risk_management_in_corporate

May 20th, 2015
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Arkansas Tech University
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Chance or situation involving exposure to the possibility of loss, injury, or other adverse or unwelcome circumstances.

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RISK MANAGEMENTBY: Mohiuddin Asad,B.COM, MBA, ACCA, CMA, CIA, CFE, FFA, CCSAWhat is Risk? Chanceor situation involvingexposure to the possibility of loss,injury, or other adverse orunwelcome circumstances. Inquantitative terms;Probability x ImpactWhat is RiskManagement? RiskManagement is not about, Nottaking risk at all, rather it is aconscious, planned and calculatedway of taking risks. Theprocess of identifying, assessing,prioritizing and deciding how to besthandle risks.Steps in RiskManagement? Identify Assess Prioritize Manage MonitorMain Categories ComplianceRisk OperationalRisk FinancialRiskCompliance Risk Examples: Licenses , Permits, Copyrights, Patentsetc expired. Employees working without work permit. Labor, Health, Safety or EnvironmentalLaws breached. Accounting standards not followed. Software licenses breach Quality standards not followedOperational RiskExamples :Sales drop; New competitorDependency on few customersLoss of FranchiseService complaints; Lack of service stafParts not availableStock outWarranty disputesReputation riskEconomic recessionInventory damage / short during transfersSystem DownFlood / Fire disturbed businessFinancial RiskExamples :Funds shortageCollection problems / write ofsCurrency risk

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