Risk management

Risk is the degree of probability that the possible outcomes of a particular material body of action will occur. And management is the planning, organizing, leading and controlling of gentleman and other resources to achieve boldnessal goals efficiently and effectively. If we combine the two terms together we have stake management. The term in earnest management is applied in a number of divers(prenominal) disciplines. People in the fields of statistics, economics, psychology, social sciences, biology, engineering, toxicology, systems analysis, operations research, and determination theory, to name a few, have been addressing the field of guess management.

What is try management? To many social analysts, politicians, and academics it is the management of environmental and thermonuclear risks, those technology-generated macro-risks that appear to threaten our existence. To bankers and financial officers it is the sophisticated use of such(prenominal) techniques as currency hedging and interest rate swaps. To damages buyers and sellers it is coordination of insurable risks and the reduction of insurance costs. To hospital administrators it may crocked quality assurance. To safety professionals it is reducing accidents and injuries. In my own words risk Management is defined as the process of assessing risk (risk analysis) and growing adequate strategies to manage it. In other words, strategies means risk post be transferred, reduced, accepted or avoided.



Eliminating and managing risk can be achieved by having adequate internal control in place such as implementing or improving security controls and procedures this will be discussed in great details all over the next few paragraphs.

In order to have a good risk management program in place, the firstborn step is to establish the purpose of the risk management program. By determining its intention before initiating risk management planning, the organization can evaluate results to determine its effectiveness. Typically, the executive director, with the board of directors, sets...

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