Response to the following with 250 words APA style

A risk management team is a separate and often independent unit within the project management team headed by the risk manager or the chief risk officer. Individuals working in organizations should be aware of their responsibilities to improve the risk management process. It helps place a value on the project’s activities. There are duties and responsibilities for risk manager such as

– Designing and implementing an overall risk management process for the organization

– Compiling risk-related information and writing reports

– Performing a risk evaluation

– Establishing the level of risk

– Creating business continuity plans to limit risks

A risk manager should adhere to an organization’s strategy, management architecture, then evaluates the risk based on the probability that the risk event will occur and the potential loss associated with the event. Not all risks are equal. Some risk events are more likely to happen than others, and the cost of a risk event can vary greatly. Having criteria to determine high impact risks can help narrow the focus on a few critical risks that require mitigation.

Reference:

Hopkin, P. (2017). Fundamentals of risk management. Place of publication not identified: Kogan Page

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