Risk identification
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Risk identification provides the foundation for risk management. There are various methods to identify risks such as preparing checklists, conducting on-site inspections, analyzing financial statements, creating flow charts, and interacting with employees. Sources of risk can be internal or external and come from a company's environments. Risk exposures include physical asset exposures, financial asset exposures, liability exposures, and human asset exposures. Traditional risk identification observes past losses while modern approaches identify risks before losses occur using tools like risk analysis questionnaires, financial statement analysis, flow charts, on-site inspections, interactions with other departments, contract analysis, and statistical records.
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Risk management Phase 1-5 Individual Project.docx
Risk management Phase 1-5 Individual Project
Table of Contents
Introduction 3
Project Outline 3
Project risk identification 4
Project risk assessment 6
Project Risks, Responses Strategy 7
Project Risks Monitoring & Control Plan 10
Project Risks WBS & Budget Updates 11
Project Risks, Communications Plan 11
References 12
Introduction
The project that is planned by the company is to divest and move into a global perspective. Let’s ay for instance a possible expansion in the expansion of an oil refinery plant, such as a sulphur plant, my project will be to research Savage Gulf Sulphur Services. The project is supposed to ensure that the company will generate more revenue, and then it shall move into a global perspective. With the project, the company shall also increase its production due to large demand generated by the new market in the globe. Every project is faced with a certain degree of risk in the activities that it takes in an organization. It is important for organizations should carry out risk assessment procedures that are inclined in ensuring that an effective strategy shall be formulated to eliminate risk. This paper will discuss the risk management strategy and the processes that are taken in the management of risk in an organizational structure.
Project Outline
The project is it intended to increase the organized capacity and move into the global market structure. This will involve the purchase of new factors of production such as land, investors and business owners invest large amounts of capital to such investments. The project will also
Risk management justification
Risk management is identified and can be described as an assesment that has all these prioritization of risks, the management of risk could involve precise coordination and ecomonical application strategies with ereasons to minimize, control and monitor the probability and impact of unfortunate events. Risk management also helps in maximization and the act of realization of opportunities. In an organizational structure, risk management has a variety of functions which makes it an important department in an organization, based on the many roles that the risk management. This is the implementation of a strong and effective risk management and controls within securities firm, a helps in promoting stability throughout the entire firm. Risk management controls are divided into two categories. The internal and external control categories help in providing useful and effective control systems. The internal controls help in protecting the firms against market, credit, operational and legal risks. Secondly, it helps in protecting the financial industry from all the systemic risks in the organization structure (Merna, 2008)
Risk management is useful in protecting the firm's customers from enormous and large non-market related losses such as misappropriation of resources, fraud and firm failure. Such failures can result in enormous risk in the organization. R ...
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- 1. SEMINAR TOPIC RISK IDENTIFICATION