The concept of managing risk management essay

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The concept of managing risk management essay

Sample Forms The Concept of Risk Generally everyone has some understanding of the meaning of the word 'risk'. As children we are taught that something is risky, or we are told not to take risks. But what exatly is 'a risk'? In fact we all take risks everyday quite happily.

We do things knowingly that there is a risk involved. For example, we know that there is a risk involved in driving a car, or riding a bike, or going on a skiing holiday. We accept the level of risk because in our minds, although the potential consequences can be death or serious injury, we think that if we are careful, the chances of something dreadful happening is very low.

When we evaluate a risk, therefore, we take into account two factors - the probability of something happening that we don't want, and the consequences if it does.

An airplane flight is a very good example. The consequence of a airplane crash is usually the loss of most, if not all life on board - dreadful. Fortunately, when we fly, the probability of being in an airplane crash is very small 1 in This very low probability makes the risk very acceptable.

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At the other end of the spectrum, there are risks where the probability is very high but the consequences are relatively low. For example, when we go to work there is a very good chance that we will catch influenza from a work colleague at some time in the year.

The probability of this happening might be 1 in 4, but if it does happen we will be just laid up in bed for a week and no serious or long-term damage occurs. This make the risk of getting influenza by going to work quite acceptable.

So whether we choose to accept or decline a risk depends on the mix of two factors: Businesses can also suffer dreadful consequences if risks are not appropriately managed. The most widely understood risks are occupational health and safety risks.

Most people generally associate the word 'risk' with injury, health risks and death, but there are many other types of risk faced by any business.

The concept of managing risk management essay

It is useful to think or risks as falling into two categories: Risk of harm Risk of detriment The risk of "harm" is the type of risk that we mostly think about. The word 'harm' is employed in relation to something living, usually a person or the natural environment.

In a sport and recreation business, the risk of harm would include injury to a player, sport official, or spectator as a result of: Collisions between players or collisions of a player with a solid structures in the sports arena Being struck by a projectile such as a javelin, cricket ball, or hockey puck that emanates from the sporting arena Being crushed by a riotous crowd at a soccer match Lightning strike at golf, Extreme environmental conditions in a yacht race, or balloon race.

The risk of "detriment" does not involve injury to something living.

Concept of Risk Management

It generally means some form of economic loss, which might indeed include a valuation of harm to living things but which also includes damage of a much wider kind.

In a sport and recreation organisation, a 'detriment' could involve: Pressure is brought to bear on sporting organisations to engage in and take seriously risk management. The pressure comes in the form of: Legislation in workplace health and safety, and other legal principles such as the 'duty of care' An exclusion from government funding for organisations that are unable to demonstrate that they have a risk management plan.

Sport and recreation is a risky business, and it is therefore mandatory for sport managers to have a good understanding of the concept of risk and to engage in risk management.

Recommended reading on this site - Prioritising risks Learners wishing to obtain further information about Risk Management basics are highly recommended to visit the following web sites: On the home page click on search.

This is an excellent resource. On the home page click on "Risk Management Guielines".2. Forward the risk. If a risk shows, the customer has to agree to pay for extra work.

If implemented, a risk management company should bring more employees to the project. 3.

Accept the presence of risk. This does not mean that it should be ignored, and the company can just wait passively for .

The risk management plan which is obtained as a result of the first step (Risk management planning) can be used here to identify risk. After identifying all the risk, a risk breakdown structure (RBS) can be made, which shows the risk groups, risk categories and risk events at the lowest level.

The concept of risk management encompasses a much broader scope of activities and responsibilities than insurance management.

Risk Management Essay - Words

Risk management is now a widely accepted description of a discipline within most large organizations. The Concept of Risk, Its Management, and the Benefits to an IT Project it is my custom to leave nothing to chance.

– Napoleon I, in a conversation with Marshall Muart, March 14, The concept of managing the development or deployment of an Information Technology (IT) sys- Risk management can be defined as the practice of assessing. Risk management is the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of .

Risk Management Plan brings into perspective the significant role that security plays in the livelihoods of people across the globe.

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It particularly assesses Risk Management Essay. By Lauren Bradshaw.

The concept of managing risk management essay

July 29, the articles also states the roles that the nation has played in reversing the whole concept. The declining European.

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