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Risk management - Assignment Example

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Risk Management Question 1 Risk management principles In order for the organization to realize its risk management policies, several principles approved by the Council of Standards formulate the basic interpretation of the entire concept of risk management…
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Risk management
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Download file to see previous pages Integrating risk assessment in every process at the organization improves the quality of decisions made in avoiding losses and eliminating uncertainties. The approach taken in risk management proposes that organizational processes and decisions adopt a thorough implementation of projected objectives. It therefore implies that risk management principles facilitate the integration of every level of coordination of organizational operations and functionalities. Inclusiveness of every organizational need in the success definition elevates the management of the organization to a vintage point enabling tackling of all challenges. Reliance on the latest form of information and of the best available quality enables the risk management concept an important organization development strategy since it enables anticipation and understanding. Accountability to the human society and every vital stakeholder in the projects under the organization ensures that the organization development is in tandem with the aspirations of the stakeholders and to whom accountability is expected. In a precise description, risk management enables the organization to handle all tasks in a responsible manner, cognizance of internal and external demands on the industry. The main principles as set out in Risk Management Standard AS/NZS ISO 31000 are briefly highlighted below. It is in order to state that risk management creates and protects value. Without risk management, the organization would encounter losses through various avenues including legal, security, and human health. When the organization applies risk management, it takes adequate measures to ensure that its objectives are achieved and losses minimized. Risk management is an important part of the organization’s activities and should be considered by all stakeholders in view of all processes. Without taking risk into account, decision makers would make choices without regard to important priorities. In view of risk management, managers and other decision makers cautiously undertake various activities and analyse various options before making choices. Uncertainty is one factor that risk management seeks to explicitly address. This is so considering that many threats and risks that a business encounters come unexpectedly and may bring massive losses to the organization. When risk management is done, the losses that may come with risks are minimized. The effectiveness of risk management depends on how it is done. When properly structured, and systematically and timely done, the results of the process are better compared to when otherwise done. Also, effective risk management involves the analysis of threats and risks based on available data and using the information available to predict possible outcomes of situations and their probabilities. However, in some cases, data is limited and decision makers have to stretch their minds in their risk management efforts. Risk management is not a standard procedure but depends much on the internal and external environments of an organization. This means that the risk management activities of one organization may not effectively apply for another business. In addition, cultural and human factors must be taken into account if effective risk management has to be done. This is so considering that people working for the organization or those external to the organization can affect the business’ ...Download file to see next pagesRead More
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