Risk Management Concept - Essay Example

? ID Lecturer Risk Management Risk management is defined as the identification, analysis and giving priority to risks which are followed by coordinated resources, all of which are aimed at minimizing, monitoring, controlling and limiting the probability of risks and impacting events. This is so done to maximize the opportunities that lie within the related folds. These risks can arise from the uncertainty that exists within the project failures, credit risk, financial markets, natural causes, disasters and accidents. There are different methods, definitions as well as goals when one discusses the tangents of risk management methodology within the domains of project management, industrial processes, public health and safety, actuarial assessments, security, engineering and financial portfolios. It is essential to define what a risk is, too. A risk is any form of activity or behavior that shall create a sense of either wellness or the absolute lack of it (implication in the form of negativity) for the subject at hand. In this case, the subject is the management domain within a particular organization which is ready to assess the risk that shall be encountered within its folds, and which will mean success or the lack thereof within the related communicative settings. Risk management within the aegis of justice and security organizations is all the more important because there is minimal chance of having any error within the related folds. By this, one emphasizes the need for understanding how risk management should be taken up as a practice in its own right and what more could be done to bring about a sense of ease and comfort within the security organizations and justice realms (Davidsson, 2010). Risk management strategies take care of transferring the risk towards another party or even avoiding the risk once and for all. This is so important because it clearly justifies the role of risk being a deterrent towards culmination of a number of tasks, behaviors and activities. Therefore risk management shapes up quite a few beliefs if seen from the justice and security organizations’ point of view. Risk management is a source of providing ease when the justice regimes require the proper implementation of codes and procedures within the judicial angles (Palmieri, 2011). If the judicial angles are not being given the significance that these richly deserve, then this means that the risk management aspects have not been properly utilized or even not thought about of being used in the first place. Risk management within the aegis of security and justice is of paramount importance. This is because risk management finds out the exact basis through which the decisions will be taken into proper perspectives Pelzer, 2009). It would make the lives easier of the people who are related with such fields and give them an avenue to explore their own basis, discern where they are going wrong and find out how success will be attained at the end of the day as far as justice and security organizations are concerned. The risk management domains gain an even more significant role in this day and age because the amount of risk involved within a transaction is directly proportional to how much the justice and security organizations can achieve and acquire at the end of the day (Massingham, 2010). The risk management avenues have been able to muster up confidence within the economic and financial angles of the world’s most sought after organizations and the reason for the same lies on the shoulders of the people who have made it a possibility. What is even more interesting is the fact that risk management has been able to make its point get heard and discerned properly within the context of the justice and security organizations ever so dominantly now than ever before. In terms of understanding how management works, risk management will only solve the issues that plague it in more ways than one. This would mean that the risk management suggestions will bring in the value that is required to be have by the management domains so that they could execute their work tasks in a proper way and there is facilitation by the people who are on board and who are willing to lend a silent hearing to what the risk managers have to say. These risk managers know exactly what the management hierarchies would require and how this will be achieved within the best possible settings, accompanied by risk management initiatives and incorporations (Tchankova, 2002). The risk management hierarchies are given the boost by the middle tier within the organizational folds because these are the people who make the decision whether or not risk management shall be incorporated and embedded in the purest form or it would be kept away from the realms of the organization once and for all. However, on the part of the justice and security organizations, the importance becomes stronger because results need to be produced over a period of time, and it is within this time frame that success for the sake of justice and security organizations is attained and achieved in essence. What is even more significant is the fact that risk management needs to be taken up as an important subject within the domains of the organizations in this day and age. If it is not given the emphasis that it requires, there would be problems for achieving results in the long run. In essence, risk management would only bring the hidden pointers into proper discussion because this is important to know in order to move ahead with the passage of time. Any organization would direly require a strategy that is for the long run and focus least on the things that can pose as a serious threat in the times to come. Essentially, risk management does just that and finds out the relevant aspects which can be termed as areas where pitfalls can come up from, and where strengths could be utilized upon in entirety, within the related scheme of things. In the end, it would be fair to state that risk management has to start from somewhere to reap rich dividends for the sake of the business in the long run. References Davidsson, M., 2010. Risk management in a pure unit root. The Journal of Risk Finance, 11(2) Massingham, P., 2010. Knowledge risk management: a framework. Journal of Knowledge Management, 14(3) Palmieri, P., 2011. Technological Iatrogenesis: The Manifestation of Inadequate Organizational Planning and the Integration of Health Information Technology. Advances in Health Care Management, 10 Pelzer, P., 2009. The displaced world of risk: risk management as alienated risk (perception?). Society and Business Review, 4(1) Tchankova, L., 2002. Risk identification – basic stage in risk management. Environmental Management and Health, 13(3) Read More