Risk Management Essay -- Business Management

pretend is a commonly used boundary and its usually desire with bad impacts on our objectives. The Oxford English Dictionary define risk as a chance or possibility of danger, loss, injury or other ominous consequences. There is no agreeable technical comment of risk as it went through many developments. The first stage was the focussing of threats only then the confines is extended to cover the threats and the opportunities which face the organisations. The latest stage which is the management of the threats, opportunities, uncertainties and its sources. Of uncertainty (Ward and Chapmen, 2003). Therefore, Dowie argues to banned use the term risk in the risk management because of its misleading.The definition will be used in this paper is the Australia/ unexampled Zealand standard definition which is The chance of something happening that will have an impact on objectives (Australia/New Zealand Standard, 1999). The reasons of using this definition are the simplicities and the coverage of the negative and positive effects on objectives.Risk management has been done for thousands of years (Bernstein, 1996). The Risk management term was first introduced in the 1950s by the insurance industry. The first text book published about risk management in 1963 titled Risk management and the Business Enterprise by Robert I. Mehr and Bob Hedges (DArcy and Brogan, 2001).Risk management is a integrated process and risk manger need to assist the caller-outs business process are constant with its strategies, and the what is the relation between risk management and the investment and performance choices (Nocco and Stulz, 2006). Organisations should develop a risk management long term strategies depending on the business environment and shareholders an... ...ment guide 2001. London clean-living Page.Hodgkinson, R. (2001). Enterprise-wide risk management . Risk management guide 2001, London White Page.Committee of Sponsoring Organizations (COSO), (2004). Enterprise Ris k ManagementIntegrated Framework. New York COSO.Beasley, M. Clune, R. And Hermanson, D. (2005), Enterprise risk management An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and domain Policy. 24. pp. 521-531Kleffner, A., Lee, R., McGannon, B., (2003). The effect of corporate governance on the use of first step risk management evidence from Canada. Risk Management and Insurance Review 6 (1), pp.5373.Liebenberg, A., Hoyt, R., (2003). The determinants of enterprise risk management evidence from the appointment of chief risk officers. Risk Management and Insurance Review 6 (1), pp. 3752.