Risk Management and Risk Assessment

Paper Summary:

This paper defines risk management and assessment and discusses their importance to corporations and the public. The paper then focuses on effective risk management tools. It describes three websites and discusses their understanding of risk management. The paper also discusses specific websites that do not display a thorough understanding of risk management and assessment.

From the Paper:

"Risk management needs to be understood from a variety of angles. Firstly, risk should be defined for its nature and effect upon not only the company, but also all possible stakeholders. Risk management procedures exist to protect both the workplace, the workforce, or the public. Risk to the corporation is anything endangering the vision, mission and profitability of the company. Secondly, risk to the workforce entails those risks that may result in injury or death to the employee, or that may lead to health or other physical hazards. Employees may also incur risks from non-physical sources such as long work hours or a highly stressful job situation, which could be brought about by a variety of factors. Thirdly, risks can also be posed to the public, in terms of health, safety and financial well-being. A gas company may for example risk the health of the surrounding population by exceeding legally allowed gas emissions."

Sample of Sources Used:

• Broward County. Risk Management. http://www.broward.org/riskmanagement/welcome.htm
• Carolina Risk Management Services. Enterprise Risk Management. http://www.unc.edu/finance/risk/erm.htm
• Chief Administrative Office. County of Los Angeles: Risk Management. http://cao.lacounty.gov/RMB/overview.htm
• Cook County Illinois Bureau of Finance. Department of Risk Management. http://www.cookcountyrisk.com/services2.html
• Cuyahoga County. Department of Central Services: Office of Risk Management. http://centralservices.cuyahogacounty.us/risk/default.htm

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