Writers, particularly in Amirican, have produced a number
of definitions of risk. These are usually accompanied
by lengthy arguments to support the particular view they
put forward. I think you are benefited.
Events which massively impact your reputation need to be managed upfront. But which events can can harm you so much? is it the small events that get out of control or the large rare events that you have missed? I am proposing a method which can help you understand where you have weaknesses and help focus your efforts.
Events which massively impact your reputation need to be managed upfront. But which events can can harm you so much? is it the small events that get out of control or the large rare events that you have missed? I am proposing a method which can help you understand where you have weaknesses and help focus your efforts.
Early stage companies (i.e. pre-revenue) often do not believe they have risks related to an income stream interruption. This presentation shows how that is often untrue, while showing strategies to help protect them from those interruptions
Early stage companies (i.e. pre-revenue) often do not believe they have risks related to an income stream interruption. This presentation shows how that is often untrue, while showing strategies to help protect them from those interruptions
THE UNITED STATES NAVAL WAR COLLEGE
U.S. Navy Senior Enlisted Academy
RISK MITIGATION: DIVERSE CHALLENGES
FOR THE RISK PRACTITIONER
By
Prof. Ronald E. Ratcliff (Jan 2006)
Edited by Prof. Bud Baker (Nov 2017)
RISK MITIGATION: DIVERSE CHALLENGES
FOR THE RISK PRACTITIONER
It's tough to make predictions, especially about the future.
─ Yogi Berra
INTRODUCTION
Risk and risk management are concepts that leaders and their staffs have come to appreciate in
increasing levels of sophistication. Operational Risk Management (ORM) is a process taught at
all levels in the Department of Defense. Yet, and somewhat ironically, senior civilian Defense
Department leadership has often been quite critical of the military services for their limited
understanding of, and general aversion to, risk. While one can build a defensible case for the
military’s penchant to avoid risk, the purpose of this paper is to examine more fully the
challenges that make astute risk management so difficult. As part of that discussion, we will
briefly examine the difficulties inherent in determining risk for low-probability but catastrophic
events. We will also examine briefly the processes used in risk management and the challenges
leaders face in making risk management decisions. Finally, we will address the challenges all
organizations face when communicating the rationale for their choices given the risks involved.
RISK
In a July 2004 study commissioned by the British government entitled Public Perception of Risk,
J. Richard Eiser noted that: “Risk is a feature of all human activity that results in some probable
benefit but also includes a potential cost or harm.”1 He further noted:
[E]verything that is important about risk arises from actual or perceived uncertainty ...
it is only because we need to act under conditions of uncertainty that the concept of risk
is of interest. If we felt there was nothing we could ever do to affect what might
happen to us, we would have no decisions to take and there would be no point in
worrying about the likelihood or value of future events. ... It is because these
consequences are uncertain, and may leave us better or worse off, that we talk about
risk.2
Risk is typically defined as “the combination of the probability of an event occurring and its
consequences.”3 Usually, organizations perceive those consequences in a negative context.
Within the Department of Defense, the term risk clearly has a negative implication defined as
“the probability and severity of a potential loss that may result from hazards...”4 Similarly, the
Naval War College characterizes risk as “the likelihood of failure and the consequence of
failure…”5 These definitions equate risk to the probability that an organization’s vulnerabilities
or weaknesses will permit an unwanted and/or harmful event to occur that will limit its ability to
achieve a.
Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters
Risks which are not capable of avoidance, prevention, reduction to a large extent or assumption may be transferred from one party to the other party. The basic objective of insurance is to transfer the risk of a person to the insurance company which has easily spread it over a large number of persons insuring similar risks. As such, for handling risks which involve large financial losses or which are dangerous, insurance is a means of shifting such risks in consideration of a nominal cost called premium.
Mr. Vipulkumar N M
[ M.Com, MBA, (MA Economics), UGC-NET, SET ]
Assistant Professor
Department of Commerce
Kristu Jayanti College (Autonomous)
Bengaluru, Karnataka.
Early stage companies (i.e. pre-revenue) often do not believe they have risks related to an income stream interruption. This presentation shows how that is often untrue, while showing strategies to help protect them from those interruptions
Early stage companies (i.e. pre-revenue) often do not believe they have risks related to an income stream interruption. This presentation shows how that is often untrue, while showing strategies to help protect them from those interruptions
THE UNITED STATES NAVAL WAR COLLEGE
U.S. Navy Senior Enlisted Academy
RISK MITIGATION: DIVERSE CHALLENGES
FOR THE RISK PRACTITIONER
By
Prof. Ronald E. Ratcliff (Jan 2006)
Edited by Prof. Bud Baker (Nov 2017)
RISK MITIGATION: DIVERSE CHALLENGES
FOR THE RISK PRACTITIONER
It's tough to make predictions, especially about the future.
─ Yogi Berra
INTRODUCTION
Risk and risk management are concepts that leaders and their staffs have come to appreciate in
increasing levels of sophistication. Operational Risk Management (ORM) is a process taught at
all levels in the Department of Defense. Yet, and somewhat ironically, senior civilian Defense
Department leadership has often been quite critical of the military services for their limited
understanding of, and general aversion to, risk. While one can build a defensible case for the
military’s penchant to avoid risk, the purpose of this paper is to examine more fully the
challenges that make astute risk management so difficult. As part of that discussion, we will
briefly examine the difficulties inherent in determining risk for low-probability but catastrophic
events. We will also examine briefly the processes used in risk management and the challenges
leaders face in making risk management decisions. Finally, we will address the challenges all
organizations face when communicating the rationale for their choices given the risks involved.
