What are the risk management responsibilities for a Business Unit Manager?

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Risk management responsibilities for a Business Unit Manager?

The Risk management responsibilities for a Business Unit Manager are:

One of the major things of a business unit manager is supposed to do in terms of risk management responsibilities is to assess the present as well as the future risks
To reduce the impact of the risks the manager is responsible to create Business Continuity Plans
The manager is also responsible to create awareness among his subordinates about the present as well as the future risks, he is responsible to train them to make them well-informed and trained
The manager is responsible to buy insurances to reduce the losses caused by an unfortunate event
The responsibility of the manager also encompasses risk reporting to the right stakeholders
This job also requires the manager to create a record of all the claims so that settling them effectively is possible
The manager would also be responsible to document insurance policies
Conducting compliance audits with the help of both external as well as internal auditors
Responsible to make risk management processes by doing a cost-benefit analysis and implement them when the risks happen to reduce their economic effect on the organization
Organize and attend risk control meetings

keosha answered 4 months ago

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