Risk Management 100 Success Secrets. Gerard Blokdijk

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1 Risk Management 100 Success Secrets Gerard Blokdijk

2 Risk Management 100 Success Secrets Copyright 2007 by Gerard Blokdijk All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means without written permission of the author.

3 3 Risk Management 100 Success Secrets - Gerard Blokdijk - There has never been a Risk Management manual like this. 100 Success Secrets is not about the ins and outs of the Risk Management. Instead, it answers the top 100 questions that we are asked and those we come across in forums, our consultancy and education programs. It tells you exactly how to deal with those questions, with tips that have never before been offered in print. This book is also not about a Risk Management s best practice and standards details. Instead it introduces everything you want to know to be successful with and in Risk Management.

4 4 Table of Contents Associate in Risk Management: The Basics...9 What Does an Audit Risk Management Analyst Do?...11 Compliance Risk Management Finance Essentials...12 What is corporate risk management?...13 Hot News on Current Events on Risk Management...14 Identifying What Risk Management Is...16 Risk Management: Definition and Management...17 Discussion on Risk Management Concepts...19 Enterprise Risk Management...21 Free Risk Management Calculator...22 Free Risk Management...23 Improving Service Learning through Risk Management...24 Inherent Problems in Risk Management...26 Understanding Integrated Risk Management (IRM)...28 IT Risk Management Tips that can Help You...30 A Legal Discussion of Risk Management...32 Ways on How to Manage Risks...34 Samples of Operational Risks that Can Damage your Company...36 Great Benefits of Planning Operational Risk Management...38 Tips on Creating an Operational Risk Management Handbook 40 Training on Operational Risk Management...42

5 5 What is Operations Risk Management? The Principles behind Risk Management What are the Risks in Project Management? The Right Template for Project Management Risk The Risk Management of a Project The Plans of Having Risk Management for a Project A Guide for the Quality Assurance of Risk Management The Use of Proper Risk Identification and Analysis as a Risk Management Tool Risk Management Tools: Developing Measures to Make a Good Risk Management Plan The Need for Risk Management Training Risk Management Tutorial - The Substitute of Classroom Training Risk Management Work Sheet: A Helpful Tool for Project Planners Risk Management Worksheet: An Assessment Risk Management Workshop for Interested Clients The Importance of Risk Profile in Program Management Understanding Risk Based Project Management Understanding Risk Enterprise Management Risk Management On Police Workstations Risk Management Basics... 73

6 6 The Risk Management Agency of the US Department of Agriculture...75 Selecting the Right Risk Management Alternative for Project Sites...77 So You Want to Be An Audit Risk Management Analyst?...80 The Link Between Risk Management and Insurance...82 The role of Information Technology in a Risk Management Program...84 Want to Try for an MBA in Risk Management and Insurance?..86 Knowing About Risk Management Architecture...88 The Practical Applications of Risk Management Assessments...89 What is the Importance of Risk Management Associates?...90 A Quick Guide when Looking for Risk Management Associations...92 Banking and Risk Management...93 A Promising Career in Risk Management...95 The Importance of Risk Management Certificate...97 Why You Need A Risk Management Certification...99 Risk Management Companies On Hiring a Risk Management Consultant Risk Management Consulting: A Convenient Way to Handle Risks Important Roles of Risk Management Coordinators...107

7 7 Risk Management Courses: Advantages of Getting On Hand Training Risk Management Courses That Will Help You Deal with Threats A Short Risk Management Definition A Short Discussion about A Risk Management Example Understanding Risk Management Forms The Growing Importance of Risk Management Information Systems Understanding Risk Management in Open Source Software Integrating Risk Management in Project Management The Different Kinds of Risk Management Jobs Available Risk Management Magazine Titles Available Online The Requirements to Become a Risk Management Manager The Parts Usually Included In A Risk Management Manual How to Have An Effective Risk Management Plan The Significance Of Creating Plans For Risk Management Policies for Risk Management: Guidelines To Help You! Risk Management: Policies and Guidelines For Your Company Basic Practices for Risk Management Steps and Processes For Risk Management Procurement Policies and Risk Management Risk Management Profiles: What Is It?

