Risk Assessment and Business Management Essay - 911 Words

Risk Assessment and Management Problem The term risk assessment refers to an objective evaluation of risks to which end the assumptions and uncertainties are clearly put into consideration as well as presented. On the other hand in regards to risk management it has in most cases courted difficulties in the measurement of both the quantities in which risk assessment is concerned (Muzzi, Armando, and Augusto Panà  , 2000, pp. 99-103). This is because the potentiality of an anticipated loss and the probability of it occurring have proved pretty difficult to quantify. This leaves a huge margin of error in the quantification of these two concepts. Over the years, the concept of risk management has proven to be an integral part of a business†¦show more content†¦The committee would have representation from all sectors of the hotel industry and would comprise of the hotel owners, their senior management as well as representation from the employees. This would ensure there is support of the analysis project from the entire organization from its onset. Upon the establishment of such a committee, I would then embark on an identification of the hazards mission. This is the risk assessment or risk evaluation process. It would try to raise the risk that needs to strategize on this time with reference to the Riskaway project. Upon the attainment of this, I would then embark on a determination of those at risk and the risks in question, I would then steer the organization towards a business impact analysis. This crystalizes the core business areas of hotels that would require the usage and or protection offered by Riskaway. Bearing the fact that disaster is bound to take place and upon occurrence it might not be able to recover everything, the firm should envisage to rescue it core business from the disaster. This would then set pace for the fourth stage of recording and implementation of the precautionary measures. These measures should ensure that the envisaged core business segments that were realized to be the core areas requiring the services of Riskaway within the business impact assessment are preservedShow MoreRelatedAssessment 21997/01 Common Business Unit Establish Legal and Risk Management Requirements for Small Business (Bsbsmb401A) Customer Service Questions961 Words   |  4 PagesAssessment 21997/01 Common Business Unit Establish legal and risk management requirements for small business (BSBSMB401A) Customer service questions 1. What’s the difference between internal and external customers? In larger organisations where there is a number of staff to effectively deliver a service or product such as a hospital, you would find internal and external customers. 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