Response to the following with 250 words APA style
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People working in any organization should be aware of their duties and responsibilities in order to lessen the margins for errors and risks in the organization. The disturbing of tasks encourages employees to recognize and facilitate core organizational functions. Main risk management responsibilities for the risk manager:
â€¢ Develop the risk management policy and keep it up to date
â€¢ Facilitate a risk-aware culture within the organization
â€¢ Establish internal risk policies and structures
â€¢ Co-ordinate the risk management activities
â€¢ Compile risk information and prepare reports for the board
There is a need to ensure that the administration receives sufficiently broad support from all the stakeholders. It will usually be a board member who sponsors risk management awareness at the board and presents risk management reports to it. Regularly, the risk manager will report to that board member.
The risk manager determines how to manage the prioritized risks by using risk management strategies. So the next task is to develop a written plan which outlines what steps should be taken to manage major risks and allow the organization to carry out the business with the minimal chances of failure. The plan should describe a proposed strategy or combination of such policies being implemented into the project. All the procedures are usually executed with the help of a risk management solution team.
The four basic risk management strategies that every manger should consider in the plan are;
â€œAvoidanceâ€ Strategy. Focus on ways to avoid or cease risks to provide a service or conduct an activity considered too risky.
â€œModificationâ€ Strategy. Focus on changing and modifying the projectâ€™s activities so that the possibility of a threat happening and the result of potential harm can be taken within acceptable limits.
â€œRetentionâ€ Strategy. evaluating the success of the plan of the identified risks and gets prepared for the consequences.
â€œSharingâ€ Strategy. A risk management applicationâ€™s functionality for user collaboration and online communication, the risk management team, can consider sharing the identified risks with another group or organization. Examples of risk sharing strategy include mutual procurement agreements with other performing companies.
However, Sometimes these strategies and plans would be difficult to deploy or implement for different reasons; such as; Some managers would not have the full authorization from the firm or the organization’s board to implement such a significant strategy, outside risks that weren’t identified or expected that might cause harm to the organization. And the miscommunication between different departments or the risk manager.
Hopkin, P. (2018). Fundamentals of risk management: Understanding, evaluating, and implementing effective risk management. Kogan Page Limited: London, England. pp. 244-284.
Marketing automation software: Best marketing automation software, risk management strategies, sustainable practices insights, cost-benefit analysis, and spend growth data now available from SpendEdge (2018). NewsRX LLC.