Risk Management and Its Types

Introduction Risk management refers to the process of identifying, assessing, and prioritizing risks, as well as consequent application of measures to monitor, minimize, and control their effects (Frame 53).Advertising We will write a custom essay sample on Risk Management and Its Types specifically for you for only $16.05 $11/page Learn More Risks emanate from several occurrences such as financial uncertainties, project failures, legal liabilities, credit difficulties, accidents, and other unpredictable events. Risk management standards apply avoidance of risks by organizations. Methods, goals, and definitions of risk standards depend on field of application. Types of risks include social risks, operational risks, financial risks, credit risks, currency risks, quantitative risks, market risks, and project risks (Frenkel and Rudolf 26). Types of risk management differ based on an organization’s goals, objectives, and operations. Risk management pl ays a vital role in promoting organizational growth and success. Operational risks Operational risks refer to risks encountered by organizations owing loses experienced from execution of internal activities. Operational risk management focuses on mitigating risks incurred due to operations executed by organizational systems and people. Operational risks include fraud, physical risks, and legal risks (Hutter and Power 33). Basel II regulations define operational risk as probability of an organization’s exposure to failures in operations, systems, or people due to certain events external to an organization (Frenkel and Rudolf 36). The difference between operational risk management and other types of risk management is that operational risk management does not earn profits for organizations. Organizations are aware that people, systems, and organizational processes are prone to errors that expose them to losses.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The degree of losses that an organization is willing and ready to handle determines its ability to manage operational risk (Hutter and Power 34). Types of operational risks include employee errors, system failures, fraud, criminal activity, and natural disasters such as floods and fire (Hutter and Power 35). Internal processes such as employee training, staff development, media communication, stakeholder management, and product or service development are common sources of operational risks (Hopkin 31). Other examples include employment practices, execution and process management, workplace safety, and business practices (Khatta 34). Operational risk arises from failures or weaknesses in these processes (Frenkel and Rudolf 29). For example, if employee training does not give desired results or stakeholder management does not meet goals and objectives, operational risks arise. Attributes of operational risks in clude emotional effects, financial loses, increased costs, reduced productivity, reduced effectiveness and efficiency, and poor results. Social risk Social risk refers to risks encountered due to factors such as age, gender, religion, culture, and race (Khatta 39). Social risk management refers to a framework that focuses on preventing people from effects of social risks by presenting protective and coping strategies.Advertising We will write a custom essay sample on Risk Management and Its Types specifically for you for only $16.05 $11/page Learn More According to research, poor people are the most vulnerable to effects of social risks (Hopkin 44). Several classes of factors expose individuals to social risks. Examples include health, life cycle, economic situation, environmental aspects, as well as administrative and political factors (Khatta 42). Health risks expose individuals to injuries, disabilities, and illnesses. In extreme cases, people are ex posed to pandemics that have severe effects. Life cycle is associated with birth, age, and death. Economic situation determines availability of employment opportunities to individuals. Discrimination is one of the risks experienced under administrative and political factors. Discrimination leads to politically induced malpractices such as denial of social privileges such as human rights and freedom (Schutt 82). Discrimination is also associated with religion and race. Attributes of social risks include lack of cohesion in communities, racial and social segregation, religious intolerance, and division of people into socio-economic groups (Khatta 53). Gender is another common aspect of social risk. Researchers from the University of Amsterdam and Columbia Business School found out that women take fewer risks than men (Hopkin 54). In comparison, women perceive risks to be higher in the financial and ethical areas but lower in the social arena. Women take more social risks than men, whi le men take more financial risks than women.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Social risks that women take include advancing careers at advanced ages and giving their opinions regarding religion or gender equality at meetings and in public (Hopkin 55). Men and women behave differently when faced with social risks. This difference in behavior is attributed to varying perception of social risk (Schutt 89). Each gender perceives risk as less or more risky depending on length of exposure. Conclusion Risk refers to probability that a certain activity will lead to a certain loss. On the other hand, risk management refers to the process of identifying, assessing, and prioritizing risks, as well as consequent application of measures to monitor, minimize, and control effects. Risks emanate from several occurrences such as financial uncertainties, failure of projects, legal liabilities, credit difficulties, accidents, and other unpredictable events. Two common types of risks include social risk and operational risk. Operational risk is associated with risks encountered by organizations owing to execution of internal activities. It focuses on risks incurred due to operations executed by organizational systems and people. Social risk refers to risk associated with religion, gender, race, place of origin, age, and socioeconomic class. Works Cited Frame, James. Managing Risk in Organizations: A Guide for Managers. New York: John Wiley Sons, 2009. Print. Frenkel, Michael, and Rudolf Markus. Risk Management: Challenge and Opportunity. New Opportunity: Springer, 2007. Print. Hutter, Bridget, and Power Michael. Organizational encounters with Risk. London: Cambridge University Press, 2005. Print. Hopkin, Paul. Fundamentals of Risk Management: Understanding, Evaluating, and  Implementing Effective Risk Management. New York: Kogan page Publisher, 2012. Print. Khatta, Robert. Risk Management. New York: Global India Publications, 2001. Print. Schutt, Harold. Risk Management: Concepts and Guidance. New York: DIANE Publishing, 2003. Print. This essay on Risk Management and Its Types was written and submitted by user John Webb to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Topics of Compare and Contrast Essay

