Internal entities therefore bear the burden of the company's interest, making the risk identification process subjective, and compromising it to the eventual disadvantage of the company. Here also it is advisable that entities from the outside be involved in the process.
The risk quantification process refers to assessing the scale of severity in the risks identified. When a risk is identified, resources need to be allocated in order to mitigate it. Severe risks will therefore require a greater amount of resources, while lower severity also means lower priority. Quantification therefore results in prioritizing. This is a process that can then mitigate the financial resources necessary for preventing the risk factors involved.

In the quantification process, however, ambiguity and subjectivity are also detrimental factors. Ambiguity for example means that there is uncertainty regarding which priority to assign to which levels of risk. Once again, subjectivity works in concomitance. Internal risk teams for…...

All personnel need to be fully informed regarding risk management, particularly in terms of disaster, terrorism, or other unknown factors. Employees and employers therefore need to maintain an open communication system, through which risk management occurs as a dynamic rather than static system. Management should for example provide workers with the opportunity to offer suggestions relating to the current risk management manual. These can be communicated via spoken or written communication. Such a measure provides the opportunity to establish mutual trust within the company, which is vital if risks are to be handled effectively once they occur.
Inherent and environmental risks can also be handled via communicating in this way. By trusting employees to provide accurate information regarding ongoing risk factors, the management of an organization also provides such employees with a sense of trust and perceived importance. Such employees can then be inspired to provide the company with their…...

Advisers for example survey the market and make recommendations to their customers on the strength of such estimations. Such investments carry a high level unknown risks, depending upon the type of investment a customer prefers to make. Some customers prefer higher risks for higher returns, while others are more careful with their investments. In such a company, risk quantification and creation play a more important role than risk prevention.
Diversifying risks in the financial business is a strategy that mitigates the risk of investment. The strategy entails diversifying the number and types of investment made in order to minimize the risk of financial loss for the client. Such a strategy is useful in high-risk and high-return types of investments.

Concentrating risk is the opposite strategy of diversifying risk in the investment business. This strategy carries a high risk of loss, but also a high possibility of return if successful. It could…...

When the risk is significant, this should be quantified against the risk of not entering the specific country in terms of expansion. When the risk is acceptable, stringent measures, including organizational arrangements, engineering control, and research and development, need to be taken. Research and development are particularly important, as mitigation measures can then be implemented that are particularly targeted towards the measure of possible terrorist attack for the country involved. Reducing the likelihood of terrorist attack can in certain cases be a better response to terrorist threat than avoidance, as it mitigates many of the additional risks involved in the latter.
Thirdly, reducing the consequences of terrorist attacks is a retrospective approach. This is done by measures such as contingency planning, recovery plans, design features, surveillance, and the like. uch measures are best implemented by learning from the past experiences of terrorist attacks on the company involved, or indeed from…...

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Sources

Campion, Kevin. 2002, Nov. 15. Integrating Terrorism Risk Management with the Federal Terrorism Program. Benfield Blanch, Inc.  http://www.benfieldgroup.com/NR/rdonlyres/2319B84C-7C18-4280-B057-839E6F0243D5/0/11_02BB.pdf 

Gould, Nathan C. 2004, July. Managing Terrorism Risk. ABS Consulting.  http://www.irmi.com/Expert/Articles/2004/Gould07.aspx 

Parachini, John. 2000, Jul. 26. Combating Terrorism: Assessing Threats, Risk Management, and Establishing Priorities. Center for Nonproliferation Studies.  http://cns.miis.edu/pubs/reports/paraterr.htm

A lack of foresight and initial risk assessment therefore resulted in the losses suffered by the company.
In the area of maintenance and risk assessment, a lack of regular spillage inspection resulted in financial, legal and environmental risks for an oil company. The oil rig was not inspected on a regular basis, which resulted in a lack of regular maintenance. Hence the damage to one of the oil containers was overlooked, and a substantial amount of spillage occurred as a result. The environment suffered considerable damage as a result, and the company lost financial resources because of the need to clean up the spillage and mitigate the environmental damage. Furthermore, the company's reputation was damaged in terms of public perception.

Also I the area of maintenance and risk assessment, a lack of adequate safety clothing resulted in injury for several workers of a construction company. Disregarding safety regulations, several workers failed…...

