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The importance of risk management and eliminating risk

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The importance of risk management is to reduce or eliminate risks in higher education. Risks such as physical, casualty, fiscal, business, and repetitional risks.

1. Can we ever fully eliminate risk? If so, how? If not, why not? If we cannot eliminate risks, then what are we trying to accomplish through these risk management strategies?

2. How do you know if you are doing a good job in this area? What are some challenges that you might face in implementing risk management strategies? What can you do as a leader to be proactive and mitigate these challenges?

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Solution Summary

Risk management, eliminating risk, and implementing risk management strategies are discussed in the Solution.

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1. Can we ever fully eliminate risk? If so, how? If not, why not? If we cannot eliminate risks, then what are we trying to accomplish through these risk management strategies?

There is never any project or organization that is risk free as risks represent any unforeseen occurrence that can negatively impact the organization or project. Risks will always occur because circumstances that were not anticipated will always occur in any project or organizational strategy. There are four objectives that organizations attempt to accomplish through risk management strategies and these include avoiding risks, mitigating risks, transferring risks, and finally accepting risks while creating a ...

Solution provided by:
Raushaun Rigsby, MSc
Education
  • Associates of Arts , Lone Star Community College
  • Bachelor of Science , Sam Houston State University
  • Masters of Science, Kaplan University
  • Masters of Science , Kaplan University
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