Venkata Kondaveti XXXXXXXXXXThis is a draft report for the Assessment 1 which was completed during...

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Venkata Kondaveti XXXXXXXXXXThis is a draft report for the Assessment 1 which was completed during Workshop 1. From the lecture, the concept of Risk Management can also be defined as a set of precautions about damage occued or prediction of damages before they really happen. All those damages have to be managed by the engineers, designers and managers in all specialised areas. According to ISO 31000, Risk is an “effect of uncertainty on Objectives” and that effect can be positive or negative deviation from what was expected. There were three methodologies which helps to prevent the happening of risk (damage). Those are Principles, Frameworks and Process. Figure 1 Source ISO 31000 Risk Management MethodologiesFrom the above picture the relationship between them as follows. Principles guide to create framework. Framework determines the process and finally performance for the process has to give the feedback to framework. Thus, how methodologies can help to analyse the situation by identifying the risks with some tools like Documentation Reviewing, Brainstorming, Fishbone, Root Cause Analysis and SWOT Analysis etc., all these tools can be used in almost all engineering projects.In the upcoming Full Assessment Is about the research of an academic literature and analyse the Risk Management with the concepts explained in this draft and connect this whole concept to Resilience Engineering.Reference:  Dali, Alex ‘ISO 31000 Risk Managementâ âThe Gold Standardâ’, EDPACS : the EDP audit, control and security newsletter., vol. 45, no. 5, pp. 1–8.1

Shakeel · Accepted Answer

Every business, organization, project or system are not standalone fully efficient and free from any kind of damage and loss. Risk is always there. Every activity and process involves certain kind of risk whose intensity and frequency of occurrence depends upon several factors like nature of business or operation, geographical factor, market condition, competitors, availability of resources and of course entity’s own objective and goal. Therefore, it is imperative to manage the risk from the very starting to achieve the desired objective. In management, risk is defined as degree of uncertainty or chances of happening of any undesirable event. Hence, risk management is a process of minimizing or mitigating risk (Stanleigh, 2011). Risk management starts with identification and evaluation of risk and then resources and processes are optimized to minimize the level of risk. Continuous monitoring process is carried on to timely address any need of change in risk management process so risk may not go beyond a certain limit. In the words of Borghesi & Gaudenzi (2013), “Integrated risk management approach allow the integration and coordination of strategic entrepreneurial risk management processes through the effective and efficient management of the risks that are typical of business processes, while meeting the performance expectations of the various stakeholders”. Thus, integrated risk management has several benefits like-
· It helps to protect and enhance organizational value through assessing the risk threatening to company’s competitive edge.
· It helps manager to focus on value creation priorities through supporting the decision making processes.
· Optimize the company’s resources to minimize the cost of risk as well as cost of overall capital.
· Improve the company’s goodwill and reputation through better relationship with stakeholders.
· Protect the business from any adverse political change, regulatory issues or formal assessment systems.
Therefore,

Venkata Kondaveti XXXXXXXXXX This is a draft report for the Assessment 1 which was completed during Workshop 1. From the lecture, the concept of Risk Management can also be defined as a set of...

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