Components of Risk Management

Components of Risk Management 1st the definition of risk: Risk is simply a possible threat that may occur during a specific event or even in a normal day which may affect our lives in various ways by changing the ordinary routine in a dramatic turn of events whether its Damage, loss, liability there is always a chance of a possible risk that may happen (though odds may change by the surrounding Environment, situations and the nature of the risk) (BusinessDictionary.com, 2017) Examples of risk: 1. Financial risk: The possibility that a certain project or business may not cover the costs and expenses that been spent on it or even cause loss of resources. Examples of financial risk: (Investinganswers.com, 2017) Economic Risk: is the possibility that Macroeconomic conditions like exchange rate, government economic Regime or political influences may affect the Economical state of an investment or an entire country Political risk is divided into two types (Investopedia.com, 2017) Macro and Micro: A macro risk refers to adverse actions that will have an impact on all foreign businesses expropriation or insurrection. On the second hand we have Micro risk and its remotely different from macro and the difference is that a micro risk will affect a certain industrial field or business caused by corruption, prejudicial behavior against foreigner countries and their investments and usually will end up losing a lot of Money if they are unprepared for such turn of events. For example after Fidel Castros gained control over Cuba in 1959 hundred millions of dollars worth American Investments were expropriated by Castros government unfortunately most of these American businesses had no resources or alternative plans to retrieve their loss back. Liquidity risk: the following situations will simplify the concept of liquidity risk (BusinessDictionary.com, 2017) Situation 1: not being able to fulfill the needs of depositors and borrowers due the lack of cash or cash equivalents. Situation 2: sales of illiquid assets cheaper than their usual value. Situation 3: illiquid assets will not be sold in the scheduled time planned due to the lack of customers. 2. Food industry Risk: The possibility that harm may occur due to a certain hazard affecting a certain magnitude. 3. Work place risk: The possibility that an injury may occur during work whether the job is risky or not. 2nd The Components of Risk: (Project-Management.com) Risk has 3 components. These components should be taken separately one at a time in consideration while deciding how to manage a risk The event that could happen. The possibility that an event could happen. The effects and the results if the event happens.How to begin? Analyze the possible risks that might happen to your business, life etc. Most of the Risks could be divided in two: External and internal. Internal Risks: Business owners have various ways to control internal risks which happen from day to day represented in things like: Strategies, financials and employees. External risks: Such as disasters and compliance. These are hard to control, Analyze and prepare for however it could be done by a series of preparations. The Plan: (Investinganswers.com, 2017) Risk management plans guide you on your way to analyze the risk, find solutions and get ready to face that risk any given moment. Though this plan doesnt describe the risk as a structure but the techniques of solving problems and facing these risks properly. Step 1 identifying the possible risk: (Gov.uk, 2017) First of all before taking any steps you should consider finding a group to think with about the possible risks. Its always better to think in groups to cover all the corners of the topic. Think of what could be threatening your business and how would it affect you and reflect on your work. You should be taking time to analyze and determine what the risks around you are by covering all the surrounding issues and thinking of the true potential risk and categorizing it. Categorizing risks depends on the nature of your work and your surroundings. For example: if youre running a factory you should consider the risk of having technical difficulties such as the fact that machines may stop functioning or even injuries may occur within your factory. These elements you can control by taking the right cautious steps. These are called internal risks such as we mentioned before. However, in cases of natural disasters like earthquakes, volcanoes, tsunamis etc., there is nothing much you can do ab out it and you may not have control over these external risk elements. 