2022 best Risk management assignment help
Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These risks stem from a variety of sources including financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents and natural disasters. A successful risk management program helps an organization consider the full range of risks it faces. Risk management also examines the relationship between risks and the cascading impact they could have on an organization’s strategic goals. Risk management assignment are challenging task. Most students find help elsewhere in order to get quality risk management assignment. Assignmentsguru has been the perfect platform for the for years now. We have been providing quality original work to students. Most of the have had good grades in the end. Order with us now to get one
This holistic approach to managing risk is sometimes described as enterprise risk management because of its emphasis on anticipating and understanding risk across an organization. A number of policies are being used to identify the risk levels in the organization so that IT can manage any potential threats.. ERM communities, such as ISACA and 3MF, provide a range of training and educational materials to help executives understand the importance of positive risk in their enterprise. Positive risks are opportunities that could increase business value or, conversely, damage an organization if not taken. Indeed, the aim of any risk management program is not to eliminate all risk but to preserve and add to enterprise value by making smart risk decisions.
“We don’t manage risks so we can have no risk. We manage risks so we know which risks are worth taking, which ones will get us to our goal, which ones have enough of a payout to even take them,” said Forrester Research senior analyst Alla Valente, a specialist in governance, risk and compliance.
The guideline is also flexible, depending on the nature of the organization’s strategic direction. For example, in some organizations, risk tolerance can be perceived as a policy to avoid any undesirable risk exposures — e.g., poor safety or food quality
Why is risk management important?
Risk management has perhaps never been more important than it is now. The risks modern organizations face have grown more complex, fueled by the rapid pace of globalization. New risks are constantly emerging, often related to and generated by the now-pervasive use of digital technology. Climate change has been dubbed a “threat multiplier” by risk experts.
A recent external risk that manifested itself as a supply chain issue at many companies — the coronavirus pandemic — quickly evolved into an existential threat, affecting the health and safety of their employees, the means of doing business, the ability to interact with customers and corporate reputations.
Businesses made rapid adjustments to the threats posed by the pandemic. But, going forward they are grappling with novel risks, including how or whether to bring employees back to the office and what should be done to make their supply chains less vulnerable to crises.
Financial vs. nonfinancial industries. In discussions of risk management, many experts note that at companies that are heavily regulated and whose business is risk, managing risk is a formal function.
In the past, when using AI writing tools in organizations, perhaps due to a lack of expertise in risk management or experience with human writers, the quality ranged from excellent to somewhat lacking. In response to this problem, recent research has highlighted how automated systems can level the playing field by providing a much better customer service even in situations where it may be more difficult for a human-Moreover, the risks that financial services companies face tend to be rooted in numbers and therefore can be quantified and effectively analyzed using known technology and mature methods. Risk scenarios in finance companies can be modeled with some precision.
For other industries, risk tends to be more qualitative and therefore harder to manage, increasing the need for a deliberate, thorough and consistent approach to risk management, said Gartner analyst Matt Shinkman, who leads the firm’s enterprise risk management and audit practices. “Enterprise risk management programs aim to help these companies be as smart as they can be about managing risk.”
Traditional risk management vs. enterprise risk management
Traditional risk management tends to get a bad rap these days compared to enterprise risk management. Both approaches aim to mitigate risks that could harm organizations. Both buy insurance to protect against a range of risks — from losses due to fire and theft to . Both adhere to guidance provided by the major standards bodies. But traditional risk management, experts argue, lacks the mindset and mechanisms required to understand risk as an integral part of enterprise strategy and performance.
For many companies, “risk is a dirty four-letter word — and that’s unfortunate,” said Forrester’s Valente. “In ERM, risk is looked at as a strategic enabler versus the cost of doing business.”
“Siloed” vs. holistic is one of the big distinctions between the two approaches, according to Gartner’s Shinkman. In traditional risk management programs, for example, risk has typically been the job of the business leaders in charge of the units where the risk resides. AI-powered text analyzers allow a CIO to fully assess a business from any given position from multiple angles. This allows them to effectively understand how their company is operating and which areas need improvements, if needed.The business units might have sophisticated systems in place to manage their various types of risks, Shinkman explained, but the company can still run into trouble by failing to see the relationships among risks or their cumulative impact on operations. Traditional risk management also tends to be reactive rather than proactive.
These types of experts increasingly come from a consulting background or have a “consulting mindset,” he said, and possess a deep understanding of the mechanics of business. Unlike in traditional risk management, where the head of risk typically reports to the CFO, the heads of enterprise risk management teams — whether they hold the chief risk officer title or some other title — report to their CEOs, an acknowledgement that risk is part and parcel of business strategy.
Risk management process
The risk management discipline has published many bodies of knowledge that document what organizations must do to manage risk. One of the best-known sources is the ISO 31000 standard, Risk Management — Guidelines, developed by the International Organization for Standardization, a standards body commonly known as ISO.
ISO’s five-step risk management process comprises the following and can be used by any type of entity:
Identify the risks.
Analyze the likelihood and impact of each one.
Prioritize risks based on business objectives.
Treat (or respond to) the risk conditions.
Monitor results and adjust as necessary.
The steps are straightforward, but risk management committees should not underestimate the work required to complete the process. For starters, it requires a solid understanding of what makes the organization tick. The end goal is to develop the set of processes for identifying the risks the organization faces, the likelihood and impact of these various risks, how each relates to the maximum risk the organization is willing to accept, and what actions should be taken to preserve and enhance organizational value.
“To consider what could go wrong, one needs to begin with what must go right,” said risk expert Greg Witte, a senior security engineer for Huntington Ingalls Industries and an architect of the National Institute of Standards and Technology (NIST) frameworks on cybersecurity, privacy and workforce risks, among others.
Top-down, bottom-up. In identifying risk scenarios that could impede or enhance an organization’s objectives, many risk committees find it useful to take a top-down, bottom-up approach, Witte said. In the top-down exercise, leadership identifies the organization’s mission-critical processes and works with internal and external stakeholders to determine the conditions that could impede them. The bottom-up perspective starts with the threat sources (earthquakes, economic downturns, cyber attacks, etc.) and considers their potential impact on critical assets.
Risk by categories. Organizing risks by categories can also be helpful in getting a handle on risk. The guidance cited by Witte from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) uses the following four categories:
strategic risk (e.g., reputation, customer relations, technical innovations);
financial and reporting risk (e.g., market, tax, credit);
compliance and governance risk (e.g., ethics, regulatory, international trade, privacy); and
operational risk (e.g., IT security and privacy, supply chain, labor issues, natural disasters).
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