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Essay on Risk Management Process

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Added on  2019-12-03

Essay on Risk Management Process

   Added on 2019-12-03

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REFLECTIVE ESSAY
Essay on Risk Management Process_1
Reflective essay on risk management process The whole process of preparing the report on risk management process has helped a lot interms of improving my knowledge and understanding regarding the topic which is beingassociated with the given field. However, with an aim to explain the experience which I havegained while preparing the given project I have taken help from the Gibbs reflective cycle. Withthe help of this cycle I will be able to explain my whole journey of preparing the project upon thegiven topic in an effectual manner. The project is prepared by four to five members. In this context, with an aim to completethe given project within specified time limit and to make sure the involvement of each membersin team I have directed my efforts in terms of specifying the roles and responsibility of each teammembers in an effectual way. Here, some team mates has given responsibility with regard togather the data relating to the meaning and importance of risk management for the firms. Inaddition, some individuals were given tasks with respect to explore the strength and weaknesswhich are associated with the risk management planning process (Frenkel, Dufe and Hommel.2005). In addition to this, I have taken major and most important task in this report. Here, I havetaken the responsibility with regard to assess the risk management planning process which isbeing used by the many firms. In accordance with the given context, I have identified four basic stages of riskmanagement planning process. In each phase, I have carried out different type of work. In thefirst stage of risk planning process, I have to identify the risks which is being faced by theselected company for this project and it is of HSBC bank. At this phase, I have the work to carryout the thorough analysis of the company and on the basis of this assess the possible risks for thesame. Furthermore, risk assessment is the another phase. In this phase, I have to make theselection of that particular risks which leads to cause major impact upon the cited company. Thisprocess has helped in improving my analytic skill. In addition to this, after assess the probablerisk for the company, in the next phase I have carried out my efforts in terms of segregating theassessed risk into two categories such as risk threshold and mitigation. There are some risk assessed which can be accepted by the company. However, there aresome risk which needs to be mitigate by the company. In this phase also, I have used my analyticskill. I have gained very different feeling in each stage of risk management planning process. Atthe first stage in which I have to assess the risk which is being faced by HSBC I felt very less
Essay on Risk Management Process_2

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