Role Of Risk Management On A Business Essay - 1189 Words

ROLE OF RISK MANAGEMENT In starting a business, there can be a set of uncertainties and circumstances that may arise in a period of time. Any potential hazards whether it may be small or big can destroy a business while others can bring about a serious harm that can be excessive and difficult to repair. Nonetheless, the dangers present in running a business, CEOs and/or risks management officers regardless of the extent of the business from a small to a corporate company can prepare in the event when they recognize what they are. According to Downer Group (2015) itself: â€Å"Downer offers services in the infrastructure maintenance, engineering, construction, telecommunications, mining and resource sectors. A range of services to its customers is being provided across the whole process of their physical infrastructure assets. At Downer, customers are the main focal point in everything that they do. A mutual relationship between the company and its customer is one of the key reasons of progress thus a shared success. By truly understanding and predicting their needs, they can transform ideas into possibilities of reality. Creating and sustaining a modern environment is made possible through the trusted relationships they build with their customers, colleagues, and communities.† Fundamentally, risk management pertains about distinguishing, assessing and taking financial control of distinctive business risks. An assortment of diverse tools is utilized as a part of risk managementShow MoreRelatedAccountant Role In Business Essay1742 Words   |  7 Pages11/11/2017 Marta Silva â€Å"Are Management Accountants Important Strategic Partners in Corporate America’s Management teams? 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Every project usually performs a unique set of operationsRead MoreThe Changing Landscape Of Risk Management1114 Words   |  5 Pageschanging Landscape of Risk Management Sherene Rampersad BUS 323 Professor Patricia Ryan October 27, 2014 Typically companies have a higher tolerance for financial risks than operating risks. Financial risks include risks associated with foreign exchange rates, liquidity, credit decisions and the operating risks include risks associated with supply chain, information technology. Financial risks are generally easier to quantify and control as compared to operating risks, many of which are dueRead MoreThe Importance Of Risk Management Function Within Businesses1044 Words   |  5 PagesState-of-the-Art-Review Risk Management is the process of recognising, measuring, and handling the risks that an organisation faces. As the outcomes of business activities are uncertain, there are some forms of risk taking place, for example: strategic failures, operational failures, financial failures, market disturbances, environmental disasters, and regulatory violations. (Lexicon.ft.com, 2015). Trends Many institutions have evolved into more complex and sophisticated when it comes to risk management functions