Regulating Political Risk Generic Condition - Research Paper Example

Allocation of resources is also fundamental in risk management procedures especially in cases where a risk has a greater impact but occurs less frequently. Risk management contributes a high percentage of an organization’s profitability through effective and efficient risk mitigation plans that reduce the impact of losses on the organization or prevent the occurrence of the loss. It should be a continuous process since risks arise every time in different operations. The risk management plan should observe aspects of time and outline strategies and techniques through which risks are acknowledged and confronted.

It also involves the prediction of what is likely to happen in the future and how the organization will handle it. Risk management applies in buildings, business operations, and organizational functions. UK building regulations provide legislative procedures and regulations that govern the safety of buildings (Carpenter, 2012). Construction of various buildings requires the appropriate risk assessment techniques to be carried out on the building. This paper shall carry out a risk assessment on Reynolds gym at Charing Cross Campus in London.

This is meant to demonstrate how the management of the buildings can help protect the building. The investigated techniques include a checklist, PESTEL, risk ranking, PHA, fault tree, common cause analysis, reliability bock diagram, event tree, cost-benefit analysis, utility function, and business continuity plan. Risk assessment can be carried out using a ticklist, also referred to as a checklist. These are provided as a list of elements listed by the organization as a monitoring criterion for risks affecting various components within the organization.

Some of the elements included in a checklist include manual handling, organization slips, and material usage within the organization. The main purpose of a checklist is to ensure that safety measures are observed during operations.