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Risk Management Overview - Essay Example

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Summary
As business practices change rapidly and businesses face various types of risks and uncertainties, Risk Management has become an integral part of the best management and imperative to achieving business success. A well-established risk management facilitates better business and…
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Risk Management Overview
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Risk Management Overview

Download file to see previous pages... Risk Management is a systematic process of managing risk exposures. Risk and uncertainties affect business and investment in a number of ways. There are two possible outcomes for the risks- may be gains or loss (Merna and Al-Thani, 2008, p. 4). Fig-1 gives background information about these two possible outcomes of risks. Risk management considers not only the threats but also the opportunities that are possible gains out of risks. Risk can be taken positively or negatively. Perceiving it in positive way will be an approach to manage it and if that it is done effectively, risk can be utilized. If it is ignored and no management activities are performed, it will bring loss instead of gains.
An organization can be said to have good organization wide risk management system if its risk management activities are starting from the very starting point of the projects, if risk management is integrated with other managerial function and finally if all stakeholders are actively involved in the risk management processes (Cooper, Grey, and Raymond, 2005, p. 15).
According to Culp (2001), risk management is an organizational process that is separated in to five general activities that are 1) identifying the risks and determine the tolerance, 2) measure risks, 3) monitor and report risks, 4) control risks, and 5) oversee, audit, tune and re-align the risk management process (p. 210). This is depicted in the figure- 2.
Risk management process comprises of set of actions taken by individuals or firms as an endeavor to alter the risks arising from their business. Each stages like identification an control are ultimately a forward-looking process as the main target is to manage risks and thus to achieve overall business success. Risk management and its functional areas may deal with both insurable and non-insurable risks like risk due to bad management or risk due to fashion change etc.
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