Risk Management at Koala Engineering Corporation Analytical Essay by scribbler

Risk Management at Koala Engineering Corporation
Presents a memorandum proposing a position of risk manager at a fictitiously named company, Koala Engineering Corporation, New Zealand and Australia.
# 152094 | 1,630 words | 5 sources | APA | 2012 | US
Published on Dec 24, 2012 in Business (Management)

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This paper is a memo reporting on the immediate need for a professional, in-house Risk Manager at Koala Engineering Corporation to coordinate the corporation's engineering and company-wide risk management program in conformance with the applicable new international Standard for Risk Management, published 20 November 2009. The paper iterates several high-risk occurrences, such as a collapse in a flood during construction of the Opuha Dam, that indicate the need to address insurance, liability and bonding issues, loss of business and exposure of firm assets through risk management. The paper also defines the position of risk manager, the responsibilities, qualifications and process.

Table of Contents:
Company Profile
The Problem of Managing Risk
The Position and its Responsibilities
Project Management
Project Planning and Scheduling
Contract Services
Educational Services
Position Title: Koala Engineering Risk Manager

From the Paper:

"The Risk Manager is responsible to Senior Management for the following important functions: 1) discover and report on Koala's exposures to accidental loss; 2) build a comprehensive system for recording, and monitoring Koala's Risk Management program components and costs to the executive staff and others as necessary; 3) draft financial protection measures through risk transfer (to outside parties), risk avoidance, and risk retention programs; 4) implement master insurance programs and self-insurance programs including the adoption of underwriting specifications; 5) put in place appropriate insurance coverage at the most reasonable cost; 6) identify the appropriate method to deploy, refurbish, or improve the stop-loss program of any facility leased, rented, purchased, or constructed by Koala; 7) draft and deploy loss prevention/loss retention programs; 8) join on all contract negotiations involving insurance, indemnity, or other pure risk assumptions or provisions and report thereon prior to the execution of the contracts; 9) establish indemnity and insurance standards for standard contract forms; 10) create and publish guidelines on the handling of all property and liability claims involving Koala; 11) track and monitor claims against Koala for both covered and uninsured losses; 12) ensure compliance with local insurance laws; 13) locate and retain insurance brokerage representatives, insurance carriers and other risk management services providers as may be necessary; 14) establish deductible levels; 15) allocate insurance premiums; 16) issue bonds and certificates as necessary; and finally 17) distribute Koala's Risk Management policies and procedures."

Sample of Sources Used:

  • Hubbard, D.W. The Failure of Risk Management: Why It's Broken and How to Fix It (2009) Wiley Publishing, 304 pgs.
  • Keey, R. The Management of Engineering Risk (2000), New Zealand Centre for Advanced Engineering (CAENZ), 180 pgs.
  • Wang, J.X. and Roush, M.L. What Every Engineer Should Know About Risk Engineering and Management (2000), CRC Publishing, 264 pgs.
  • Staff, Planning for Natural Hazard Risk in the Built Environment, (2004) CAENZ 52 pgs.
  • Joint Technical Committee, Risk management - Principles and guidelines (2009), Council of Standards , AS/NZS ISO 31000:2009 25 pgs.

Cite this Analytical Essay:

APA Format

Risk Management at Koala Engineering Corporation (2012, December 24) Retrieved September 20, 2020, from https://www.academon.com/analytical-essay/risk-management-at-koala-engineering-corporation-152094/

MLA Format

"Risk Management at Koala Engineering Corporation" 24 December 2012. Web. 20 September. 2020. <https://www.academon.com/analytical-essay/risk-management-at-koala-engineering-corporation-152094/>