Assignment on Risk Management in Organization

Added on - 21 Apr 2020

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Running Head: Law1Law
Law2Executive Summary:Risk management is considered as important tool for managing the business because it is notpossible to define the objectives of the firm for the future. In case objectives of the company isframed without considering the risk, then possibilities are there that firm will lose its direction ifany single risk hit in future. It must be noted that risk can emerge from both internal and externalsources.There are number of sources which possess risk and these sources include financialmarkets, threats introduced from failure of projects, legal liabilities, credit risk, accidents, naturaldisasters, etc. it must be noted that two types of events that are negative event and positive event.This paper discusses various components of risk management.Contents2Introduction:.............................................................................................................................................4About the organization:...............................................................................................................................5Risk management team of Singtel:..........................................................................................................5Risk management framework and approach:..........................................................................................5Routine work process and appropriate team:.............................................................................................6Appropriate team:...................................................................................................................................6Review of past incident:..............................................................................................................................7Risk Assessment:.........................................................................................................................................8Control Technologies for operating assessment:.......................................................................................10Impact of operational risk:........................................................................................................................11Recommendation:.....................................................................................................................................12Conclusion:................................................................................................................................................13References:................................................................................................................................................14
Law3
Law4Introduction:Risk management is considered as process which identifies, assess, and prioritize the risk whichis also associated with coordination and includes economic application of resources, for thepurpose of minimizing and monitoring the impact of event which are not fortunate. It also helpsin maximizing the realization of opportunities. The main objective of risk management is tomake sure that any uncertain event does not adversely affect the goals of the business.There are number of sources which possess risk and these sources include financial markets,threats introduced from failure of projects, legal liabilities, credit risk, accidents, naturaldisasters, etc. it must be noted that two types of events that are negative event and positive event.Negative event includes risks, but positive events are classified as opportunities. Variousauthorizes developed the standards related to risk management such as Project ManagementInstitute, the National Institute of Standards and Technology, actuarial societies, and ISOstandards. Methods and goal of the organization are changed on the basis of risk managementmethod. It must be noted that in ideal risk management process, it is necessary to follow theprioritize process (IRM, n.d.).This paper states various concepts of risk management such as risk perception of organizationand its effect on risk management, aims of risk control, assessment of risk by using theappropriate tools, measures related to risk treatment, etc. for the purpose of understanding allthese aspects of risk management, we are choosing Singtel. Lastly, paper is concluded with briefconclusion.
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