Risk Management

Posted: April 7th, 2022

These are discussion post i have to respond to using 3 or more sentences.

1.)In order to minimize risks, a company may have regular safety meetings. These can be on a variety of topics, such as fire safety, so that each employee knows how to respond in the event of a crisis. A company may have individuals in charge of Environment, Health and Safety to implement appropriate procedures and ensure that regulations are properly followed.I find it helpful to find out as much information as possible in order to make an informed decision. Discussing the decision with someone else can be beneficial. This can be simply to think out loud, or it can be to get an opinion from someone knowledgeable about the issue.

2.)The last company that I worked for had a risk management team that was linked to our loss prevention team. Anytime there were risks involved in any of the company’s places of business, this team would carefully run a full investigation to prevent themselves from making the wrong decisions of the outcome. We also had a risk management email awaiting on a daily basis that we were to review.The approach that I take with risk in my everyday life is that I stop, and think before making any decision. As I was growing up through the years, I was known to be the person who always asked “Why”. So as these years went by, I developed a mental system that I usually review, consisting of the pro and cons, before making decisions. I balance the risk factor from all sides so I carefully make the right decision.

3.)I am somewhat using both qualitative and quantitative analysis in my risk analysis. The risk I am considering involves job performance dangers with the public. The focus is on protecting yourself physically, professionally and emotionally in my line of work. Physical danger of law enforcement is well documented and there is plenty of quantitative data available in that area as well personal events that I can use to calculate overall risk occurrences and exposure. This information helps me in the qualitative approach to identify the actions that need to take place proactively to common incidents and the follow-up for personal job protection. It also helps to recognize the significance of the risks and the extent to which it will affect your performance.This qualitative analysis is very subjective but assessed by myself with over 20 years’ experience in this field and having experienced much of this through trial and error. Even though there are many publicized risk management plans for law enforcement, my area is not done by your typical uniformed peace officer. Accomplishing this job takes a great deal of mental assistance, prolonged interactions and specialized communication; and all of this has the risk potential of physical attacks, political issues and emotional suffering. It’s important to be keenly aware of that risk and have methods to prevent it or handle the aftermath.

4.) In response to qualitive and quantitative analysis, I will be using the qualitive method in my RMIP. The risk I will be exploring will be directly associated with corporate fleet safety management. The reason I’ve chosen this subject is because it specifically relates to the challenges, I have been faced at work recently. Some of this risk I’ve identified to assess and address include: Why should you have a fleet safety Program:Insurance cost,Impact on business. Risk to the Fleet:Substance abuse, Distracting Driving, Drowsy Driving, Aggressive Driving. The reason for choosing the qualitive analysis method is because, honesty I lack the much-needed data needed to make a decision quickly. I would also like to involve senior management regarding past experience and judgement and how they’ve approached issues through-out their careers. Additionally, the qualitive approach allows for proactive team involvement providing me with the initial buy-in needed to kick-start the program off in a progressive direction.

5.)In the organization of which I am thinking, the decision making process is generally effective. Depending on the circumstances or the individuals involved, surveys may be distributed or meetings held. Because of this, yes, it is a collaborative effort. A value tree would probably best meet this organization’s needs. Objectives could be identified from the meetings or surveys, operating measures could be identified for each of these objectives, and the objectives would ultimately lead to total satisfaction.

6.)I work for the college and the decision-making process is very effective. The decision-making process depends on each department and what is needed or wanted for each one. There is a budget process that is used that each director must decide what their budget for the next year should be based on items or equipment that need purchasing, software that needs to be maintained, conferences that need to be attended, staff to pay, raises to give, etc. The director sends the expected budget up thru several levels until it hits the presidents desk. A lot of times the president meets with the board of regents to go over goals for the college for the next year or the next six months, and they vote on items on the agenda that were recommendations from staff surveys on what they think should be brought up each go round. There is a lot of grant money at the college that has been used to purchase items, buildings, signs, people’s positions, etcetera as well, and the board also factors in those dollars when they are voting. It is most definitely a collaborative effort to keep the college running. I am positive they use tradeoff weights, utility scales, forecasting, cost- benefit analysis, and perhaps decision trees.

7.)The jobs I identified are librarian, historian, administrative assistant, business owner, and office manager. My objectives are pay, location, and job satisfaction. According to my graph, I am risk averse.

Career

Utility

Business Owner

0

Librarian

35

Office Manager

75

Historian

90

Administrative Assistant

100