2nd step in our list here is prioritizing project risk: (Gov.uk, 2017) And its simply determining how likely or unlikely the mentioned risks may occur and calculating the potential impact on the project may be minimal. For example: a huge storm could happen and cancel few flights. Thats a risk that unlikely to happen. For example: a meteor shower might hit a certain area on earth and that would cause the same effect as the previous example, but its still unlikely to happen or it doesnt happen too often if I may say. Probability scale: After determining the risk, prioritizing and categorizing them, its now time to put them on the probability scale or the possibility scale: Very unlikely, unlikely, possible, likely, most likely After measuring how serious and likely the risk would happen, its now time to see how influential and impacting the risk is. Using the impact scale: which goes as following Very Low, Low, moderate, high, very high The techniques and the methods used to rank a risk applying probability scale and impact scale: Identifying the risk that is most likely to happen, rank it 5. Identify the risk that is the least likely to happen, rank it 1. Rank the other risks according to how likely they may occur. Apply the previous method on the impact scale. Example no.1 flight: Risk snow storm Probability 3 Impact 5 Priority Actions Example no.2 Flight: Risk Meteor shower Probability 1 Impact 5 Priority Actions Calculating priority: Once the probability and impact have been determined, you can easily calculate the priority by multiplying its probability through its impact. By this method you should be able to reorder your risk list in order of your own priorities. Example no.1 flight: Risk snow storm Probability 3 Impact 5 Priority 15 Actions Example no.2 Flight: Risk Meteor shower Probability 1 Impact 5 Priority 5 Actions As we mentioned earlier that each environment has its risks and each situation has a set of risks. This leads us to our next point. Hazard maps: the definition of hazard maps: (Earthquake.usgs.gov, 2017) A hazard map is a highlighted map spotting dangerous areas that affected or vulnerable to a certain hazard or risk such as volcanoes, earthquakes, tsunamis, landslides etc.. Hazard maps are created and used too often to expose the areas of high risk however hazard maps has various uses. For example: the one created by the U.S Geological survey which is used by American Insurance Agencies in order to maintain insurance covered citizens safe for living in hazardous areas. This leads us to a very important point which is event history. Event history: The only purpose of event history is to record, analyze and explain why certain people are at higher risks than others. This can be done by a special sort of static methods depending on the matter which is discussed. The first single requirement to make an event history analysis is event history data. The definition of event history: (members.home.nl/, 2017) Its simply a static or a series of events recorded by the date and time which happened to an individual or a series of individuals. For Example: an event history might be constructed by asking a series of question to a sample of people or making a survey which will report the dates of any past changes in marital status (for example). Risk appetite: A way to help and lead an organization system to approach risk and risk management. The definition of Risk appetite: (theirm.com, 2017): Its the amount of risk that a certain organization is able to tolerate and accept in the quest of its objectives and before the action is considered necessary. This done to reduce the risk since it works as a balance between the perks of creativity and the risk that change inevitably brings. Levels of Risk appetite Averse: Avoiding risk and uncertainty. Minimal: tendency to maximum safe options that is low on risk for a limited reward. Cautious: tendency to safe side options that have a minimal degree of risk and may have limited potential for a reward. Open: Willing to consider all options, the safe side part and the risky side as well and choose the one most likely to give better results. Hungry: eager to be innovative and willing to take the risks by choosing options with higher or better rewards despite the obvious risk, however the risk could be reduced by measuring the odds, though precise measurement isnt always possible. By defining the risk appetite an organization can make a perfect balance between innovation and caution for better results and higher, safer profits. However if a risk occurred and it already happened well need to use methods called Risk treatment. The definition of risk treatment: (simplicable.com, 2017) A risk treatment protocol or method which simply shows you how to manage a risk process all of its contents and treat it with various solutions. Avoidance: The first way to solve a problem is to avoid it and not needing to deal with it which in this case not taking the risk at all by avoiding its actions and staying out of its direction for a safe result. Reduction: You can always stay safe, always be prepared for the risk, for example wearing a life jacket when you go out for a swim, that way you will reduce the risk of drowning. Risk acceptance: Also known as risk retention which is simply choosing to take the risk instead of avoiding it. How to assess the risk? (Gov.uk, 2017) There are few things you need to know if you want to assess the risk. 1st: you need to identify the risks and the hazards such as we mentioned before. 2nd: you need to know who would get harmed by these hazards. 3rd: evaluate the risks. 4th: record your researches and studies about the risk. 5th: review your assessment to make sure that everything is going as planned. Risk management process: 1st youd need to identify the hazards as usual and make sure that you studied all the sides of these hazards. 2nd risk identification youd want to be fully aware of the risk and the hazards caused by it. For example: Hazard: worn out wires on electric items. Risk:worker might get electrocuted. 