Do an outline a socially responsible risk management strategy for a company with which you are familiar.
Summarize the following:
- Goals of risk management
- Identification applicable risk factors
- Strategies for managing each risk factor
- Plan for continued monitoring and adjustment
- Social implications and responsibilities.
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Goals of Risk Management
Risk management is the process and technique through which an organization can mitigate and eliminated potential and present risks. The assessment of this technique or process hides some goals which derive it successfully in the real world. It helps to reduce the strangeness of unfavorable condition and rate of loss (Tomczyk, 2010). Similarly, with the relation to economic condition, it aims to reduce risk without affecting job and property values both. The involvement of public values is another important goal of risk management through which protection of the most sensitive population and children is taken into account (Leeuwen & Vermeire, 2007). Overall, the focus of risk management process is to identify risk, analyze potential ways, and implement to mitigate risk for making the task successful.
Identification of Applicable Risk Factors
The process to identify factors which can generate risk further is quite required part of the risk management in any organization. The process generally includes one previous step in which organization gathers historical information regarding any risky situations. Through such information, the identification of potential ...
The solution outlines a socially responsible risk management strategy for a company.