What is one part of risk management which you would like to learn more about and...

What is one part of risk management which you would like to learn more about and why?

Expert Solution

Risk management is the very necessary process in the business as business always run on certain and uncertain risks, so to evaluate the risk the business need to make proper strategies to prevent business from those certain or uncertain risks which the business may suffer and the risk can be visible or invisible such as in case of fire the warehouse or office is at risk which is visible and in case due to some bad decisions taken by the business the company goodwill is in loss which is invisible in nature but company will suffer badly.

So the risk management process involves many steps through which the risk can be diminished or may be completely eliminated, some are the types of the risk below mentioned are :

1.) Identify the risk.

2.) Quantify the loss.

3.) Development of the risk prevention plans.

4.) Implementation of the plans.

5.) Review the plan effectiveness.

6.) Monitor the plans continually.

The risk prevention is the one part which is very important and I would like to learn more about it because by making the plans to prevent the business form any risk we should be more attentive while making those strategies because these strategies will be later implemented on the business so these strategies must be well planed by adding more securities features to it like in case of risk of fire the whole office and warehouse must be equipped with the fire extinguisher and in case of the risk of investment, company should make proper evaluation by calculating leverages before investing the funds into the investment channels so that to ensure the business will provide incomes instead of loss and to prevent the name and fame of the company called goodwill the company must take decisions on the rational basis and would not take decisions quickly which will take the company into problems.

jeff jeffy answered 1 week ago

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