BUSN 401 - Week 4 assignment - Risk management paper

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Identifying and Managing Risk

In this assignment, you will compare and evaluate risk management techniques from experts in the field. Go to the Ashford University Library and find one article by Dr. James Kallman. Dr. Kallman, an expert in the field of risk management, has written many articles on managing financial risk. Find a second article in the Ashford University Library from another credible author of your choice who also provides recommendations for risk management.

Develop a three- to four-page analysis (excluding the title and reference pages), of the techniques Dr. Kallman has identified for managing risks. In this analysis, compare Dr.Kallman’s techniques to the techniques recommended in the second article you researched. Explain why you agree or disagree with each authors’ recommendations. Describe other factors you believe should be considered in risk management. The assignment should be comprehensive and include specific examples. The paper s

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Running head: RISK MANAGEMENT TECHNIQUESRisk Management TechniquesName:Institution:1RISK MANAGEMENT TECHNIQUESThere are many types of risks that can occur to a business. The business should userisk management techniques to deal with the risks or the outcomes of the risks. Riskmanagement can be described as the process of comprehending, assessments and taking theneeded steps that will ensure success for a business. Risk management process serves to doaway with negative risks, reduce them to an acceptable level or transfer the risk. Thus, thefour main techniques of risk management are avoidance, reduction, transfer, and acceptance.The types of risk management techniques that are applied to a business will be dependent onthe type of risks.According to Lermark Harvey, the best way to deal with risk management is throughtraining of employees. Without proper employee training the organization is put at risk; thisis because the employees are not competent. Lemark brings to light the fact that theorganization receives negative implications due to factors like fines, property damage and lossinjuries. He argues that a proper strategy on training reaps maximum benefits. Employeeswho are well trained will acquire the needed expertise to handle tasks assigned to them; thiswill reduce/eliminate losses to the business. An example of Conrail a class 1 freight railroadwhere employees work alone with little supervision is used. Before they implemented thismethod, t
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