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Corporate risk management - Essay Example

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The specific issue discussed regards fire and the course to take in the event of a fire break out. Also, discussed are all of the elements in the risk management cycle associated with that mistake. Some management…
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Corporate risk management
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Download file to see previous pages In the year 2008 alone, the United States fire department indicated having responded to 1,451,500 fires in the country that resulted to 3,320 fatalities and over US $ 5,478,000,000 worth of property loss (Fodor Travel Inc 2008). The most recent fire outbreak was the California fires which resulted to losses of about US $ 1.5 million. Following this consideration, fires pose a risk to corporations and thus fire protection is quite critical in the modern era of highly dynamic consumerism patterns (Huang 2009). The only way to guarantee sustainable growth and development in a country is based on the holistic capacity to address all the incumbent risks factors. It is from this consideration that fire protection becomes very critical in modern risk management as a way of reducing its extended affects. Managing a risk is a cycle not necessarily geared towards eliminating the risk but ensuring that the losses that could be incurred in the event of a disaster are limited. The risk management cycle has been broadly broken down into four classes namely; evaluation of the risk, management of the risk, measurement of the risk and assessment of the risk. These stages determine how best to plan for a risk before it happens and the best course of action a corporation should take incase a disaster struck.
Risk management is the process of identifying, assessing and prioritizing risks which is then backed up by a systematic and calculated application of available resources to limit, monitor closely, control and establish how the identified risks can be effectively handled. The plan devised with the available resources should be geared towards minimizing the probability of negative effects that could come with the occurrence of a risk. For this paper, the identified risk is fire since it poses a huge risk to both property and people.
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