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Sources

Eduneering. 2007, Feb. "Understanding the Financial Risks of Regulatory Non-Conformance." www.eduneering.com/downloads/whitepapers/fr_WP_020907.pdf

HM Treasury. 2004, Oct. "The Orange Book: Management of Risk - Principles and Concepts." www.hm-treasury.gov.uk/media/FE6/60/FE66035B-BCDC-D4B3-11057A7707D2521F.pdf

Proctor, Ken. 2007. "Manage Risk, Improve Performance: Brintech's Enterprise Risk Management Guidelines. www.brintech.com/Knowledge_Center/PDF/Brintech%20White%20Paper%20Manage%20Risk%20Improve%20Performance.pdf

Statutory Instrument 1999 No. 3242. 1999. "The Management of Health and Safety at Work Regulations.  http://www.opsi.gov.uk/SI/si1999/19993242.htm

While it may be seen as quite simple to put preventative measures in place to limit discrimination within a company, large companies especially may have difficulty in monitoring every case of discrimination in the company. There are however risk factors that can be taken into account when assessing discrimination issues.
The amount of diversity in a company and its various divisions should for example be taken into account. It should be ensured that there is a reasonably fair distribution in terms of various diversity factors such as religion, race, and gender. Furthermore, training programs and informal events can go a long way towards introducing employees to each other from a basis other than their personal preferences or heritage. Such issues should be handled with extreme care, while the specific personalities should be taken into account. A secretary may for example see a comment that was meant as a joke, as…...

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Business Link. 2007. Insure your business - people, life and health. http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1074301420

Business Link. 2007. Prevent discrimination and value diversity.  http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1074003268 

Environmental Agency. 2007. Pollution Prevention Guidelines: Above Ground Oil Storage Tanks. Environmental Alliance. http://publications.environment-agency.gov.uk/pdf/PMHO0204BHTN-e-e.pdf?lang=_e

When new employees are appointed, for example, they should be observed thoroughly during the first months of work in order to assess their stability and stress levels. A reporting system could also be implemented, by which workers are encouraged to consult management regarding their own or a co-worker's stress levels and concomitant work performance. It is important to ensure that none of these measures be perceived as unfair.
In terms of mechanics and electronics, it is highly likely that any machine, computer, or other device is likely to fail some time during its lifetime. It is also highly likely that this will occur during the operation of such a machine. Depending upon the nature and importance of the machine in question, injury may result for the employee operating the machine, or the company may collectively suffer loss or damages in terms of elements such as lost data.

One important way of…...

This was further detrimental to the morale of existing workers, as they began to resent the striking section of the workforce for their situation. The managing team then determined that a management of change assessment was necessary.
The first step in this assessment was an assessment of the existing situations. Workers were beginning to suffer from extreme fatigue, resulting in outbursts of anger and potential fights. This created physical hazards in the underground workplace. Worker resentment and anxiety were also rising as a result. Because these elements were detrimental for concentration and awareness, the physical hazard of spending long hours in the underground environment also rose exponentially for each worker.

It was also determined that input from workers themselves and their division supervisors was needed. For this purpose, several meetings were held between employees and their supervisors, and then with supervisors and management. These helped determined the precise areas of grievance…...

Another alternative for companies with uninsurable risks is mutualization. However, this category of insurance carries further risks that may not be suitable for all companies. The main problem is that mutual insurers require participants to be from a homogenous population, making this alternative unviable for a variety of clients. Some companies are however working on overcoming such problems to make mutualization less problematic for their investors.
Some insurance companies now recognize the main concern of organizations for cash flow in the event of a major loss. These insurers then offer such organizations solutions that guarantee cash flow in the form of a possible loan alternative, which is then to be repaid at a later time, when the company has mitigated its loss. Cash flow insurance can then be based upon income factors such as future royalties or rental income, that are generally not shown on current income statements.

Captives are another…...

The greatest risk to the research and development department is therefore a loss of creativity, innovation, and accurate estimation of market trends. Internal factors that could influence these functions include stress. Employees who are required to be innovative and creative on a constant basis may suffer from burn out and stress, severely affecting their work. Internally, the demands of the department may therefore affect employees adversely. The rest of the organization is then affected in terms of product quality. When research and development are not carried out effectively, new products and services may not meet market demands in a sufficiently targeted manner. The result is then financial losses to the company, as the market interest diminishes. Furthermore, threats from competitive companies are increased when the research and development department does not function on an optimal level. The rest of the organization is then at risk of financial hardship, which…...

When combining the two, future market trends can be more accurately predicted by basic it upon existing trends. In this way, the risk factors associated with both areas of R&D are significantly reduced.
The most prominent risks associated with R&D, as identified above, include market research and competition. In addition to risks associated with market trends, risks posed by competitors can also be mitigated with a combination of strategies. The three remaining categories of R&D include long-term, short-term, and intermediate-term R&D.

