Ib in Business

In: Business and Management

Submitted By ramyata
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THE RISK MANAGEMENT PROCESS

Risk Management-What Does It Mean?

FYI

96% of firms in international commerce have less than 500 employees - USCB

By 2005,k average mid-size company will generate 1/4 to 1/2 of it revenue from outside U.S.

Management

Process of Planning, Organizing, Leading, and Controlling an organization’s or other entity’s resources to fulfill its objectives cost-effectively.

5 Step Sequence in RM Process

Identify & analyzing exposures to accidental and business losses that might interfere with organization’s basic objectives.

Examine feasible alternative risk management techniques to deal with exposures.

Selecting the apparently best risk management techniques.

Implement the chosen risk management techniques.

Monitor results of chosen techniques to ensure the risk management program remains effective.

Risk Management

Process of making & implementing decisions that will minimize adverse effects of accidental & business losses.

Broad View of Risk Management

Casualty Risks - hazard risks or accidents

Liquidity Risks - Insufficient cash or other liquid assets

Market Risks - not being able to buy or sell goods or services the organization needs or provides in normal markets and usual terms and prices.

Political Risks - Adverse actions of governments that might expropriate or excessively restrict or tax an organization’s assets and activities.

Technological Risks - Failure to keep pace with changes in production or in operating techniques.

Risk Manager’s Fundamental Concern (say some)

Is the organization’s overall capacity to cope with losses, regardless of whether those losses stem from fires, lawsuits, or poor business decisions in managing speculative risks. Comprehensive risk management should manage both types…...

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