Risk Management Response Froydan De

Risk Management Response 1risk Management Responsefroydan Deleon Tor

Risk Management Response 1risk Management Responsefroydan Deleon Tor

RISK MANAGEMENT RESPONSE 1 Risk Management Response Froydan Deleon Torres JURI 635 Prof. Hopkins 4/14/2024 RISK MANAGEMENT RESPONSE 2 Abstract It is common to portray risk management failures as caused by chance, carelessness, or poor decision-making. However, a more thorough investigation reveals that numerous risks come from systemic issues that may have been remedied by implementing an enterprise risk management (ERM) program that is both proactive and continuous. Individuals should stay away from these nine typical mistakes in risk management. People employ various methods and approaches to lessen the impact of potential dangers.

The goal of risk avoidance is to keep oneself from being exposed to potentially dangerous circumstances or activities. The main emphasis of risk reduction is implementing control measures to minimize the likelihood or impact of recognized hazards. Insurance is one example of a risk transfer mechanism that shifts the financial risk to an outside entity. An organization's interests can only be adequately protected by implementing suitable risk management strategies. The study will employ thematic analysis to identify the successes and failures in risk management response.

Outline

I. Risk Identification

A. Identifying the hazards that the firm could encounter is the initial stage in properly managing risk.

B. It entails looking at all the potential internal and external issues that could affect the company's operations (Deubelli & Mechler, 2021).

C. To help identify these risks, doing regular risk assessments, having brainstorming meetings, and using data analytics is helpful.

II. Risk Assessment

A. After identifying possible risks, the following stage for risk analysts is to evaluate the likelihood and severity of such risks.

B. In doing so, managers can rank potential dangers according to their likelihood and severity (Karunathilake et al., 2020).

C. To help risk managers allocate resources wisely, risk managers can use a risk matrix or a similar tool to rank the severity of potential threats.

III. Risk Mitigation

A. Risk mitigation aims to lessen the severity of potential negative outcomes.

B. This may involve taking precautions, making backup plans, or insuring against potential problems (Olson & Wu, 2023).

C. Management of risks is an ongoing activity that necessitates regular evaluation.

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