risk assessment
Not what you're looking for?
I need help in answering the following questions:
What is the value of a risk assessment? How can risk mitigation strategies be used effectively to prevent a risk from occurring? How can contingency planning be a part of the strategic planning process?
Purchase this Solution
Solution Summary
What is the value of a risk assessment? How can risk mitigation strategies be used effectively to prevent a risk from occurring?
Solution Preview
What is the value of a risk assessment?
The object of risk assessment is to identify and quantify the risks involved in any activity, and totake appropriate action to reduce or eliminate any obvious or potentially harmful elements of it. Basically, Risk assessment is the first process in the risk management methodology. Organizations use risk assessment to determine the extent of the potential threat and the risk associated with various processes and activities in the organization. The output of this process helps to identify appropriate controls for reducing or eliminating risk during the risk mitigation process.
Therefore, the key value of risk assessment is that it provides a firm background and understanding to the risk professionals in the organization about the potential risks, so that they can develop a strong risk mitigation strategy for the organization. Without effective risk assessment, a successful risk mitigation plan cannot be developed.
Reference: ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
Recent Feedback
- "Thank you. "
- "Thank you"
- "Thank you. I got 20/20 last week for my discussion you help me out with."
- "Thank you. Great Job. "
- "Thank you. Great Job. "
Purchase this Solution
Free BrainMass Quizzes
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Operations Management
This quiz tests a student's knowledge about Operations Management
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.