Structured Approach to Enterprise Risk Management

Question: Discuss about the Structured Approach to Enterprise Risk Management. Answer: Here, I am choosing Entry 4 where my friend has focused on the wellbeing and security programs which needs speculation of employees and a strong obligation from the side of an organization to ensure workplace safety I chose this particular area as I believe there are two parts to workplace safety. The two parts are played by two parties. One the organization and the second is the worker. It needs a great cooperation from both these to make a workplace a safe and sound place to work. An organization which is reasonable will address all the problems and dangers of its operations. An employee who is cautious will always bring his fears, doubts and concerns to the knowledge of the higher authority for his and his teams well being. I will discuss how an organization can undergo risk management in an ideal manner to ensure the well being of its workers. Risk management is managing the occurrences of any risks by carefully speculating the risks at a certain workplace. Either on detection of such risks, they are erased or they are minimized to their lowest possible levels. Today this subject has become a security program for the well being of workers In a workplace where organization holds themselves concerned and responsible for their people (Anonymous, 2012). There are many guidelines of implementing risk management techniques in a workplace. Any uncertainty that is surrounded to a future event can be considered as a risk( Peterburg, 2015) These are discussed here in brief:- Guidelines to risk management; Context establishment - This is the scope of the entire investigation for risks. Here the authority lays down the objectives of risk management, identifies the shareholders involved and gathers the relevant background information. It is a framework which is created in which risks are to be assessed. Detection of risks The next task is detection of the risks. Here one must answer questions like these:- a) What risks can happen? b) How such risks can take place? c) Where can such risks occur? d) Why will these risks occur? e) What will be the impact of these risks? f) How till the company be affected if such risks occur? Risk analysis For the security program ensuring employee well being to be designed these risks speculated above must be analyzed. By that the strength and weakness of an organization which exists presently which can be used to control such risks are ascertained and analyzed. The frequency at which risks might occur is also analyzed Evaluation of risks An evaluation is made by the organization whether the entire scope of risks detected acceptable or not acceptable. When there is a decision taken not to treat a risk it can be considered to be acceptable. Treating risks Effective strategies are put in place during this stage for treating the risks evaluated. Here one also evaluates the right process of such treatment of risks and what are the chances they will be revived back (Anonymous, 2010). It is the legal commitment of the supervisors at a workplace to look after the workplace safety of its workers by issuing proper risk management techniques. References Anonymous, (2012)A Structured Approach to Enterprise Risk Management and the Requirements of ISO 31000, Retrieved from https://www.theirm.org/media/886062/ISO3100_doc.pdf Peterburg, H. (2015), Risk Management, Retrieved from https://ww.gnedenko-forum.org/Journal/2010/022010/RTA_2_2010-09.pdf, Anonymous, (2010) Risk management handbook, Retreived from https://www.adelaide.edu.au/legalandrisk/docs/resources/Risk_Management_Handbook.pdf