3rd risk assessment as its really importantto evaluate the odds of an injury occurring along with the possible consequences. Thats why risk assessment is based on two factors.The possible impact of any injury caused by a hazard and the possibility that the injury will happen, a risk matrix should be used in this type of situations. Risk Matrix: (Brighthub Project Management, 2017): Is a matrix used during the risk assessment to categorize the various levels of risk and the amount of harm that can be predicted to happen during a specific event an accident. Forexample, the level of risk could be measured and calculated as the result of possibility that harm could occur multiplied by the severity of that harm. Catastrophic: Numerous Deaths.Critical: 1 Death or Several Severe Injuries. Marginal: 1 Severe Injury or several Minor Injuries. Negligible: 1 Minor Injury Negligible Marginal Critical Catastrophic Certain High High Extreme Extreme Likely Moderate High High Extreme Possible Low Moderate High Extreme Unlikely Low Low Moderate Extreme Rare Low Low Moderate High 4th risk control (riskcontrolstrategies.com, 2017) Urgent actions must be taken for risk assessed as critical or high risk, the actions include: Instructions for immediate cessation of Activity, Isolation of the hazard, Prioritizing and immediate reacts to the hazard along with few improvements that can be done quickly, Training workers to be able to deal with the hazard properly and finally Daily check on the hazard to prevent any catastrophic losses. 5th branch diagrams (risk diagrams): (smartdraw.com, 2017) This analysis method is often used in safety engineering to figure out and determine how system can break or fail to analyze how to reduce risk or determine rates and statics of safety accidents. And its commonly used nuclear powers and chemicals processing. Fault tree analysis can be used to understand the concept to the risk event. First: Show the guidelines with the input system safety. Second: Prioritize the circumstances leading to the hazard event. Third: Monitor and insure safer performance. Fourth: Control over resources. Fifth: Assist building a system and a matrix. Sixth: Diagnosis and identifying and avoid the causes of the top event. 6th Risk register: (Brighthub Project Management, 2017) National risks register: Is a national security strategy was first published by the government back in 2008. Aiming to provide advices on how people and business can stay safe by preparing themselves for civil emergencies, there was another update in January 2012 and it was a fulfilling update to the 2008s register. Such register contained all the governments likelihood and potential emergencies risks made by several emergencies and hazards according to natural and industrial occurring hazards that may affect the United Kingdom. 2. Local risk Register: Whatever risk we face daily, it depends on where we live, how we live and the nature of environment around us. Flooding for example will be limited to certain areas of the country, while the odds of an industrial risk will depend on the type of industry and the place; each area has its own set of risks. For example: living by the coast could put you at the risk of a tsunami or a flood. Each area is special when it comes to risks. Therefore, the government provides guidance and instructions on how to act or what to do during this kind of events. It also shows how to overcome and how to treat these risks and how to be prepared before any risk hits suddenly. 7th Dynamic Risk Assessment (KPMG, 2017): DRA was developed by KPMG team: A team of scientists, mathematicians and economists. Its considered a huge step forward in the risk Assessment field which depends on theories, sophisticated algorithms, mathematics and advanced well processed data to identify and analyze risk in a 4th dimensional view. This allows professionals to see where risk can be considered critical or even spread contagion. The threat is measured and calculated before the event to prevent its occurring. References: BusinessDictionary.com. (2017). When was the last time you said this?. [online] Available at: http://www.businessdictionary.com/definition/risk.html [Accessed 22 Mar. 2017]. KPMG. (2017). Dynamic Risk Assessment. [online] Available at: https://home.kpmg.com/xx/en/home/services/audit/dynamic-risk-assessment.html [Accessed 22 Mar. 2017]. Imagineeducation.com.au. (2017). Imagine Education Australia. [online] Available at: http://www.imagineeducation.com.au/files/CHC30113/6_Steps_to_Risk_Manageme [Accessed 22 Mar. 2017]. Project-Management.com. (2017). What are the Components of Risk?. [online] Available at: https://project-management.com/what-are-the-components-of-risk/ [Accessed 22 Mar. 2017]. : Spacey, J. (2017). 