Week 5 Discussion

Risk Management

A risk manager is tasked with identifying the risks within an organization. As a part of this process, the risk manager should conduct a business impact analysis (BIA) and develop an RM plan. A risk manager’s objective is to plan for any risks, determine the �nancial costs associated with the risks, and explain how the risks will be handled if a situation does occur. Ultimately, the risk manager should strive toward minimizing the risks and the impact it will have on the organization. While the textbook will provide you with a global perspective on RM and research from an array of journals, take a moment to truly understand the role of a risk manager.

Examine a few RM job descriptions.

What type of businesses requires RM?

What are the quali�cations to become a risk manager?

What is the average salary of a risk manager?

Now that you have some background knowledge of a risk manager and the speci�c industries that will require someone with this skill set, what steps should a risk manager take to evaluate organizational risk?

Initially, the traditional process of RM was comprised of the following stages:

1. Assessing the risk

2. Determining the treatment for the risk

3. Evaluating the risk

4. Monitoring the risk

The RM process has been expanded to include the following stages:

1. Identifying risks

2. Prioritizing top risks

3. Undertaking risk assessment (RA)

4. Identifying RM options

5. Designing RM strategies

6. Designing crisis management strategies

7. Implementing strategies

8. Monitoring progress and updating strategies

Remember the following:

Reference Clarke, S., Probst, T. M., Guldenmund, F. W., & Passmore, J. (2016). The Wiley Blackwell handbook of the psychology of occupational

safety and workplace health. Malden, MA: John Wiley & Sons, Inc.

“Organizations increasingly seek to incorporate all potential sources of risk within their risk management portfolios to enhance business survival and success, so that key performance indicators are commonly aligned with safety (and perhaps also environmental) performance indicators” (Clarke, Probst, Guldenmund, & Passmore, 2016, p. 523).

Additional Materials

From your course textbook The Wiley Blackwell Handbook of the Psychology of Occupational Safety and Workplace Health, read the following chapter:

Risk Management

From the South University Online Library, read the following articles:

Risk Analysis and Management (https://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp? sch=suo&turl=http://search.ebscohost.com.southuniversity.libproxy.edmc.edu/login.aspx? direct=true&db=ers&AN=89250573&site=eds-live)

The Perfect Storm: A Case Study Illustrating How a Series of Events Led One Farm Operator to Develop a Risk Management Plan that Includes a Lender's Perspective (https://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp? sch=suo&turl=http://search.ebscohost.com.southuniversity.libproxy.edmc.edu/login.aspx? direct=true&db=edsjsr&AN=edsjsr.jasfmra.2013.39&site=eds-live)

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