Question

Write an executive summary on your learning of the risk management project for your CEO. Ensure you state the bottom line upfront and then provide details that impact the business the most from a risk perspective.

I worked with AECOM engineer firm on a demolition site in Japan.

200 words

Answer 1

My understanding of the learning of the risk management project is:

Risk management is the mechanism by which risks to the resources and assets of a company are identified, analyzed and managed. Such challenges, or hazards, may emerge from a broad range of sources, namely financial volatility, legal obligations, failures in strategic management, events and natural disasters. Digitized businesses have been a top priority for IT security vulnerabilities and data-related risks, and risk reduction approaches to mitigate them. As a result, a risk mitigation program frequently involves the mechanisms for businesses to detect and monitor risks to their digital properties, including confidential business records, personal identifying information (PII) from a client and intellectual property.

A company can save resources and secure its futures by adopting a risk control strategy and identifying the multiple possible threats or incidents before they arise. It is because a comprehensive risk reduction strategy would help a company develop strategies to prevent future risks, mitigate their effects should they emerge and deal with the outcomes. The awareness and management of risk encourage companies to have more trust in their strategic decisions. In addition, sound governance standards that explicitly focus on risk mitigation will help an organization achieve its goals.

Other essential risk reduction advantages include:

• It provides a healthy and efficient work atmosphere for both staff and consumers.
• Increases financial flexibility while simultaneously reducing civil responsibility.
• Provides insurance against events that affect both the business and the surrounding.
• Protects all individuals and properties involved from any future damage.
• It helps to determine the insurance needs of the company so as to save on needless premiums.