8 8 Programs on Risk Management Conducting Risk Management Seminars and Workshops Why Risk Management Services are Important What Makes an Ideal Risk Management Software? What Constitutes a Sound Risk Management Solution? How to Go About Producing Risk Management Solutions Who Can Be Considered a Qualified Risk Management Specialist? Coming Up with a Thorough Risk Management Syllabus What Type of Risk Management System Do You Desire? Defining Risk Management Techniques Defining Risk Management Technology The Role of Risk Management toward Business Success The Safety and Security of Risk Management How to Make a Security Risk Management? Taking a course in Security Risk Management Software for Risk Management Legalities Concerning Risk Management Risk Management in a Project The Meaning of Risk Management...178

9 9 Associate in Risk Management: The Basics It may sound like a complicated business term, but risk management is simply the act of recognizing risks and taking steps to minimize them. For example, if you are in the construction industry, your risk management strategies should involve minimizing the risks of failure on structures being built. If you are an investment company, you need to make sure that there are safety nets that you can utilize to minimize financial loss. In the same vein, associate in risk management involves similar principles. If your goal is to minimize the financial, corporate or employee risks in your organization, here are some of the basic risk management techniques that you need to keep in mind: -Employ risk avoidance tactics. Risk avoidance involves skipping a step or process that involves risks. For example, if you are a doctor and there is a high risk of death or complication to a patient if you perform a medical procedure, your risk avoidance tactic would be not performing the procedure at all. You will just think of other alternatives which do not pose a high risk to the patient's life or safety. -Practice risk reduction. Risk reduction is where you will take steps to reduce the impact of the loss. A homeowner for example, would install fire alarms to reduce the risk of property loss in case of fire. -Employ risk retention schemes. This principle involves accepting loss when it happens.

10 10 -Use risk transfer. Risk transfer is most commonly practiced by purchasing insurance. Your car insurance company, for example, will cover your financial loss in case of vehicular accidents or theft. In any business industry, risk is something which cannot be avoided altogether, but by applying these associate risk management principles, they can be controlled and managed efficiently.

11 11 What Does an Audit Risk Management Analyst Do? If you are currently looking for a job, you may notice the ads for audit risk management analysts. Have you ever wondered what the job entails? What tasks are performed and how does one go about actually minimizing risks in business? To have a deeper understanding of the scope of an audit risk management analyst's job, you need to first know what risk management is. Basically, risk management is the employment of steps necessary to prevent loss in any type of business. There are several principles involved in risk management. First, there is risk avoidance, which is not performing a task at all in order to eliminate the risk. Second, there is risk reduction which is more of a preventive measure so that the negative effects of the risk may be avoided. Risk retention is accepting loss as is, and finally, there is risk transfer which is usually practiced by purchasing insurance policies. Now, as an audit risk management analyst, you would have to familiarize yourself with these risk management concepts to prevent or minimize any financial loss for the company that you are working for. For example, if you are the audit risk management auditor of a company with 100 employees, how will you go about retaining the valued employees that you have so that you can avoid the risk of them wanting to transfer to more lucrative jobs? If you are working for a sales company, what policies do you need to ensure to reduce the risk of your quota not being met? All in all, what you need to do is identify the risks, analyze its negative impact to the company, and employ the concepts of risk management to ensure that you will suffer as little loss as possible.

12 12 Compliance Risk Management Finance Essentials Whether you are dealing with personal issues or with business, there is always a risk that you need to take. If you try to analyze and look at it from different angles, there are a few paths that you can take. You can either ignore the risk, avoid taking the risk altogether, take steps to minimize the risk, or transfer the risk to something else that will shoulder the loss. However, these concepts apply more in business, so that there is minimal risk of profit loss for the owners or shareholders. No matter how big or how small a role you are playing in the company, you need to be aware of these principles in risk management. Another area in risk management that a lot of people may not often hear about is compliance risk management. This mostly affects companies which offer services instead of products to their clients. One branch of the industry which often deals with compliance risk management is the banking industry. Here, compliance risk management refers to the reduction of risks in the event that a bank fails to comply with industry standards. This failure to comply may result in a lawsuit, or a great financial loss, or damage to the bank's reputation as a financial service provider. For other types of businesses, compliance risk management is also necessary to prevent or minimize the risk of financial loss in case a client's or a company's compliance goals are not met. At the end of the day, all types of businesses should implement compliance risk management measures for an effective overall running of the company.

