Risk Management Assignment Help is the process which involves evaluation of chance of loss or harm so that suitable steps can be taken in order to overcome the potential risk. This is a continuous process which involves identification, evaluation, threat and loss exposures and monitoring the risk control and financial resources in order to mitigate the adverse impacts of the loss. Risk management determines the maximum acceptable level of any activity’s risk. The initial risk level is determined using risk assessment techniques. If the level is found to be excessive, then various strategies are developed in order to ameliorate appropriate risks so that the risk can be reduced to an acceptable level.
It is a process which involves identification, quantification and management of the risks faced by the organization. It is a fact that there always remains an uncertain and unidentified amount of risk with business. Risks can be internal or external. These risks can be market failures, strategic disruptions, financial failures, operational failures, regulatory violations, environmental disasters etc. Risks management is a systematic approach to understand evaluate and address the risk so that these risks can be minimized and objectives can be met out. An effective risk management system depends on the nature of organization and the size of the organization. Almost all business investments are exposed towards risks. It is a technique to identify the risk and to analyze them to take precautionary steps against it.
Risk management identifies the risk exposure type the business is facing, so that it can measure its potential risk levels. When any business makes an investment or decides an investment, it is exposed to a several financial risks such as recession, threats due to project failures, credit risk, natural causes, bankruptcy, inflation, uncertainty in financial markets, market risks including market failures, volatility in capital markets etc. The risk quantum is dependent on the type of financial instrument. So, fund managers and investors use risk management systems to minimize and control the risks of investments. Risk management mitigates the uncertainty in investment decision making. Risk management is a process involving two steps. One step determines what risks exist in the investment. Second step involves handing the identified risks in a way which better suits the business in order to reduce the loss. Loss can take place due to the following:
- Financial risks: These risks involve cost of claims and the liability judgments.
- Business risks: Associated with a particular market or industry the organization is working in.
- Operational risks: Labour strikes
- Credit risks: in case of not receiving payment by debtors
- Perimeter risks: These risks include political changes or weather changes.
- Legal risks: if the contractual obligations are not fulfilled.
- Strategic risks: These include management changes or reputation loss.
The events are classified as negative and positive events. Negative events are the risks/threats while positive events are opportunities. Though, organizations find it hard to remove all the risks, but they have to understand and make strategic management against the challenges due to the risks, which are accepted in context of corporate strategy. Primarily, the organizational management is responsible for risk management. Other organizational authorities such as internal/external auditors, board of directors etc also have significant roles. Risks which an organization can face are managed in two ways, either by buying the insurance, by using derivative instruments as hedges, by sharing risks with others or by avoiding the risky positions altogether. Risks are accidental and unforeseen and it is impossible to identify the potential and extent. But there are certain methods by which the organizations can predict the risk events. If the risk events are predicted earlier, the risks can be reduced or mitigated, thus can be estimated and budgeted. Once the organization is able to identify the possible risks, it can make strategies to cover come the loss efficiently.
The risks management strategy includes transferring the risk threats to another party, avoiding the risks, or accepting the consequences of any threat. The management of risk is followed by identification, characterization and evaluation, there following methodical steps involved in risk management.
- Identification and characterization of threats
- Assessment of the vulnerability of critical assets associated to a particular risk.
- Risk determination
- Identification of means to reduce the risks.
- Strategy based risk prioritization measurements to reduce the effects of risks
Though risk management every time doesn’t avoid risks. There are many potential benefits from risk management. It supports the strategic planning and business strategies. It facilitates effective resource utilization. It enables a continuous improvement. Risk management is never taken as a management of insurable risks. But it can avoid the threats and helps in managing with the challenges raised by the unpredicted risks. Every organization should focus on developing an effective risk management and mitigation system. It should develop a systematic approach towards the risk.
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