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Step 2: Collect and prepare data Data preparation are the processes that result in data sets that are ready to be read into and used by the risk assessment model. Step 3: Devise and implement a segmentation strategy Because risks are rarely constant along a pipeline, it is advantageous to first segment the line into sections with constant risk characteristics dynamic segmentation or otherwise divide the pipeline into manageable pieces. Step 4:Assess the risks After a risk model has been selected and the data have been prepared, risks along the pipeline route can be assessed.
This is the process of applying the algorithn-the rules-to the collected data. These relative risk numbers can later be converted into absolute risk numbers. Risk assessment will need to be repeated periodically to capture changing conditions.
Beginning Risk Management Step 5: Manage the risks This step consists of determining what actions are appropriate given the risk assessment results. This is discussed in Chapter Model design and data collection are often the most costly parts of the process. These steps can be time consuming not only in the hands-on aspects, but also in obtaining the necessary consensus from all key players.
The initial consensus often makes the difference between a widely accepted and a partially resisted system. Time and resources spent in these steps can be viewed as initial investments in a successfil risk management tool. Program management and maintenance are normally small relative to initial setup costs. Minimum Depth of Cover.
Activity Level. Aboveground Facilities Public Education Right-of-way Condition. Armed with an understanding of the scenarios that compose the hazarda risk assessment model can be constructed. The model is the set of rules by which we will predict the future performance of the pipeline from a risk perspective. The goal of any risk assessment model is to quantify the risks, in either a relative or absolute sense.What Is Risk Management? Risk is: The effect of uncertainty on the ability of an organisation to meet its objectives.
Risk management is: The range of activities that an organisation intentionally undertakes to understand and reduce these effects. Effective risk management is: Executing these activities efficiently and in a way that actually and demonstrably improves the ability of the organisation to meet its objectives in a repeatable fashion. What Is ISO ?
ISO is: An international standard that provides principles and guidelines for effective risk management Not specific to any industry or sector Able to be applied to any kind of risk Able to be applied to any kind of organisation Intended to be tailored to meet the needs of the organisation The generic approach described in this Standard provides the principles and guidelines for managing any form of risk in a systematic, transparent and credible manner and within any scope and context. A set of risk management terms and their definitions A set of principles for guiding and informing effective risk management for an enterprise An outline and process for creating a risk management framework An outline and process for creating a risk management process Clear Sensible Brief 24 pages.
Detailed instructions on how to manage risk A complete risk management framework A complete risk management process Formats or attributes for describing risks Templates Guidance on how to identify risks Advice on how to manage risks for a specific domain Risk Management and ISO Australia and New Zealand led the world in enterprise risk management at this point! There was no agreed de jure or de facto international standard in place at this stage.
There were a small number of competing frameworks which were regarded as unsatisfactory.
ISO was issued to widespread acclaim in Design of framework for managing risk Understanding the organisation and its context Establishing risk management policy. Integration into organisational processes Establishing internal communication and reporting mechanisms. Implementing risk management Continual improvement of the framework Implementing the framework for managing risk Implementing the risk management process.
Using the terms, principles and guidelines in ISO means you dont have to spend time and effort creating your own. You can spend time on the things that really add value managing the actual risks. Avoid misunderstandings by using concepts and terms that are well known in the risk management community. Take advantage of the significant expertise in risk management that the ISO has used in coming up with the standard.
Ensure you dont miss out any aspects of risk management by using the standard as a checklist.After you enable Flash, refresh this page and the presentation should play. Get the plugin now. Toggle navigation.
Introduction to Risk Management and Insurance - PowerPoint PPT Presentation
Help Preferences Sign up Log in. To view this presentation, you'll need to allow Flash. Click to allow Flash After you enable Flash, refresh this page and the presentation should play. View by Category Toggle navigation. Products Sold on our sister site CrystalGraphics. Description: Continuous risk assessment, evaluation and management Traditional risk management efforts tend to focus on measurable risks while ill Tags: erm enterprise management risk.
Latest Highest Rated. KPMG The identification and assessment of collective risks that affect value, and the formulation and implementation of a company wide strategy to maximize that value.