5 Types of Risk Treatment. [online] Simplicable. Available at: http://simplicable.com/new/risk-treatment [Accessed 22 Mar. 2017]. Gov.uk. (2017). Risk assessment: how the risk of emergencies in the UK is assessed GOV.UK. [online] Available at: https://www.gov.uk/guidance/risk-assessment-how-the-risk-of-emergencies-in-the-uk-is-assessed [Accessed 22 Mar. 2017]. Earthquake.usgs.gov. (2017). Introduction to the National Seismic Hazard Maps. [online] Available at: https://earthquake.usgs.gov/hazards/learn/ [Accessed 22 Mar. 2017]. Project-Management.com. (2017). What are the Components of Risk?. [online] Available at: https://project-management.com/what-are-the-components-of-risk/ [Accessed 22 Mar. 2017]. KPMG. (2017). Dynamic Risk Assessment. [online] Available at: https://home.kpmg.com/xx/en/home/services/audit/dynamic-risk-assessment.html [Accessed 22 Mar. 2017]. Brighthub Project Management. (2017). What Is a Risk Register? Explanation Free Template. [online] Available at: http://www.brighthubpm.com/risk-management/3247-creating-a-risk-register-a-free-excel-template/ [Accessed 22 Mar. 2017]. Smartdraw.com. (2017). Fault Tree Diagram What is a Fault Tree and Fault Tree Analysis?. [online] Available at: https://www.smartdraw.com/fault-tree/ [Accessed 22 Mar. 2017]. Theirm.org. (2017). Risk appetite and tolerance. [online] Available at: https://www.theirm.org/knowledge-and-resources/thought-leadership/risk-appetite-and-tolerance/ [Accessed 22 Mar. 2017]. Risk Control Strategies. (2017). Risk Control Strategies: Threat Security Solutions. [online] Available at: https://www.riskcontrolstrategies.com/ [Accessed 22 Mar. 2017].

Ku Klux Klan Essay

Introduction: In this essay I am going to compose a piece of text which will involve the tension of Segregation. In the 1930s, although 50% of the population of Southern towns were black, they had no vote and could not marry whites. Also in the 1930’s, many black people lived in the southern states. During that time, racism reached its highest point. For instance, the whites treated the blacks very poorly because they thought that the blacks were lower than them. Therefore, the blacks had to fight for the right to be treated equally. As a result, black people had to face the Jim Crow Laws and the Ku Klux Klan. In my own opinion I think that the 1930 was a turbulent time for race relations in America. Paragraph 1: The first racism incident that I have spotted out and chosen to write about in my essay is when the Wallace’s’ poured kerosene over Mr Berry and his nephews and lit them on fire. One of the nephews died, the other one is alive but has the same condition as Mr Berry. The reason why the Wallace’s poured kerosene over the Berry’s was because they caught them flirting with a white woman which wasn’t allowed back then. In fact, it was not even true! The Berry’s didn’t even flirt with her. They lied about it. The quote that goes with this event was when mama (Cassies’ mum) said to her kids, â€Å"The Wallaces did that, children. They poured kerosene over Mr Berry and his nephews and lit them afire.† â€Å"Everyone knows they did it, and the Wallaces even laugh about it, but nothing was ever done.† At this right moment I feel disgusted and baffled that people could actually do this in the 1930s. The sympathy for the Wallace’s has decreased because setting fire to someone is arson and that makes Mr Wallace and his clique an arsonist. Also it makes us feel that the Wallaces are black-hearted and atrocious people, because who would want to set a person on fire? Then laugh about it. The sympathy for the Berrys has definitely increased because of what happened to both Mr Berry and his two nephews is utterly excruciating and the fact that there is no reason behind why the Wallaces did it, makes the reader feel more sorrowful for them. On the other hand in the book it says, â€Å"Disfigured man lying in the darkness† In that quote you can see how dreadful his injuries were. He was even camouflaging with the darkness; see that is real bad? Paragraph 2: The second racism incident that I found very crucial was when Cassie bumped into Lillian Jean Simms by accident but Lillian Jean still DEMANDED for a sorry and for Cassie to get on her knees instantly. As well as this was racism, it was also bullying in some kind of way because Cassie didn’t want to get on her Knees but she still got forced. â€Å"Kicking at the sidewalk, my head bowed. It was then that I bumped into Lillian Jean Simms.† Cassie really didn’t mean to bump into Lillian Jean at all but she took it over the top& reacted to the bump by saying, â€Å"why don’t you watch were you’re going?† â€Å"Well apologize† â€Å"That ain’t enough. Get down in the road† This right here is what you call racism. Cassie didn’t intend to bump into Lillian Jean, it was just an accident but because Cassie is black they didn’t care at all. Cassie even got pushed around by Mr Simms. Mr Simms was even sticking up for his daughter even though she was in the wrong. Lillian Jeans’ father was saying to Cassie that when Lillian tells you that you should get off the sidewalk, you get off it. The sympathy towards Lillian Jean Simms has totally decreased because what she did was just too dramatic and it was just a ‘bump’. In my opinion Cassie did not have to go on her knees because she didn’t deliberately bump into her; all that should have been done was an apology to Lillian. My sympathy towards Cassie has increased more. The reason why I said this was because she was intimidated and forced to get on her knees even though she had already shed a tear; they didn’t care, they just wanted an apology from her. Conclusion: To sum up I think that Racism is totally unacceptable and utterly inglorious. In this novel I think that Taylor was trying to put across the fact of what the black people had to go through in the 1930s every day of their lives, and how their wouldn’t even be an us our even a peaceful world if racism was still occurring. I also think that Taylor is trying to compare today’s life to the 1930s and too see how much the black people suffered.

