A Risk Management Program Term Paper by Nicky

A Risk Management Program
This paper outlines the steps in a general risk management program.
# 128952 | 1,464 words | 5 sources | APA | 2010 | US
Published on Aug 19, 2010 in Business (Information Mgmt. and Systems) , Business (Management)

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The paper discusses the first step that is an education for the management team, staff and all other employees, and the next stage of identifying the risks and calculating potential losses. Then, the paper explains how a decision must be made as to whether to manage that risk, accept it, or modify it in some way, and once a decision has been made to manage a given risk, management should evaluate the effectiveness of the various risk management alternatives. Finally, the paper discusses the implementation of the plan and how management must constantly review the existing plan and its status, as well as any new risks that need to be added to the plan.

Internal Education
Identify the Risk(s) and Calculate Potential Loss
Make a Decision
Manage the Risks
Brief Summary
Create the Plan & Implement
Review and Update the Plan

From the Paper:

"First, we need a basic definition of what we are about to describe. BusinessDictionary.com defines risk management as, "Policies, procedures, and practices involved in the identification, analysis, assessment, control and avoidance, minimization, or elimination of unacceptable risks." Most other variations of this definition say about the same thing. Risk management can be applied to all areas of life, work, business, sports, medicine, meteorology, and any other area where any type of risk is present. What we will describe here is a general risk management program that may then be "customized" to more specific areas."

Sample of Sources Used:

  • Borge, Dan. The Book of Risk. New York: John Wiley & Sons, Inc., 2001.
  • Marrison, Christopher. The Fundamentals of Risk Measurement. New York: McGraw-Hill, 2002.
  • "Risk Management." 2007. Intellimaker. 23 November 2008<http://www.intellimaker.com/ExtraPages.asp?sez=27&sched=134>.
  • Robinson, Brian. Five Steps to Managing Risk. 27 June 2005. 23 November 2008<http://www.fcw.com/print/11_26/news/89361-1.html>.
  • Strategies and Tactics. 2006. 23 November 2008 <http://www.strategies-tactics.com/derivatives.htm>.

Cite this Term Paper:

APA Format

A Risk Management Program (2010, August 19) Retrieved November 29, 2022, from https://www.academon.com/term-paper/a-risk-management-program-128952/

MLA Format

"A Risk Management Program" 19 August 2010. Web. 29 November. 2022. <https://www.academon.com/term-paper/a-risk-management-program-128952/>