For what kinds of questions does one seek answers in designing a risk management program? Outline (or provide a picture of) your concept of an integrated risk management system.
Risk Management Program:
Risk management is the process by which an organization identifies and analyses the firm's exposure to losses and develops strategies to avoid the impact of these losses. The techniques utilized to reduce the impact of these losses include insuring the organization and the resources exposed to risks, selling part of the organization so as to reduce the impact of risks. The company may also transfer the costs of risks to the cost of the final output such the customers of the organization are faced with impact of costs incurred by the risks involved (Kerzner, 2009).
The kind of questions one seek answers in designing a risk management program are what are the objectives of the organization? What are the risks involved with the objectives developed in an organization? What are the impacts of the risk? How do the risks affect the normal operations of the business? What are the alternatives available to avoid these risks? What are ...
The expert designs an integrated risk management program.