Risk Management

Running Head: RISK MANAGEMENT 0
Student name
1-16-2019
RISK MANAGEMENT

RISK MANAGEMENT 1
Contents
ACTIVITY 1...................................................................................................................................2
ACTIVITY 2...................................................................................................................................2
ACTIVITY 3...................................................................................................................................3
ACTIVITY 4...................................................................................................................................4
ACTIVITY 5...................................................................................................................................4
References........................................................................................................................................5

RISK MANAGEMENT 2
ACTIVITY 1
 Risk – this is the act of happening which is possible to occur and can cause damage in
any form in future. The values that can be harmed are social status, physical health,
financial wealth, or emotional well being
 Risk Assessment – this is a procedure or a method, where all the activities to identify the
possible risk which can cause harm, the risk is analyzed and evaluated the risk identified,
and finding ways to mitigate that risk
 Risk management – managing the risk involve prioritizing the identified risk involved,
minimizing the risk, monitoring and control the risk factors is involved in the risk
management process.
 Risk Appetite – this is the risk level that a company is ready to accept while risk
management is conducted. Although, it is difficult to define the constraints of risk
appetite. This is decided by the company before analysis the risk of risk management.
 Risk Capacity – the risk capacity is different from risk appetite. The risk capacity is the
level of risk which an organization will be able to tolerate to the maximum extent. This is
set in the initial stage of risk management.
 Risk Control – within the risk management process, it is one of the steps which involves
identifying a method to reduce or neutralize the identified risk. Some of the risk control
method are elimination, substitution, engineering control, and personal; protective
equipment
 Risk Treatment – this is the process of choosing and implementation of selected measures
to mitigate the risk. This includes optimizing, avoiding, retaining or transferring risk.
This can be selected according to the situation or the type of risk.
 Contingency Planning – the future is uncertain, due to with an optional plan has to be
developed in case of implementing one plan fails, a contingency plan is created
considering the risk involved in the organization or the process (apps.treasury.act.gov.au,
2028).
ACTIVITY 2
PESTLE analysis for Lonsdale Institute of Education (Australia)