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Enterprise Risk Management Assignment

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Added on  2021-06-17

Enterprise Risk Management Assignment

   Added on 2021-06-17

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Running head: ENTERPRISE RISK MANAGEMENTEnterprise Risk ManagementName of Student-Name of University-Author’s Note-
Enterprise Risk Management Assignment_1
ENTERPRISE RISK MANAGEMENT1Executive SummaryThis report is about the risk assessment of the disaster affected the Northern city ofTianjin in China where 17 people died and hundreds of people were left injured. The mainreason behind the disaster was an explosion in a warehouse “Ruihai Logistics” that was used tofor storing dangerous chemical goods. The report discussed about the different types of the riskfactors associated with the disaster and the analysis of the controlling procedure. This reportconsists of main issues that impact the risks associated with the explosion. This report alsoincludes safety and the environmental; management systems related to the case.
Enterprise Risk Management Assignment_2
ENTERPRISE RISK MANAGEMENT2Table of ContentsIntroduction..........................................................................................................................2Impact of Risks....................................................................................................................3Identification and Risk Management Tools.........................................................................8Usefulness, Applicability, and Limitations of Risk Assessment.......................................12Risk Perception and Risk Communication........................................................................13Conclusion.........................................................................................................................15Bibliography......................................................................................................................16
Enterprise Risk Management Assignment_3
ENTERPRISE RISK MANAGEMENT3IntroductionRisk assessment refers to the overall activities for identifying, managing or controllingthe risk factors associated with an event. The process is associated with the identification of allthe different types of risk factors associated with the concerned event, which is the finding,listing, and characterizing the risk factors. After that, there are other three steps such as analysisof the risk factors, evaluation of those factors and control of the risks. In this report, the risksassessment has been done based on a case study of a disaster. The concerned disaster affected theNorthern city of Tianjin in China where 17 people died and hundreds of people were left injured.The main reason behind the disaster was an explosion in a warehouse “Ruihai Logistics”. Thewarehouse was used to for storing dangerous chemical goods. In this report, the different typesof the risks factors associated with the incident, there impact over the whole situation have beenanalysed. In order to identifying the risk controlling process have been discussed and analysedby comparing the case study with relevant literature sources. Impact of RisksSafety Management SystemThe risks that are associated with the safety management system generally consists ofhazard identification and risk assessment. There are number of steps that are to be followed toreduce the risks that are not accepted. The sequential steps that can be followed are hazardidentification, frequency assessment, hazard consequences, risk estimation that mainly controlsas well as recommends to reduce risks (Titman, Keown & Martin, 2017). The Ruihai Logisticsthat dealt with hazardous chemicals should have introduced safety management system in thecompany in order to have mitigated such big explosion.
Enterprise Risk Management Assignment_4

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