Risk managment

Risk definition Risk is defined as this uncertainty of outcome, whether positive opportunity or negative threat, of actions and events. The risk has to be assessed in respect of the combination of the likelihood of something happening, and the impact which arises if it does actually happen. Risk management includes identifying and assessing risks (the “inherent risks”) and then responding to them.
Types of risk:
Some common risk categories are:
1. Work health and safety,such as accidents caused by materials, equipment, or location of your work.
2. Property and equipment,such as damage from natural disasters, burst water pipes, robbery and vandalism.
3. Suppliers, such as issues within their business or industry resulting in failure or interruptions to the supply chain of products or raw materials.
4. Environmental, such as climate change, chemical spills and pollution.
5. Staffing, such as industrial relations issues, human error, conflict management and difficulty filling vacancies.
6. Economic and financial, such as global financial events, interest rate increases, cash flow
shortages, customers not paying, rapid growth and rising costs.
7. Legal, such as insurance issues, resolving disputes, contractual breaches, non-compliance with regulations, and liabilities.
8. . Technological Obsolescence of current systems; cost of procuring best technology available, opportunity arising from technological development.
9. Security: such as theft, fraud, loss of intellectual property, terrorism, extortion and online security and fraud.
10. Market:such as changes in consumer preference and increased competition.
Risk management definition:
1. The Australia/ New Zealand Risk Standard 4360 defines risk management as: “the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects”
2. The institute of Risk Management (IRM) uses to ISO definition of risk:
“the combination of the probability of an event and its consequences
Risk management working area:
1. Operational risk management
2. Hazard risk management
3. Strategic risk management
4. Financial risk management.
Risk management process:
Why should youimplement Risk management in your organization?
1. Insurance premium: risk management enhances he understanding of risk losses. Without this perception the portfolio of a insurance company would be nothing but a lottery and it can cause insurance premium loss. Or in some cases the insurance coverage won’t be chosen correctly as well.
2. Prevention of fatal losses: in case of inadequate risk management, it could lead to failure of preventing fatal events or injuries in an organization. There are risks that can be reduced and prevented by health and safety compliance.
3. Asset protection: with efficient risk assessment, the insurance premium can be determined correctly which would benefit the organization.One of the primarily risks which an organization can face is the loss of money or other assets. An effective management can realize and identify the risks. With a proper decision making the loss associated with risk would lessen
4. Preventing reputational destruction: any organization, regardless to its size, is depended on its products and services. The time that potential customers ensure of the consistency of the organization and its quality, the reputation can mean something.
5. Better quality data for making decisions: Senior leaders have access to better data which enables them to make better decisions.
6. Budgets rely less on guesswork: Project risk management means that contingency budgets can be more accurately estimated and rely less on the professional guesstimates of the project team.
7. Saving cost and time: It always results in saving the costs that are consolidated within the items that are practiced. It prevents wastage and make up the time for firefighting.
8. Protecting resources: This helps in promoting the resources instead of using them illegally. It also equips safety among the adaptive changes to the staff alternatives and is bundled together with the other resources.
9. Improvement in credit ratings: evolves numerous agencies that support the accomplished tasks resulting in lower budget investments. It has capital volatility that translates the greater confidence issues particularly with the stakeholders.
10. Meet Regulatory compliances: This framework helps in meeting regulatory needs. It performs and measures the risk managements. This improvement helps in attaining the higher credit aspects. It also derives higher efficiency towards the capital volatility
11. Values shareholders: It aims at the borrowing capacity of the shareholder that has significant effort within the management and assumes the determinant roles that the company can extend to.
12. Reduces impact and loss: Here it ensures the organization with all possible outcomes of the independent and objective assessments that are analyzed on taking challenges.
13. Stability of earnings: will concentrate more on the scheduled amount of data. It reduces the impact of business activities. Employees will be retrenched so as to keep in the comfort zone.
Why should you choose us?
1. Complex calculations: Risk management involves complex calculations in terms of managing risks. Without the automatic tool, each and every calculation regarding risks becomes difficult. It involves the ideal data that contributes to the employee’s standards.
2. Unmanaged losses: If the organization facing a loss, then that pay will be delivered to the pay loss of the firm. Here, the organization is responsible for the loss that happened due to unsuitable schedule about the risk management.
3. Difficulty in implementing: Risk management takes a lot of time to collect the information regarding the strategic plans. It has universal standards that are mitigated and accepted according to the monetary values.
4. Performance: Since the risk management can be processed only with subjectivity, it holds on the control of prospects within each issue. It can be identified with the difficult implementation of controls. It manages the cost benefits analysis that is not implemented. This process concentrates more on the implementation of controls.
5. Info safety: since the risk management process consists of company’s private information, it is our duty to ensure that your personal data is safe and secure and no individual access it except risk management team.
What you get:
• Risk management frameworks
• Risk management systems implementation
• Making decision better
• Reduced risk
• enhanced value-creation
• ISO 31000 assessments
• Check lists.