Compare and contrast two ideas, concepts or topics of Corpor
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Compare and contrast two (2) ideas, concepts or topics of Corporate Risk Management.
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Solution Summary
In business, risk is commonly associated with anything that could occur and have an impact on the overall achievement of goals or objectives. Typically, risks are measurable by an organization through combining the likelihood of their actually occurring with an impact rating which gives a total risk rating for that particular threat (Woods, 2008).
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In order to compare and contrast concepts of Corporate Risk Management, it is important to understand exactly what constitutes these risks that organizations are trying to identify and manage.
In business, risk is commonly associated with anything that could occur and have an impact on the overall achievement of goals or objectives. Typically, risks are measurable by an organization through combining the likelihood of their actually occurring with an impact rating which gives a total risk rating for that particular threat (Woods, 2008). As an example, a company operating globally may consider terrorist activity a low likelihood with a severe impact if it actually occurred so the total risk combined would remain moderate (low / high = moderate or middle). As another example, a corporation who deals in state of the industry technologies in global markets in competition with China may place the threat of proprietary information leaks into China as highly likely with a high severity rating if information was stolen. Therefore this risk would be High (High / High). It is through the realization of these types of threats existing that corporations form Risk Management programs capable of trying to assess, prevent, and control or take advantage of specific industry risks (Woods, 2008).
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