Risk management

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Risk management

  1. 1. What is Risk Management?Human Activity which integrates:1. Recognition of Risks2. Risk Assessment3. Developing strategies to manage it4. Mitigation of risk using managerial resources.
  2. 2. StrategiesTransfering the risk to another party.Avoiding the risk.Reducing the negative effect of the risk.Accepting some or all of the consequences of a particular risk.
  3. 3. Traditional Risk ManagementsStemming from physical or legal causes such as:1. Natural disasters2. Fires3. Accidents4. Death5. Lawsuits
  4. 4. Ideal Risk ManagementA priorization process.Risks with the greatest loss and the greatest profitability are handled first.Risks with lower probability of occurence and lower loss are handled in descending order.
  5. 5. Objective of risk ManagementReduce different risks related to a preselected domain to the level accepted by society.It may refer to numerous types of threaths caused by the environment, technology, humans, organizations and politics.
  6. 6. Intangible and Relationship RisksRisk that has a 100% probability of occuring but is ignored by the organization due to a lack of identification ability.Appears when ineffective collaboration occurs.
  7. 7. Steps in the Risk ManagementProcess1. Identification of risk in a selected domain of interest.2. Planning the remainder of the process.3. Mapping out.4. Defining a framework for the activity and an agenda for identification5. Developing an analysis of risk involved in the process6. Mitigation of risks using different resources.
  8. 8. ExerciseRisk avoidanceRisk ReductionRisk TransferRisk Mitigation planImplementation

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