AON 4 ERM Definitions The effort to find an integrated optimal way of managing risk by balancing financing techniques with organizational practices and processes. Marsh EWRM is a structured and disciplined approach it aligns strategy, processes, people, technology and knowledge with the purpose of evaluating and managing the uncertainties the enterprise faces as it creates value. Arthur Andersen 5 ERM Definitions Enterprise risk management is a process, effected by an entitys board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.
COSO 6 ERM Definitions ERM is a disciplined and integrated approach that supports the alignment of strategy, process, people, and technology and allows corporations to identify, prioritize and effectively manage their critical risk. By understanding all risks in an integrated framework, companies can execute proper strategies to successfully achieve their objectives and to meet their performance goals. Insurable risk Risk Management Interest rate risk Treasurer Litigation management risk Department of Justice 12 Traditional RM Traditional risk management efforts tend to focus on measurable risks while ill-defined or ambiguous strategic or operational risks, such as brand or reputation, may be acknowledged but ignored.
How do you measure loss of reputation? Why Now? Need for risk transparency Performance pressures Better use of capital taxpayer dollars ERM tool development advancing rapidly Competitive advantage 17 ERM Objectives Better use of taxpayer dollars Competitive advantage preferred place to live and work Reduced budget volatility Lower cost of risk transfer Risks explicitly considered in decision making Avoid surprises and predictable failures Align risk exposures and mitigation programs Institute more rigorous risk measurement Integrate ERM into the strategic planning process 18 ERM Benefits Increased management confidence Improved risk transparency Risk appetite and risk tolerance are aligned with strategy Improved risk v.
We are simply expanding the risks we identify and analyze. Thank You! Whether your application is business, how-to, education, medicine, school, church, sales, marketing, online training or just for fun, PowerShow.
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Presentation Description General concept of risk and risk management with related standards. Sako Mayrick Risk management: Risk management The focus of a good risk management is the identification, assessment and treatment of these risks.
Its objectives is to add maximum sustainable value to all the activities of organization It considers the understanding of the potential upside and downside of those factors which can affect the organization. It increases the probability of success, and reduce both the probability of success, and reduces both the probability of failure and the uncertainty of achieving the organization's overall objectives. Sako Mayrick Risk management: Risk management RM should be a continuous and developing process which runs throughout the organization's strategy and implementation of that strategy.
It should address methodically all the risks surrounding the organization's activities past, present and in particular, future. It should be integrated into the culture of the organization with an effective policy and a program led by most senior management.
Sako Mayrick Risk management: Risk management RM must translate the translate the tactical and operational objectives, assigning responsibility throughout the organization.Free procreate templates
The risk management should be part of job description of each manager and employee RM supports accountability, performance measurement and reward, thus promoting operational efficiency at all levels Sako Mayrick Drivers of key risks: Drivers of key risks Sako Mayrick Risk management process: Risk management process Sako Mayrick Advantages of risk management: Advantages of risk management It protects and adds value to the organization and its stakeholders It provides a framework for an organization that enables future activity to take place in a consistent and controlled manner It improves decision making, planning and priotization by comprehensive and structured understanding of business activity, volatility e.
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Added: April 14, Posting comment Premium member. Presentation Transcript. What is risk: What is risk Risk is the effect of uncertainty on objective Risk can be defined as the combination of the probability and event and its consequences In all types of undertaking, there is the potential for events and consequences that constitute opportunities for benefit upside and threats to success downside Sako Mayrick. Risk management: Risk management Risk management is being concerned with both positive and negative aspects of risks In safety filed, it is recognized that consequences are only negative and therefore the management of safety risk is focused on prevention and mitigation of harm Risk management is a central part of any organization's strategic management It is the process whereby organizations methodically address the risks attaching to their activities with the goal of achieving sustained benefit with each activity and across the portfolio of all activities.
Sako Mayrick. Risk management: Risk management The focus of a good risk management is the identification, assessment and treatment of these risks. Risk management: Risk management RM should be a continuous and developing process which runs throughout the organization's strategy and implementation of that strategy.After you enable Flash, refresh this page and the presentation should play.
