Risk Management
The objective of this study is to discuss the role and nature of organizational risk management in justice and security organizations and why it is so important. The following will be addressed in the assessment; (1) risk planning and resource identification; (2) management of risk in justice and security organizations; (3) costs associated in managing risk; (4) consequences of failing to manage risk; and benefits; and (5) benefits a properly performed risk analysis has for management and key stakeholders.
Risk Management
Risk management planning involves the consideration of a strategy for managing risk and responsibilities related to assessing, responding, and mitigating risk as well as contingency planning, tracking and reporting. Risk is reported to be defined as an event that is very likely to occur and that would either positively or negatively impact a project if and when that risk did occur. (National Disaster Medical System, nd, paraphrased) Managing risk involves first identifying risk which can be understood in terms of an event "that could prevent the project from progressing as planned. Some risks are identified when a project begins and other risks are only able to be identified during the project's lifecycle. (National Disaster Medical System, nd, paraphrased) Risk management planning involves understanding how it is that risk management works. It is reported that risk is the effect, whether it be of a positive or of a negative nature of "an event or series of events that take place in one or several locations." (National Disaster Medical System, nd) Risk is such that may be computed from the likelihood of the event and the effect of that event. (National Disaster Medical System, nd, paraphrased)
II. Risk Analysis
Risk analysis involves asking questions such as those related to:
(1) The event -- or what it is that might happen.
(2) Probability -- or the event's likelihood.
(3) Impact -- how big will the disaster be
(4) Mitigation -- how to risk the possibility of the event
(5) Contingency -- how can a reduction in the effects be realized
(6) Reduction migration X Contingency;
(7) Exposure = Risk -- Reduction. (National Disaster Medical System, nd)
The second step in the risk management process is that of defining the risk management project. Risk exposures include such as land planning decisions, management of financial affairs/investments, changes in state or federal law, dependence on real estate tax base, changes in community economic conditions, as well as natural and human-caused disasters." (National Disaster Medical System, nd)
III. Risk Response
Risk response involves the development and implementing of an action plan that addresses the risks. (National Disaster Medical System, nd) The Risk Institute reports that it is not necessary to have a risk manager in the risk management initiative however, it is critically important that upper management be involved and that the process is organized for analysis of risk and risk response. As well specific risk responsibilities must be assigned and accountability for performance be set out. The culture of the organization must be such that everyone understands risk and their own role in addressing the risk. Risk should be established as a priority and a program mission created and distributed.
The response to risk options is noted in the work of the Office of International Programs, which states those options to include the following:
Unrecognized, unmanaged, or ignored (by default).
Recognized, but no action taken (absorbed by a matter of policy).
Avoided (by taking appropriate steps).
Reduced (by an alternative approach).
Transferred (to others through contract or insurance).
Retained and absorbed (by prudent allowances).
Handled by a combination of the above. (Office of International Programs, 2013)
IV. Risk Management Strategies
The risk management initiative identifies the most appropriate strategy for each risk and designs actions specifically focused toward implementation of that strategy. Strategies are stated to include those as follows:
(1) Avoidance;
(2) Transference;
(3) Mitigation; and (4) Acceptance. (Office of International Programs, 201)
Avoidance involves the changing the project plan in order to bring about an elimination...
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