Term Paper on "Risk Management and Risk Assessment"

Term Paper 4 pages (1382 words) Sources: 9

[EXCERPT] . . . .

Risk Management & Risk Assessment

Risk management needs to be understood from a variety of angles. Firstly, risk should be defined for its nature and effect upon not only the company, but also all possible stakeholders. Risk management procedures exist to protect both the workplace, the workforce, or the public. Risk to the corporation is anything endangering the vision, mission and profitability of the company. Secondly, risk to the workforce entails those risks that may result in injury or death to the employee, or that may lead to health or other physical hazards. Employees may also incur risks from non-physical sources such as long work hours or a highly stressful job situation, which could be brought about by a variety of factors. Thirdly, risks can also be posed to the public, in terms of health, safety and financial well-being. A gas company may for example risk the health of the surrounding population by exceeding legally allowed gas emissions.

Risk management entails actions that a company takes to minimize risk not only to itself, but also its workforce and the public as a whole. A responsible company will perform regular risk assessments, and act according to the findings of these assessments. Effective risk management not only safeguards the community and the workforce, but also ensures the company's good public image. This public image further results in favorable profits for the company involved.

Risk management should also include clear written and oral communication regarding risk and its management. All parties involved or potentially affected by the risk should be fully informed regarding the nature of the risk. This could for example be done by means of a risk management manual or seminars focusing on the issues related to risk.

1. In my view, three of the nine Web sites investigated appear to conform most closely to the above-mentioned understanding of the three. In its focus on preventative risk measures, the Cook County Department of Risk Management for example also concentrates upon communication to all parties involved in possible risks. This communication occurs by means of reports, databases and a Risk Management Manual made available to all stakeholders. This practice of communication provides stakeholders with the opportunity to take part in well-researched preventative measures to reduce risk, possible injury, or loss. This forms part of the Department's measure for reducing conditions that may lead to various risks.

Secondly, the University of Wisconsin-Madison is very specific regarding the parties involved in the institution's risk management measures. Not only the risks to the institution itself, but possible risks to its customers (students) and the public are also considered in the implementation of preventative and reducing measures. The risks themselves are also specified, focusing on the broad categories of property and health for campus staff, users and third parties. Specifications are also made in terms of contingencies and possible unknown factors Like Cook County, this University communicates its risk management measures and guidelines by means of publicly accessible documentation.

Thirdly, the University of Nevada, Las Vegas also comprehensively cover risk factors to students, staff and visitors in terms of physical injury or financial loss. The specific focus on the institution's Web site is on possible hazards within each specific department or entity on the campus, as well as how this is to be avoided. The institution appears to have made a thorough assessment of all the hazards involved.

Of the three Web sites mentioned above, the University of Madison-Wisconsin appears to most closely match my understanding of risk management and assessment, as it not only focuses on risk mitigation measures themselves, but also on all the stakeholders involved in mitigating these risks. While the other two also mention stakeholders, there appears to be greater focus on mitigation and assessment measures.

Many of the Web sites investigated appear to focus on the financial element of risk assessment and mitigation. L.A. County online, for example emphasizes facilitating claims in its risk mitigation measures. The site is very comprehensive in the scope of these measures in terms of the types of claims addressed. Nevertheless, the primary focus is on post-risk claims rather than pre-risk prevention measures or indeed educating the… READ MORE

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