Risk Management What Is Risk?" Please Respond Essay

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Risk Management

What is Risk?" Please respond to the following:

Risk concerns both positive and negative aspects of an event. Analyze why it is important to consider both perspectives when addressing risk for an organization. Include an example to support your response.

It is important to consider the positive AND negative sides of any given possible outcome because one cannot properly plan for what is and what is not necessary given a certain event for which there is a risk. For example, a snowstorm might make the roads dangerous and thus make it hard for a brick and mortar store to function but the likelihood of customers driving in that same weather is also pretty low, so the overall loss is not as high as it could be if business was lost. However, Amazon (an online store) would not get that benefit…so that point of analysis is important to determine risks and how/when to respond. However, the script would flip if there was a website crash. Wal-Mart would be fine (but not great ) if their website went down but Amazon would be in an immediately world of hurt in the same scenario.

Evaluate how threats and opportunities can be used to an organization's advantage when developing the risk management plan. Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response.

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Many people in a business environment actively have a problem with business activities that do not have a clear value to the business and/or are clearly a net drain to the bottom line at least most of the time. Having a risk plan even with the drain to the bottom line is not nearly as glaring when a business is ready when the risky event actually happens. For example, a risk management strategy that discusses how to handle a fire or smoke event at a business may seem like a giant waste of time and money but it will quite likely save money (if not lives) when it happens. Disaster preparation would also protect data and allow for quicker and more expedient recovery and that would save a TON of money and/or aggravation. The planning costs time and money but it's invaluable if a firm is ready when disaster strikes.

"Planning for Risk" Please respond to the following:

There are three schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties,….....

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