Essay about Managing Risk

Submitted By barshakalu
Words: 1740
Pages: 7
Open Document
QUES NO 1
Common risk categories are: * Financial – includes cash flow, budgetary requirements, tax obligations, creditor and debtor management, remuneration and other general account management concerns. * Equipment – extends to equipment used to conduct the business and includes everyday use, maintenance, depreciation, theft, safety and upgrades. * Organisational – relates to the internal requirements of a business, extending to the cultural, structural and human resources of the business. * Security – includes the business premises, assets and people. Also extends to security of company information, intellectual property, and technology. * Legal & regulatory compliance – includes legislation, regulations, standards, codes of practice and contractual requirements. Also extends to compliance with additional ‘rules’ such as policies, procedures or expectations, which may be set by contracts, customers or the social environment. * Reputation – entails the threat to the reputation of the business due to the conduct of the entity as a whole, the viability of products/services, or the conduct of employees or others associated with the business. * Operational – covers the planning, daily operational activities, resources (including people) and support required within the a business that results in the successful development and delivery of products/services. * Contractual – meeting obligations required in a contract including delivery, product/service quality, guarantees/warranties, insurance and other statuatory requirements, non-performance. * Service delivery – relates to the delivery of services, including the quality of service provided, or the manner in which a product is delivered. Includes customer interaction and after-sales service. * Commercial – includes risks associated with market placement, business growth, product development, diversification and commercial success. Also to the commercial viability of products/services, extending through establishment, retention, growth of a customer base and return. * Project – includes the management of equipment, finances, resources, technology, timeframes and people involved in the management of projects. Extends to internal operational projects, business development and external projects such as those undertaken for clients. * Safety – including everyone associated with the business: individual, workplace and public safety. Also applies to the safety of products/services delivered by the business. * Workplace safety - Every business has a duty of care underpinned by State and Federal legislation. This means that all reasonable steps must be taken to protect the health and safety of everyone at the workplace. Occupational health and safety is integrated with the overall risk management strategy to ensure that risks and hazards are always identified and reported. Measures must also be taken to reduce exposure to the risks as far as possible. * Stakeholder management – includes identifying, establishing and maintaining the right relationships with both internal and external stakeholders. * Client-customer relationship – potential loss of clients due to internal and external factors. * Strategic – includes the planning, scoping, resourcing and growth of the business. * Technology – includes the implementation, management, maintenance and upgrades associated with technology. Extends to recognising critical IT infrastructure and loss of a particular service/function for an extended period of time. It further takes into account the need and cost benefit associated with technology as part of a business development strategy.
-------------------------------------------------

QUES NO 2
Stakeholder , a person, group, organization, member or system who affects or can be affected by an organization's actions. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some
Show More

Related Documents: Essay about Managing Risk

Essay on Managing The Risk Of Concussions

Rayleigh Staba Professor Shawn Jasinski Writing and Critical Inquiry November 4, 2014 Managing the Risk of Concussions Imagine that one day you woke up and could no longer do the simple things you enjoy in life. What if you couldn’t even read the paper, or watch a movie with a loved one? Many current and former athletes are suffering through this every day, and the reason for this is long-term brain damage, which is a direct result of concussions. Unfortunately concussions have been rising at…

Words 3254 - Pages 14

Managing Risks Through Change Control Systems

Managing Risks through Change Control Systems Turnitin.com Score: 10% March 1, 2015 University of Maryland University College, Europe PMAN 637 Section 9041 Reina A. Crowe Managing Risks through Change Control Systems Throughout the project lifecycle, changes come about directly and/or indirectly within the activities of the project process. Changes can have a negative or a positive impact on project requirements depending on what the change requires. Since changes deviate from the original…

Words 1251 - Pages 6

American Barrick Resources Corporation: Managing Gold Price Risk Essay

DERIVATIVE CASES CASE STUDY II AMERICAN BARRICK RESOURCES CORPORATION: MANAGING GOLD PRICE RISK Group II - Cohort 5 American Barrick is the largest gold producer in North America. The implementation of the gold-hedging program differentiated the firm from other major gold rivals and improved its reserve and financial strength. In 1995, American Barrick ’s latest…

Words 1518 - Pages 7

Managing Anti-Corruption Violations Risk When Using Third Party Agents Essay examples

Running head: MANAGING ANTI-CORRUPTION RISK Managing Anti-Corruption Violations Risk When Using Third Party Agents Introduction Corruption can be broadly defined “as the abuse of entrusted power for private gain. It is an insidious problem affecting the lives of millions around the world.” (UN Global Compact, 2013) It is not surprising then that laws prohibiting corruption, and the enforcement of those laws, is on the rise. Increasingly, governments are holding organizations…

Words 1468 - Pages 6

Essay on Is305 Project 1

IS305 Managing Risk in Information Systems PROJECT Project Project: Risk Management Plan Purpose This project provides an opportunity to apply the competencies gained in the units of this course to develop a risk management plan for a specific business problem related to an organization's identification of an outdated plan. Required Source Information and Tools The following tools and resources that will be needed to complete this project:…

Words 2320 - Pages 10

Essay on McInnes 4e Ppt Ch04

MANAGING THE LAW (4TH EDITION) Chapter 4: Intentional Torts Chapter 4 Overview  Intentional Torts  Interference with person    Trespass to land Interference with chattels   Assault and battery, invasion of privacy, false imprisonment, malicious prosecution Trespass, conversion, detinue Defences to Intentional Torts: complete and partial Managing the Law, 4e Copyright © 2014 Pearson Canada Inc. Chapter 4-2 Intentional Torts   Occur when a person intentionally acts in certain…

Words 1861 - Pages 8

What Is Manage Risk?

Arunraj Rajan Student No: B-2/10M219 Manage risk Definition: “…the possibility of something happening that impacts on your objectives. It is the chance to either make a gain or a loss. It is measured in terms of likelihood and consequence.” The effective management of risk enables you to maximise opportunities and achieve your outputs. Risk management is a process used to avoid, reduce or control risks. Some risks can be insured against, others can not. This fact sheet is developed to help organisations…

Words 1725 - Pages 7

Essay on Business Studies

owned and run by one individual. The establishment costs can be raised either publicly or privately but typically the sole proprietor provides all the capital and takes all the risks. The risks involved are great as the sole proprietor has unlimited liability you have to make all the decisions yourself. Administering/managing is in the hands of the sole proprietor that needs to cover all aspects of the business Partnership: A partnership is an arrangement formed by signing a Deed of Partnership…

Words 1033 - Pages 5

Essay on Orange county

Project planning Scope = Managing the scope that needs to be done Time = timelines project work Cost =Budget Resources Comminications Risk= medicating managing the risk Intigration , bringing all kworlde project plan Creating the plan , communicating the plan , executing the plan Managing for results Planning for results , stakeholders expectations Scope (Cost, Risk ) Milestones Procedures ,Prioritizing task , Monitoring progress /than deliver to the expectation you set…

Words 430 - Pages 2

How To Prepare A Business Plan

Market research 8 10 Profiling customers 8 11 Profiling competitors 9 12 Managing market risks 9 13 Pricing 9 14 Promotion and advertising 10 Running the business 11 15 Staff 11 16 Premises 11 17 Suppliers 11 18 Equipment 12 19 Managing operational risks 12 Finance 13 20 Start-up costs 13 21 Profit and loss forecast 15 22 Sourcing finance 16 23 Managing financial risks 16 24 Cash flow forecast 17 | |…

Words 935 - Pages 4