Integrated Risk Management Essay
Abstract:
Risk management is the identification, assessment, and prioritization of risks. Risk management is important in an organisation because without it, a firm cannot possibly define its objectives for the future. Also, the risk management team is responsible for assessing each risk and determining which of them are critical for the business. The critical risks are those that could have an adverse impact on the business; these should then be given importance and should be prioritized.In this paper we compare few techniques to increase risk management in various fields such as construction and finance.
Introduction:
With the development , a great number of construction projects are undergoing and yet a lot more are to come. Accompanying
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Based on the study by Huang in 2005, the integrated risk management shall be taken as a comprehensive understanding, which is not only to stress the overlaps of different risks, but also emphasize the coordination of resources and power [6]. This paper presents a trapezoid framework for integrated risk management as shown in Fig. 1.
B. Functions and purpose
The integrated risk management framework includes five main functions as follows. z Improve the efficiency of cooperation and coordination in risks management. z Commit to form a work team, and keep alert to risks and create a risk management environment.
z Contribute to the technology innovation of risks control. z Share risks reasonably, and ensuring the legality of all related actions. z Distribute specific risk management duty to different departments and control risks according to different
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