Corporate risk management Essay Example | Topics and Well Written Essays - 2000 words - 1

Corporate jeopardy management - establish ExampleIn the year 2008 alone, the United States fire department indicated having responded to 1,451,500 fires in the country that resulted to 3,320 fatalities and over US $ 5,478,000,000 worth of property loss (Fodor Travel Inc 2008). The most recent fire outbreak was the California fires which resulted to losses of about US $ 1.5 million. Following this consideration, fires pose a try to corporations and thus fire protection is kind of critical in the modern era of highly dynamic consumerism patterns (Huang 2009). The only way to guarantee sustainable growth and development in a country is based on the holistic capacity to name and address all the incumbent essays factors. It is from this consideration that fire protection becomes very critical in modern risk management as a way of reducing its extended affects. Managing a risk is a pass not necessarily geared towards eliminating the risk but ensuring that the losses that could be i ncurred in the event of a casualty are limited. The risk management cycle has been broadly broken down into four classes namely evaluation of the risk, management of the risk, measurement of the risk and assessment of the risk. These stages determine how best to design for a risk before it happens and the best course of action a corporation should take incase a disaster struck.Risk management is the process of identifying, assessing and prioritizing risks which is then backed up by a systematic and work out application of available resources to limit, monitor closely, control and establish how the place risks can be effectively handled. The plan devised with the available resources should be geared towards minimizing the probability of negative effects that could come with the occurrence of a risk. For this paper, the identified risk is fire since it poses a huge risk to both property and people.A good risk management