Topics of Compare and Contrast EssayTopics of Compare and Contrast are very popular topics in college. The topics to help students practice essay writing skills by showing how to use short sentences and paragraphs. Each topic has four parts, a title, opening paragraph, second paragraph, and a closing paragraph. Some students may find that the length of each paragraph is too long, but you can find an easy way to shorten the topics.First, you will need to make sure the words on your page are simple enough to read. Writing is often difficult for many students. It is important to practice the skills before writing a college essay. If you need to use longer words, you should be able to find shorter words that are still understandable. When you do not have the time to find the right words, you should look for ideas to use.You can also use different topics to help your essay. One example is talking about different topics. This is a good idea for students who do not have time to write a full essay, especially if they are working on other projects. Topics of Compare and Contrast can also be used to talk about different sides of a topic. The best thing to do is choose the most interesting topic and then give your reasoning for why you believe it is interesting.Another great thing about using different topics is that you can make them seem different from each other. Talk about the pros and cons of each topic, as well as what students can expect from the topics of Compare and Contrast essay. You can compare and contrast topics by using statistics or discussing different values or groups.Many students find that the first paragraph of each different topics is the hardest. The first paragraph is the most important portion of your essay. It will help your readers to understand what your paper is all about. Students often find that they spend most of their time on the first paragraph, so they need to make this section concise.Your second paragraph should explain how the student s can see a variety of information from each topic. You can do this by writing about groups or values. You can also talk about a contrast between the topics. Students often find that the content of each paragraph is very similar. However, there are always different perspectives and ways of thinking.After you have finished the paragraphs of each different categories, talk about the topic. Do not overdo it, but there is nothing wrong with mentioning a few facts about each topic. You can give an example of how people would react to the topic of Compare and Contrast essay. When you are done talking about each topic, you should summarize the information in the first paragraph.You can summarize the topics in one sentence, or you can summarize in three or four lines. Before you submit your essay, you should review the topics of Compare and Contrast essay and summarize the information there. If you want to make sure that your students will be able to write their own Compare and Contrast ess ay, you should practice writing the first draft with different topics.

When Writing an Argumentative Essay, What Should Be in the Background?

When Writing an Argumentative Essay, What Should Be in the Background?When writing an argumentative essay, a good question to ask yourself is, what is the best type of writing to put in the background? The main purpose of having a background is to make the subject seem less formal and more conversational. To give you a little idea on this topic, I would like to give you some examples. By doing this, you will gain a better understanding of the type of writing you need to put in the background.One way to get around the obvious of writing in the background is to bring in the big guns. This type of essay is usually accompanied by a metaphor or any form of personal observation that shows the reader why the writer feels that their personal observations should be put in the background. This style of writing is used because it allows the essayist to tell their story with facts and not just the writer having a 'bark' about something.The second type of writing that can be used in the backgroun d is called the 'What If' statement. Usually, this type of essay uses logic to examine a scenario in which a certain issue is raised and if the situation is indeed as bad as the writer says it is. It is through this type of essay that the writer will be able to display some intelligence in their reasoning.The third type of writing that can be put in the background is a diary. The writer's ability to maintain a diary while writing gives the author the ability to keep their writing interesting and fresh. It also allows the essayist to remain true to the objectivity of their prose. Additionally, it allows the author to connect their past and present so they are still speaking the same language.Writing to have the reader believe you have a professional perspective will also work in your favor. This type of writing is sometimes referred to as an apologetic essay. It will allow the reader to feel that the writer is taking into consideration their point of view.Another method that can be u sed to have a backdrop of writing to place you in a better position of writing an argumentative essay is to get the feedback of an expert. To do this, you will need to contact an expert editor that specializes in writing for argumentative essays. In most cases, they will ask for a couple of sample essays from different writers and you will then be able to write what you know.Something else to remember when writing an argumentative essay is that you will have to write in a way that will attract people's attention. The key to doing this is in the tone of voice. It is important to keep a straight and formal tone and for it to convey this clearly to the reader. If you tend to use a relaxed tone then you will lose the reader's attention and have them wonder why you have that tone of voice.When writing an argumentative essay, one thing that you will want to remember is that no matter how you use your background, you will be well advised to keep it professional and concise. What should be in the background will help you tell your story, but it is important that you not use the background as a crutch to hold yourself back.

Writing a Problem and Solution Essay - The Importance of Using Detail in Your Essay

Writing a Problem and Solution Essay - The Importance of Using Detail in Your EssayWhen writing a problem and solution essay, the importance of using detail is key. While it may be easier to simply use words like 'good', 'bad'right' to discuss a problem, using details will make a better essay. In addition, it will save time and will allow the essay to be more thought-provoking than merely saying, 'It is so', or, 'It is not so'.If you do not know how to present a problem in a way that will be compelling, begin by discussing some sample problems you have been faced with and then write about the results. These will be 'core' problems that will create more depth and detail than other issues that are described.The most common problem encountered is procrastination, which can cause the idea to slip away, never to be resolved. When writing a problem and solution essay you need to include an example of this problem and a solution, but when you do not use this method, the solutions are mere i deas.If you are unsure of what problem you want to solve, look for a problem that has similar elements. For example, do you need a solution to the problem of finding a place to eat during a busy day?Think about the last time you sat down at the table and felt like you were missing out. If your thought was, 'I will not have lunch because I am working on a big project and will not be able to eat' you probably needed to include more detail in your essay.This kind of problem is almost always associated with a long list of things that have to be done. Many times, these are the same projects that are taking up your time and creating a more stressful atmosphere.The problem is a person's lifestyle, and not a case of ignoring a problem. Also, a list of projects must be accompanied by the time required to complete them.Writing a problem and solution essay is not hard, and it is important to be creative and to include the basics when filling out the blank spaces on your essay. However, being t horough when you are writing a problem and solution essay is crucial to the success of your writing.