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Risk Management 8

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Risk Management
School
University of South Florida
Type
Homework
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Running head: RISK AND DISASTER PREPAREDNESS 1
Risk and Disaster Preparedness
Name
Institution

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RISK AND DISASTER PREPAREDNESS 2
Risk and Disaster Preparedness
Risk Management is a management tool that identifies the possible risks the organization
is exposed to and how they hinder the achievement of the prior set goals. It helps organizations,
for-profit, or otherwise understands the risks and the possible impact if they happen to occur
(Andersen, Garvey & Roggi, 2014). Recent events have necessitated all institutions to identify,
analyze, and plan for various forms of risks. Disasters may happen anytime, and it is the role of
risk management practitioners to prepare for them. This means that the management should
ensure to put in place strategies to unleash it in times of disasters. One of the main strategies for
a disaster is a contingency plan (Steinberg, 2011). Contingency planning is a business aspect that
happens beyond the context of ordinary practices that can negatively impact an organization's
capacity to function. Simply put, contingency planning is regarding readiness and is an important
part of routine operations planning. A contingency plan is a model for how unexpected incidents
should be handled. Irrespective of scale, contingency plans are required for all organizations
(Wiengarten et al., 2013).
Contingency preparation is the indicator of company risk management in multiple fields
and creating primary strategies and alternative plans for addressing unexpected circumstances.
Usually, business contingency measures cover everything from natural catastrophes that affect an
organization to dramatic economic downturn movements that directly affect profits. The
contingency is an important function for a modern organization, which helps the management
and leadership to create workable solutions and if and when a dreaded incident happens. In a
hospital, for instance, the management may need to have additional strategies for diagnosis in
case the main machinery fails due to power issues of data corruption.

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Running head: RISK AND DISASTER PREPAREDNESS Risk and Disaster Preparedness Name Institution 1 RISK AND DISASTER PREPAREDNESS 2 Risk and Disaster Preparedness Risk Management is a management tool that identifies the possible risks the organization is exposed to and how they hinder the achievement of the prior set goals. It helps organizations, for-profit, or otherwise understands the risks and the possible impact if they happen to occur (Andersen, Garvey & Roggi, 2014). Recent events have necessitated all institutions to identify, analyze, and plan for various forms of risks. Disasters may happen anytime, and it is the role of risk management practitioners to prepare for them. This means that the management should ensure to put in place strategies to unleash it in times of disasters. One of the main strategies for a disaster is a contingency plan (Steinberg, 2011). Contingency planning is a business aspect that happens beyond the context of ordinary practices that can negatively impact an organization's capacity to function. Simply put, contingency planning is regarding readiness and is an important part of routine operations planning. A contingency plan is a model for how un ...
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