Risk Management in Business: A Comprehensive Report

This report provides a comprehensive overview of risk management in a business context. It begins with an introduction to risk management, its importance, and the role it plays in business operations. The report then delves into various aspects of risk management, including the activities involved, such as risk assessment, contract management, and claims settlement. It also discusses the organizational structure typically involved in managing risks, including the Risk Executive Committee and other relevant committees. The report further explores different types of risks, including strategic, compliance, financial, and operational risks. It identifies specific operational factors that contribute to risks, such as changes in customer preferences, increased competition, and government policies. Additionally, the report addresses security risks, including those related to disgruntled or careless employees and the use of mobile devices. Finally, the report identifies businesses that are particularly vulnerable to security breaches and provides a conclusion summarizing the key takeaways from the analysis, along with a list of references.

(TASK 1)
Managing
Risk in
Business

COVER CONTENT
• Introduction
• Risk Mangement
• Role of risk management
• Activities of risk management
• Structure
• Types of risks
• Operations which form risks
• Types of security risk
• Businesses vulnerable to security breaches and frauds
• Conclusion
• References

INTRODUCTION
In the last two decades, the economy
of a world has vital changes on
management of organisations and
various new strategies are also
implemented and introduced in order
to successfully deliver and manage
projects within the given time and
the budget which is allocated.

RISK MANAGEMENT
Risk management can be defined as
the way for mitigating, managing
and assessing losses.

ROLE OF RISK MANAGEMENT
 Risk management helps in identifying potential problems
before their occurrence so as to plan risk handling activities.
 It address various issues that may hinder achievement of
various objectives.

ACTIVITIES OF RISK
MANAGEMENT
 Risk assessment
 Contract management
 Prevention from loss
 Settlement of claims
 Insurance purchasing

STRUCTURE
 Risk Executive Committee
 Group Credit Policy Committee
 Group Reputational Risk Committee

CONTINUED...

TYPES OF RISKS
 Strategic Risk
 Compliance Risk
 Financial Risk
 Operational Risk

OPERATIONS WHICH FORM
RISKS
 Change in preference and taste of customers
 Increased competition in a market
 Change in policies of government
 Mismanagement of marketing and sales activities

TYPES OF SECURITY RISKS
 Disgruntled employees
 Uninformed or careless employees
 Mobile Devices

BUSINESSES VULNERABLE TO S
ECURITY BREACHES AND FRAUD
S
Data breaches target several organisations who are making its operation in market, but the main business areas which are
vulnerable to security breaches and risks which may result in damaging thousands of pounds.

CONCLUSION
From the above mentioned report, it has
been analysed that management of risk
is one of the main factor which is needed
by business so as to make proper
business operation which will helps in
achieving growth and development.

REFERENCES
Bruder, B. and Roncalli, T., 2012. Managing
risk exposures using the risk budgeting
approach.
Christopher, M., and et.al., 2011. Approaches
to managing global sourcing risk. Supply
Chain Management: An International
Journal. 16(2). pp.67-81.
Crane, A. and Matten, D., 2016. Business
ethics: Managing corporate citizenship
and sustainability in the age of
globalization. Oxford University Press.
Creeden, D.M., and et.al., 2013. Methods and
systems for managing risk management
information. U.S. Patent 8,589,273.

THANK-YOU