting and understanding the context. It involves articulating the objectives and the parameters of the institution considers when managing risks. This is assesses the current situation, needs gaps and evaluates what already exists, to build on the capacity and avoid duplication of efforts. This is carried out through a systematic inventory and evaluation of the already existing risk assessment studies and the available data (FIRESCOPE, 1994). 2. Hazard identification This involves finding the type, location, intensity, and likelihood of threats and risks prevalent in a given community. 3. Evaluating exposure This identifies the population and the property that is at risk and demarcates disaster prone areas. 4. Analysis of vulnerability This determines the capacity of the elements in a given community at risk to withstand the risk conditions. 5. Impact analysis This outlines the estimation of potential losses of the exposed population, property, livelihood, environment and the economy. 6. Profiling the risk This evaluates the various cost effective risk reduction options available, in terms of the ability of the community in risk reduction and its socio-economic concerns. 7. Formulation and revisions of action strategies and plans. This involves setting priorities, allocation of resources (both human and financial) and initiating relevant programmes. The all hazards approach entails inclusion of all the possible types of risk or threat in risk assessment. It aims to include all the types of risk, irrespective of the source, to give a standardized overview guided by a set of principles and steps. It’s a comprehensive and integrated means of assessing threats and risks. Assessing risks using the all hazards approach in an integrated way significantly reduces the vulnerability of people, property, environment and the economy (Service, 2010). Question 2 Business continuity refers to the ability of an organization to provide support and service to its clients and its ability to keep up its viability before, during and after a business continuity occurrence. It’s a holistic management approach that recognizes the potential impact that would threaten the firm and it offers a framework of building the capacity and resilience for an effective response so as to safeguard its interests. Although it may be more practical for large businesses, it is very important to maintain full functioning throughout a disaster crisis. Business continuity plans also outlines the basic concerns like the leadership command in an event a company leader dies or is really ill. They also address backup plans for drastic scenarios such as patent lawsuits, labour disputes, or bottlenecks distortions. This allows the leaders to review the threats and weaknesses to their organization from a detached point of view. Tight plans guarantee the teams that the leaders are aware of how to turn on a dime when in challenging times. The process can also highlight the weaknesses of an organization can correct way before facing a disaster. For a business to be successful, it has to constantly meet the needs to its customers. Failure to ...Download file to see next pagesRead More
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