RISK
In a July 2004 study commissioned by the British government entitled Public Perception of Risk,
J. Richard Eiser noted that: “Risk is a feature of all human activity that results in some probable
benefit but also includes a potential cost or harm.”1 He further noted:
[E]verything that is important about risk arises from actual or perceived uncertainty ...
it is only because we need to act under conditions of uncertainty that the concept of risk
is of interest. If we felt there was nothing we could ever do to affect what might
happen to us, we would have no decisions to take and there would be no point in
worrying about the likelihood or value of future events. ... It is because these
consequences are uncertain, and may leave us better or worse off, that we talk about
risk.2
Risk is typically defined as “the combination of the probability of an event occurring and its
consequences.”3 Usually, organizations perceive those consequences in a negative context.
Within the Department of Defense, the term risk clearly has a negative implication defined as
“the probability and severity of a potential loss that may result from hazards...”4 Similarly, the
Naval War College characterizes risk as “the likelihood of failure and the consequence of
failure…”5 These definitions equate risk to the probability that an organization’s vulnerabilities
or weaknesses will permit an unwanted and/or harmful event to occur that will limit its ability to
achieve a.
Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters
Risks which are not capable of avoidance, prevention, reduction to a large extent or assumption may be transferred from one party to the other party. The basic objective of insurance is to transfer the risk of a person to the insurance company which has easily spread it over a large number of persons insuring similar risks. As such, for handling risks which involve large financial losses or which are dangerous, insurance is a means of shifting such risks in consideration of a nominal cost called premium.
Mr. Vipulkumar N M
[ M.Com, MBA, (MA Economics), UGC-NET, SET ]
Assistant Professor
Department of Commerce
Kristu Jayanti College (Autonomous)
Bengaluru, Karnataka.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
2. The meaning of Risk?
Writers, particularly in Amirica, have produced a number
of definitions of risk. These are usually accompanied
by lengthy arguments to support the particular view they
put forward.
Consider some of these definitions:
Risk is the possibility of an unfortunate occurrence.
Risk is a combination of hazards.
Risk is unpredictability- the tendency that actual results may differ from
predicted results.
Risk is uncertainty of loss.
Risk is the possibility.
1
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com
3. 2
Uncertainly
We have used the word uncertainty several times already. In our
first attempt at a working definition of risk, we said that it was
uncertainty about the outcome in a given situation. Uncertainty is at the very core of
the concept of risk itself, but are we clear what we mean by it when we use the
word?
Level of Risk
The second component of risk is the idea that there are
different levels of risk. We cannot make the assumption
that all risks are equally likely to occur, some will be
more or less risky than others. What exactly do we mean we use the word risky,
what do levels of risk mean?
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com
4. 3
The Classification of Risk?
We turn our attention now to the classes into which risk
can be place. This is different from scrutinizing the actual
idea of risk, we are now looking at the whole concept of
risk and groping together similar classes of risk. Of the
many classes, we will look at three.
Financial and Non-Financial Risk
We have already said that implies a situation where there uncertainty about the
outcome. A financial risk is on e where the outcome can be measured is monetary
teams.
Pure and Speculative Risk
The second risk classification also concerns the outcome. It distinguishes between
those situations where there only the possibility of loss and those where a gain may
also result.
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com
5. 4
The Cost of Risk
We can look at the cost of risk from a number of
different perspectives. There is at least the:
Frequency of risk;
Monetary cost or financial severity;
Human cost in terms of pain and suffering.
There is no doubt at all that regardless of how we measure risk, it has had a
significant impact on the personal and national life of very many countries. We can
see this by looking back over the last decade, which could certainly be classed as the
decade of disasters. During the last two decades we had a number of incidents, the
names of which have almost entered into the vocabulary of the word.
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com
6. 5
The Management of Risk
We have looked at the nature of risk, the various
classifications into which it can be put and the
cost of risks. The concept which develops is one
of risk as an all pervasive force in the world;
a negative feature in life bringing unfortunate,
or unlocked for, outcome. The various classifications
that we have used all tend to support the view that
risk is to be avoided at all costs. It would be valuable to stop here for a moment and
take stock of what this means. Are we to conclude that risk has no beneficial side to
it? Is it solely a negative concept implying loss and not gain? Has the world gained
noting from the existence of risk?
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com
8. 7
Risk Identification
When considering risk identification we must remember
to take the broad view. We are not solely concerned with
what can be insured, or even with what can be controlled.
We start form the very basic question of , ‘How can the
assets or earning capacity of the enterprise be threatened?’
Starting from this position does not place any constraint on us as to what kind of
risks we are looking for. We must begin the task in an unblinkered manner, willing
to identify the whole host of ways in which an organization may be impeded from
achieving its objectives.
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com
9. 8
Risk Analysis
The second aspect of our definition of risk
man agreement related to the analysis of
risk. Once it has been identified that there
is a risk, than steps have to be taken to
measure the potential impact of area of
statistical analysis and chapters four,
five, six and seven are devoted to the
measurement of risk in various ways.
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com
10. 9
Risk Control
The final step in the process is that of risk
control. After the risk has been identified and
it has been established that it is important
enough to be controlled, what can be done?
The first thing to say is that the emphasis
must be on economic control. There is little
point in spending $100 pounds to control a
risk which, even in the worst situation, can
only cost the organization $75. There can be
a tendency to want to spend an unrealistic amount on risk control. There will be a
point at which the next pound spent will actually not enhance the profit of the
company at all. In fact it may even begin to be a net cost.
Email: tanvirranam@gmail.com, Web: www.onlinecareer-bd.blogspot.com