Three Features of an Ideal Ruler Contrasted in The Aenied...

An ideal ruler possesses 3 distinct features: courage, honor, and virtue. Courage is often shown when facing difficult leadership decisions. Honor is gained as one honor’s the gods or serves one’s own state. And virtue is gained as one looks out for the best interest of one’s own state. The importance of such virtues is contrasted in Antigone and The Aenied. In Antigone, Creon shows the 3 components of a good leader when he takes rule and objectively enforces the laws to maintain order. But as Antigone progresses and Creon’s hubris becomes more prominent, he loses sight of the three qualities that make a good leader. However, unlike Creon, Aeneas starts as the ideal leader by utilizing the 3 qualities and ends as an ideal leader, still†¦show more content†¦Therefore, Creon is able to show the city what mortal laws are meant for—to keep order. Creon loves Athens, and displays his loyalty by serving as king and attempting to honor the city’s gods by punishing a traitor. Though Creon’s actions have good intentions behind them, his view begins to illustrate his self pride. After being informed that Polynices was buried, the Chorus tells Creon, Creon gains honor here from his belief that the gods don’t honor traitors. Though Creon is obviously wrong, he shows some honor because in this situation Creon is simply trying to do what he believes is best for the city. Creon’s honor stems from his want to carry out laws consistently. However, Creon’s claim that gods don’t honor traitors shows his circular logic. For who is to determine a criminal in Thebes? Because Creon is the ruler of the kingdom, Creon has the ability to judge of who is a criminal and who is not. And so in this sense, Creon reserves the right to himself and himself only. Thus leading Creon to believe he is more powerful, implicitly taking his position to that of more than just a king. Creon’s reveals an attitude of manly pride which ultimately proves to be his downfall. As the state calls Creon to rise to kingship, Creon jumps into leadership and immediately attempts to protect the state, thus displaying some very important leadership qualities. But as Creon’s arrogance begins to build, his emotions begin to take hold of his

Analysis of Film The Matrix Essay - 1575 Words

Analysis of Film The Matrix The Matrix, released at Easter in 1999, is both a piece of cinematic entertainment and a film portraying religious and philosophical allegories. The Matrix can therefore be viewed from two different perspectives; purely as an action film or instead on a deeper level, exploring the more insidious values hidden in the plot. As a piece of cinematic entertainment, the Matrix was a very successful film release. It contains fight scenes, chase sequences and special effects to rival any other film released during 1999. The matrix was a Hollywood blockbuster. In order to be successful it had to appeal to a wide audience. Like any other typical blockbuster, the matrix†¦show more content†¦In places this was filmed using slow motion but some parts of the film needed to be done in bullet time photography. This involved using computers and many cameras in different positions all set at different times. The complexity of using bullet time is shown by the fact that it uses almost 12 000 frames a second! The Matrix uses almost every kind of visual effect that existed before its production, but basically took each one a step further. The characters in the Matrix assist in producing a high-quality film. The costumes are interesting, and symbolise different groups- the agents all wear the same suits and people from Zion entering the Matrix all wear sleek, black leather, forming a cool collected image. Other valuable features of the film include effective cinematic imagery such as Trinity holding the gun to an agents head before saying Dodge this. This is ironic, as Neo has just been dodging bullets shot by the same agent. Another example of effective cinematic entertainment is the lobby scene as Neo and Trinity attempt to rescue Morpheus. When asked to remove any metal items they open their long jackets to reveal masses of guns. They then go on to fight many security guards. 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