Long-term R&D can be associated with the offensive R&D strategy, as it entails a projection of market needs in the long-term. This means that products and services are developed on the basis of prediction rather than fact. The most important reason for this is to rise above the competition. The risk associated with this is the fact that competitors may develop long-term products that exceed the company's projects, thus resulting…...

Furthermore, weather and navigational equipment should be state of the art and also checked regularly for possible malfunctions. These risks are unknown, but can become known on a daily basis by means of monitoring and careful investigation and planning.
Risks that are not known are the most challenging of a company's risk management program. Such risks might occur by means of unforeseen accidents or oversight as a result of noncompliance with existing risk regulations. In addition to unforeseen natural occurrences such as earthquakes, for example, the human factor also plays a significant role in unknown risk factors.

The employer of a company may for example be unaware of an employee's increasing mental instability. The looming breakdown may be the result of a number of personal factors that the employers has not been informed about. Such instability may also be difficult to monitor, particularly in a company with a large number of…...

These plans must also be communicated in as simple a way as possible. People are more likely to remember the steps they need to take when these are presented in a clear, easy to remember style. A summary of the contingency handbook should therefore be displayed prominently around the workplace at all times. In this way, a combination of written and oral communication during pre-crisis training underscores oral communication during the crisis itself.
During the recovery period after the crisis, communication helps to mitigate future crisis events. Once again, trust is the key to success for such communication. This trust is most effectively established prior to a crisis situation. If the crisis was handled effectively and calmly via communication, post-crisis communication and trust should not present any problems.

Post-crisis communication should then entail an examination and assessment of the crisis that occurred. This assessment is measured against the existing contingency plan…...

This will minimize the risk of legal liability if an employee is injured or incapacitated by not following the risk regulations put in place.
After a thorough risk assessment, an investigation of statutory risk issues, and informing the employee base, a manager is then ready to put in place specific measures to integrate statutory with corporate risk management. These should be thoroughly delineated and explained, so that each employee is fully aware of the risks of not following the requisite procedures. In some cases injury or even death could result. If the necessary measures are in place, such injury or death can be ascribed to neglect by the employee rather than by management, and the employee and his or her family runs the risk of substantial financial and personal loss as a result.

Statutory and corporate risk are not simple issues, particularly in companies where the risk of injury is substantial,…...

isk Management in Family Owned Businesses
A family business can be simply described as "any business in which a majority of the ownership or control lies within a family, and in which two or more family members are directly involved" (Bowman-Upton, 1991). In other words, it is a multifaceted, twofold structure consisting of the family and the business meaning that the involved members are both the part of a job system and of a family system (Bowman-Upton, 1991).

Most families seek stability, intimacy, a sense of community, and belonging through the family business (Hess, 2006). On the other hand, whenever family and business are mentioned together, a majority of people think of continuous conflict, competition and contention (Crenshaw, 2005). However, "successful family businesses do not let the family destroy the business or the business destroy the family" (Hess, 2006).

The family-owned businesses are the backbone of the world financial system. According to a…...

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References

Barrese, J., & Scordis, N. (2003). Corporate Risk Management. Review of Business, 24 (3), Retrieved August 17, 2012 from  http://www.questia.com/read/1G1-111508707/corporate-risk-management 

Bodine, S.W., Anthony, P., & Walker, P.L. (2001). A Road Map to Risk Management: CPAs Can Help Companies Manage Risk to Create Value. (Consulting). Journal of Accountancy, 192 (6), Retrieved August 17, 2012 from  http://www.questia.com/read/1G1-80750205/a-road-map-to-risk-management-cpas-can-help-companies 

Bowman-Upton, N. (1991). Transferring Management in the Family-Owned Business. Retrieved August 14, 2012 from http://archive.sba.gov/idc/groups/public/documents/sba_homepage/serv_sbp_exit.pdf

Caspar, C., Dias, A.K., & Elstrodt, H. (2010, January).The Five Attributes of Enduring Family Businesses. Retrieved August 15, 2012 from Downloads/McKinsey Quarterly - Jan 2010.pdfhttp://www.businessfamily.ca/cert_register_files/Web

Designing an effective NPA (Non-Performing Assets) tracking framework requires a comprehensive understanding of existing literature on the subject. This literature review aims to summarize key insights from relevant studies that can inform the design of such a framework.

One important insight from the literature is the importance of early detection of NPAs. Several studies have highlighted the significance of identifying non-performing assets at an early stage to prevent their escalation and mitigate potential losses for banks and financial institutions. For instance, a study by Jones et al. (2017) found that timely recognition of NPAs can significantly reduce the impact on....