In this assignment, you will compare and evaluate risk management techniques from experts in the...

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In this assignment, you will compare and evaluate risk management techniques from experts in the field.Go to PROQUEST or JSTOR database and find one article by James Kallman. Dr. Kallman, an expert in the field of risk management, has written many articles on managing financial risk. Find a second article in the Library from another credible author of your choice who also provides recommendations for risk management.Develop a three page analysis, excluding title and reference page(s), of the techniques Dr. Kallman has identified for managing risks. In this analysis, compare Dr. Kallman’s techniques to the techniques recommended in the second article you researched. Explain why you either agree or disagree with each authors’ recommendations. Identify other factors you believe should be considered in risk management. The assignment should be comprehensive and include specific examples. The paper should be formatted according to APA styleYou must cite at least two scholarly sources from PROQUEST or JSTOR, one being an article by Dr. Kallman.
	
Document Preview: Identifying and Managing Risk In this assignment, you will compare and evaluate risk management techniques from experts in the field.Go to PROQUEST or JSTOR database and find one article by James Kallman.  Dr. Kallman, an expert in the field of risk management, has written many articles on managing financial risk. Find a second article in the Library from another credible author of your choice who also provides recommendations for risk management.Develop a three page analysis, excluding title and reference page(s), of the techniques Dr. Kallman has identified for managing risks. In this analysis, compare Dr. Kallman’s techniques to the techniques recommended in the second article you researched.  Explain why you either agree or disagree with each authors’ recommendations.  Identify other factors you believe should be considered in risk management.  The assignment should be comprehensive and include specific examples. The paper should be formatted according to APA style You must cite at least two scholarly sources from PROQUEST or JSTOR, one being an article by Dr. Kallman.

David · Accepted Answer

Risk management framework is a critical requirement for measuring and assessment 
of risk. This is based on identifying the various types of risks and bucketing it into 
clear and defined categories. They can be classified as strategic, financial, 
operational or economic. Strategic risks arise out of opportunities which can have 
long-term variations in their outcomes. It could include risk to reputation, quality, 
brand and others which could have lasting impact over a period of many years.  
Operational risks include the usual business and hazard risks that are a part of day 
to day functions and are being managed for years. These risks have variations in 
outcomes within one operating period. Economic risks are political and macro-
economic risks and financial risks relate to the microeconomic events. They could be 
risk from fluctuating exchange rate or interest rate risk.  
Kallman describes seven techniques for identifying enterprise risk. These are  
Statistical analysis. This technique is used when relevant and sufficient is readily 
available. Using this method for outcomes is useful because it helps in forecasting 
mean values and standard deviations. The advantage this method offers is that 
decision-makers generally don’t challenge the results by this method as the numbers 
are “real” and are indicative of past performance. The limitation of this method is the 
unavailability of sufficient and reliable data.  
Contract analysis. IT is advisable to carefully review the contracts before signing for 
this may expose the organization to many contractual risks. Some of the clauses or 
waivers could place the organization in a vulnerable position.  
Surveys and checklists.  Risk surveys as well as insurance checklists are popular 
tools with risk managers. These checklists are provided by the intermediary free of 
charge and often are completed for the insured.

In this assignment, you will compare and evaluate risk management techniques from experts in the field. Go to PROQUEST or JSTOR database and find one article by James Kallman. Dr. Kallman, an expert...

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