Get the plugin now. Toggle navigation. Help Preferences Sign up Log in. To view this presentation, you'll need to allow Flash. Click to allow Flash After you enable Flash, refresh this page and the presentation should play. View by Category Toggle navigation. Products Sold on our sister site CrystalGraphics. Title: Introduction to Risk Management and Insurance.
Tags: insurance introduction management marine risk. Latest Highest Rated. Insurable Loss Exposures Not all potential losses are a good subject for insurance I. Ideal insurable loss exposure A large group of similar items exposed to the same peril. Accidental losses. Definite losses capable of causing economic hardship. Extremely low probability of a catastrophic loss to the insurance pool.
Risk Classification Subsidization Adverse Selection Principles of risk classificationfairness Separation and class homogeneity Reliability Incentive value Social acceptability 7 3. Risk Management The risk management is carried out by firms before they go to buy insurance.Malibu media
The purpose is to reduce the risks exposure. Statement of objectives and principles Objectives Survival, Growth, and Responsibility Principles Efficiency and Compliance Risk Management Manual General Guidelines Engage in loss prevention activities as if all chance of loss remained with the company Assume all risks that are not significant in relation to the companys financial strength Insure all risks not assumed 9 Example protecting the companys property against fire and associated perils commitment to loss control, good housekeeping, sprinklers, adequate water supply, emergency organizations, regular inspections There are three steps in risk management process III.
Step One Identification and measurement of exposures Direct property losses Losses of income and extra expenses following a property loss Losses arising from lawsuits called liability losses 10 Losses caused by the death, disability, or unplanned retirement of key people Estimation of maximum loss Emergency planningdisaster recovery IV.
Check out our Presentation Design Services. This is a one stage process. State Your Company Name and get started.Risk Management
Operational: Cost overrun, Operating controls, Poor capacity management, Supply chain issues, Employee issues incl. Below are four broad categories of risk and the various factors associated with the same.
You can modify them as per your needs. You can alter them as per your requirements. Identify the level of risk associated with each one of them. Obtain an estimate of the risk appetite of the shareholders with the help of the below bar graph. This will help in assessing the acceptable risk level. Slide 8 : This is the first slide on Risk Tolerance. Estimate the Risk tolerance level of the stakeholders on the basis of the below mentioned criteria.
You can modify these as per your requirements. Slide 9 : This is the second slide on Risk Tolerance. Use icons as per your need. Slide 12 : This is a Coffee break slide to halt. You can change the slide content as per need. Slide 14 : This is a Bar Chart slide. Slide 15 : This is a Line Chart slide. Slide 16 : This is an Area Chart slide. Slide 17 : This slide is titled Additional Sides to move forward.
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State them here. Slide 19 : This slide presents Our Team with name, designation and image box. Slide 20 : This is a Comparison slide to show comparison, information etc. Slide 21 : This is a Financial score slide in terms of minimum, medium and maximum.
Introduction to Risk Management - PowerPoint PPT Presentation
State financial aspects here. Slide 22 : This is a Timeline slide to show milestone, growth highlights, evolution etc. Slide 23 : This is a Magnifying glass image slide. State specifications, information here. State specifications, information, innovative aspects here. Be able to investigate the incident. Language English.Plan Risk Management : Define how to conduct risk management in the project. Identify Risk Management: Determine risks that affect the project and document their characteristics.
Perform Qualitative Risk Analysis: Prioritize the risks for further analysis or action by assessing their probability of occurrence and impact.How to identify a lil red express
Perform Quantitative Risk Analysis: Numerically analyze the effect of risks on overall project objectives.
Plan Risk Responses: Develop options and action plan to enhance opportunities and reduce threats to project objectives. Develop options. Incorporate in. External knowledge centers. Create Risk Management. Risk Tolerance.
Qualitative Analysis. Prioritize project. Continuous monitoring of. Any triggers for their. Taking proactive measures. Assessment for change in. Identification of any new risks. Closure of risks which are past or. Quantitative Analysis. Assign numeric. Outline of contingency. Learn more about Scribd Membership Home. Read Free For 30 Days.
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