Risk Management: Process of Identification and Analysis

3. Managing the upcoming hazards

4. Informin
g, training and supervising

The benefits of undertaking risk management programs in an organization are as follows:

• It helps to protect public safety
• Helps to protect other members, friends, participants and volunteers from any kind of injury
• Helps to protect the committee from any legal obligations
• Helps to improve the acceptability of the organization for public liability
• Improved perception to improve the decision making ability
• It also results in more appreciative and confident organization including its administrators, officials and other staffs

Importance of good communication:

Good communication holds great importance for creating an effective risk management strategy. Good communication with all the members of the organization such as the committee, staff or volunteers and any other in contact with the group is equally important. Therefore, it is important that every person in the organization understands the importance of communication for developing and implementing a risk management strategy.

It is important to bring the right process from the start to make it sure that the members in the organization do not find it that decisions have been imposed on them. On the other hand, the members of the group should also be aware that the leaders have some commitment towards effective risk management. It has also been found that there occurs a significant shift in the organizational culture when risk management is applied. This shows the importance of communication in an organization. It has to be mentioned that developing a good communication network is indeed important. The communication should be built in a way that there remains both way communications where feedbacks are common.

There are various ways by which communication of risk management in an organization can be taken place. There are five effective risk management strategies that allow identifying the strengths, weaknesses, opportunities and threats of an organization. To ensure the success of a project, the primary thing is to identify the problems and think of the best ways to achieve the goals and objectives of the project. The steps to achieve the strategic goals can be mentioned here:

Planning: The most important thing is to plan for the unexpected events. The members are expected to analyze the risks and the other probabilities of occurrence of risks. On one hand, low risks evidences does not involve much scheduling and performance but in case of high risk events there might raise certain risks of increase of budget or performance problems.

Preparation: It is important to take better preparation to ensure that the projects run smoothly. Therefore, it is important to communicate with the stakeholders and other team members after setting the plan. This automatically set the expectation of the people who provide funding. They are the ones who respond quickly to the emerging challenges.

A company accountant:

The professional who is responsible for performing accounting functions such as auditing and preparing financial statements. They are either employed with the accounting firm, or the one with an internal accounting department.

B marketing manager:

The person who is responsible for the marketing of a single product or for the brand is called a market manager. The person can be generally responsible for a broad array of business. It has to be noted in this respect that a company can employ more than one marketing manager. The scenario is a bit different for small scale industry where a single marketing manager is likely to deal with all kinds of marketing activities.

C external security agency

The governmental body that is responsible for the internal security of the country or the company is the external security agents. These security bodies typically conduct the foreign intelligence policies.

D Manager:

Manager is responsible for certain group of tasks. They are backed up with a group of people who are responsible to report to the manager. When there are many departments in an organization, it is expected that there will be a manager to take care of these people.

E Team:

A group of people who are assigned to do a particular job are said to work as a team. These members have complementary skills and in fact share the authority among them. They are accountable for the collective performance of the team.

F Union Representatives:

The employee who represents and defends the interest of the other employees is the representative of the Union. However, the person himself is the union official.

I Insurer:

The person who is responsible to indemnify the loss or damage is an insurer. The person who sells insurance can also be called as insurer.

Risk management scope:

There are certain steps that are involved in the assessment of risk management. It is important to assess the risks to the level of capacity and infectivity. The steps included for risk management are:

1. Understanding the aims and objectives

2. Setting the responsibilities within the risk assessment

3. Coming to a point where specific inclusion and exclusions are done

4. Defining risk management in the terms of time and location

5. The relationship between the risk assessment process and other developmental projects

6. Defining the methodology

Risk criteria:

There is certain criterion that is important for evaluating the significance of a well integrity to become a project developer. These criteria should reflect the objectives of the risk. The risk criteria in fact should be reviewed from time to time. These might include:

• Human safety
• Protection of environment
• Project schedule
• A well integrity performance
• The nature and types of causes and consequences and the various ways by which they can be measured
• Likelihood can be defined qualitatively or quantitatively.