13 13 What is corporate risk management? Every business has its own risks. They all differ on aspects such as size, capital, range of business lines and the industry they are in. Corporate risk management has diverse techniques that suit every corporation. Businesses should try to take note of risks divisions in their market. The four common sections to focus on are capital, credit operational and market risks. Capital requirements are basically regulations that usually take place on banks. Necessary documentations about assets and capital are major concerns whenever you start up a business. Credit risk creates the slightest challenge for corporations. Yes there are risks that go along with credit, but there are convenient and modern ways of managing these risks. The most common risks on operations are fraud and natural disasters. There are in some cases corporations that are at risk due to operational and safety requirements. Airline companies are just one of the few businesses that run the risks of protecting their passengers. Airlines are more exposed to weather conditions, terrorism and technical failures. If ever one of these takes place, then this will likely cost more damage and responsibility to their company. Power plants are also at risk with unexpected power outages and equipment breakdown. For market risks, there are three things that you should be mindful of: the product price, interest rate and the foreign exchange risks. These are very important factors to consider since this will eventually affect your investment and how the market progresses. Taking note of these factors should be analyzed and studied further for you to know the risks in your business.

14 14 Hot News on Current Events on Risk Management Outdoor activities are always on the list during summer. But what we don t know is that there are risks that come along with traveling outdoors. National Climatic Data Center says that 175 people die every year because of heat. Heat stroke kills more people than those struck by tornadoes, hurricanes and earthquakes. ACE USA risk management services recently came up with tips on how to prevent this problem. They said that heat stress is more likely to happen in areas with higher temperature because of lack of physical activity and mental alertness. Discomfort, irritability and anger are some of the causes of overlooking safety measures as they are distracted from dangerous tasks. This risk should be taken seriously for this can put your life in danger. Example: Risk Management Trainings Planning outdoor travel and adventure needs a risk management plan. Keeping up with the industry is a great challenge particularly on companies, programs and organizations. Planning a fun and exciting outdoor adventure is a risky task Adventure Travel World Summit is a risk management seminar that will train and equip people. With the growing number of inquiries on risk management application, National Outdoor Leadership School (NOLS) in partnership with Adventure Travel Trade Association, initiated in getting industry experts to provide the necessary training. This is a great venue to explore and study the risks of taking people into wild and isolated areas. With this seminar, organizations and companies can now equipped to travel places with cau-

15 15 tion. This 2 day seminar that will start on October 2, 2007, includes scenarios, case studies, and self assessment tools where you can analyze and learn more about the risks that could take place in remote areas.

16 16 Identifying What Risk Management Is Risk management analysis has now been applied to almost all forms of disciplines, from the personal to the professional, from the individual to the corporate. If you ask a writer how he would define risk management, one probable answer would be the management of risks involved in writing articles or books that may be categorized as plagiarized. To a doctor, risk management would be to reduce the incidence of infection and relapse in a patient. In business, risk management would be to identify potential events that may adversely affect the long term existence of the company. You may have your own definition of risk management if you were asked to define it. So putting a single definition for risk management would almost be impossible. Although the definition is totally different, the principles and processes involved in risk management are surprisingly similar. All of them involve the identification of the possible risk. Identification will always be the first factor when asked to define risk management. And all of them will have a possible solution in order to resolve the risk before it happens, as it happens, and after it happens. Thus it gives the person, company or institution an assurance that they will be able to cope with the project or activity they are about to undertake. But it has to be noted that while there are key concepts and methods for risk management, it will not be guaranteed to totally solve or abolish the problem. Risks will always be there and there is no fail-safe plan no matter how long or extensive your contingencies are. But it will, however, assist you in making the right decisions and help you to be prepared in the unfortunate event that it does happen.

17 17 Risk Management: Definition and Management There are several definitions of risk management available out there. Although the risks involved in a startup company, an existing business, an institution, an individual, and a household vary, the principles and methods of handling them are basically the same. In general, the definition of risk management can be summed up as follows: it is a process of identifying and analyzing risks and then taking appropriate plans and actions to avoid them if they have not yet happened, to minimize or eliminate them if they do happen, while still keeping attainable goals. You also have to track your risks whether or not they have happened. From a business perspective, risk management is necessary because risks are an inevitable part of any business. While some will have minimal effects on it, others can have catastrophic effects and threaten the long term existence of the business. Understanding the principles and methods on how to deal with the risks will help the business in effectively taking the necessary steps and actions to ensure the survivability of the company. In expanding the definition of risk management, the key words to properly manage risks are (1) identify, (2) analyze, (3) plan, (4) take action and (5) keep track of the risks. But the underlying statement here is that the management must know its job and do its job for proper risk management. Therefore, to ensure the survival of the business, the company has to first identify most or all of the risks (and the people, situation or items involved in the risks). Second, management then evaluates the likelihood of it happening and the consequences if it does happen. Third, analyze

18 18 and prioritize the options available to solve the risks (and identify the person/s responsible for its implementation). And fourth, keep a track record of their risk management and take action if action is needed.

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