Assignment on Risk, risk factors, risk assessment and risk management

Risk is defined as the probability at which there could be a chance of negative outcome for a certain action doing without the precautions is called risk (Abkowitz and Camp, 2017). For example, in an organization, there could be many negative impacts if we do not carry the standard procedure of dealing with the employees and maintaining a positive relation with them through the human resource management of the organization. There are many factors that determine the extent of risk in an organization that are called risk factors. The attitudes and characteristic of the employees in the organization will affect the likelihood of impacting the organization through different roles (Fuller & Nieto, 2014). The lack of coordination between the HR management and employees in an organization is an example of the risk factor. Another important risk factor is the negligence and indifferent behavior of the employees towards the work in an organization (Aven and Zio, 2013).
The process of risk management is defined as the method in which we identify, assess, and control the different threats and risks to an organization and its investment and revenues. There could be many reasons for these risk factors and threats to the organization. These include financial volatility, legal liabilities, errors in the management of strategies, and sudden incidents and natural disasters (Gillingham & Bromfield, 2008). The first choice of the organizations has become to be the management of IT security and resolution of the threats and risks to it, strategies for the alleviation of these risk factors and their control. Therefore, the risk management plan has become the essential part of the organizations to assess and control the different risk factors and their management related to its IT data, customer support, employee management and control of intellectual property along with the personally identifiable information (PII) of the customers.

Risk assessment in child protection services
Risk management and assessment in the child protection services is an important method for ensuring the prevention of maltreatment that is given to the children. This process has become a central requirement in the families and children practices. However, the recent research has shown that there are many child protection agencies that leave the children in the unsafe situations that leads to the more maltreatment process of the children (Cove, 2015). In this essay, we will explore the risk assessment and management related to the child protection and different strategies for the risk assessment and risk management. it has been argued internationally that there are many flaws in the risk assessment strategies and is a source of implications in the resolution of the child protection problems. Therefore, there have been consideration of many revaluations for the process of risk assessment in the child protection services that we will discuss here (Czikkely, 2019).
Risk management strategies
There are certain risk assessment and risk management strategies for the preparation of a management plan that include the following:
• Establish context: In this strategy, there has been used comprehension of the situations and conditions where the event and happening will occur. Moreover, this also includes the standards for the survey of the risk and management of the investigation related to the risk factors.
• Risk Identification: This step is related to the recognition and description of the different risk factors that may be faced during the activities of the organization.
• Risk analysis: When we have identified the risk factors and their likelihood of occurring within an organization, then comes the analysis of these risks. This step involves the process of examining and analyzing each event and happening related to the risk factors (Newsome, 2015).
• Risk assessment and evaluation: In the next step, the evaluation of this risk is carried out after its analysis. Here, we determine the overall chances of the risk factor to occur during the proceedings of the organization. Then, the organization can choose, whether to take this risk factor or not in the processes (Cove, 2015).
• Risk mitigation: During this movement, associations assess their most raised situated risks and encourage a game plan to moderate them using unequivocal risk controls. These plans fuse risk help measures, risk expectation procedures and substitute strategies in the event the risk occurs true to form.
In this strategy, the organization follows a certain methodology for the removal and decrease of the risk factor and different plans for the purpose of execution of the risk management plan. Different plans and strategies have been used by the different organizations.
• Risk monitoring: In this step, the process of checking and monitoring the chances of new risks has been used in the organization to prevent the other types of risk factors to occur.

Advantages of risk assessment and risk management strategies

The process of implementing the risk management plan, an organization can save its capital and expenditures from the risk factors occurring in the organization. The reason is that it will help the organization to locate and distinguish the risks faced to the organization and method to remove them effectively (Cove, 2015). The significant and important advantages of the risk assessment and risk management strategies are as follows:
• It generates a working environment for the employees of an organization that is free of risks and risk factors.
• It helps in the mitigation of the risk and increase the business strength.
• It also provides the surety of the positive aspects in the organization.
• It protects the individuals of the organization from being harmed.
The most significant and huge benefits of the risk assessment and risk management are the accompanying:

• Recognize and control risks in your workplace.
• Create care among your laborers – and use it as a planning mechanical assembly too.
• Set risk management standards, considering satisfactory safe practices and authentic necessities.
• Reduce scenes in the work space.
• Save expenses by being proactive as opposed to responsive.
Disadvantages of risk assessment and risk management strategies

As there are many advantages of the risk assessment and risk management, there are also many disadvantages that should also be considered while execution in the organization. The strategies of risk management require a lot of data in the process that is very difficult to collect and make it in the accurate value (Hadley, Arulanantham and Gandhi, 2015). Moreover, the utilization of this abundant data in the different plans may not present any concluding results if we use the direct methods for the reflection of the situation (Arbeiter & Toros, 2017). Moreover, the shortage of time and investigation in the processes of the organization is another shortfall for the risk management process. There is a PC programming method for the replication of the risk events that can affect the organization. However, there is a need of a large number of staff members for the execution of this data and find out the relevant results by the execution of this data.
Various other limits and disadvantages include:
• There is a focus of the measurements related to value at risk to the past, not on the future. That is why, there is a smooth going of the things and conditions seem to be better for the longer time but there is a likelihood of the downturn more rapidly.
• The process of risk management can make an organization overconfident about occurrence of the risks in the future. As there is no track record of the risks that can come in the coming days, it cannot tell us about the potential threats related to future.
• The risk management plan is unable to tell us the big picture of the risk factors in an organization.
• There is no involvement of the history processes in the risk management plan of an organization that seem to be immature (Arbeiter & Toros, 2017).

There have been some recommendations and standards for the execution of the risk management and risk assessment in an organization by the international organization for standardization (ISO). These standards are helpful in providing the relation between the risk factors occurring in the organization, their identifications, resolution and control in the future. There are ISO 31000 rules for the organizations that help them to increase the efficiency of their risk management plans without paying much attention to the locale target (Arruabarrena, de Paúl, Indias & García, 2016). It is related to the identification of the risks, their possible results and impacts on the organization and finding out the solution for these risks. It also helps in deciding the direction of the analysis of the risk to the inside or outside direction and review of the risk management plan and in the out saw of the benchmark (Levy, 2016).
The important recommendations by ISO for the risk management and risk assessment of any organization are as follows:
• There should generate a value for the company by the process.
• It ought to be an essential part of the organization.
• There should be its role in the decision-making process of the organization.
• There should be addressing of any risk or uncertainty by it.
• It should have a systematic structure.
• There should be execution on the basis of information that is easily available.
• There should be inclusion of the human factors in this management plan like the errors made by humans.
• There should be transparent and inclusive execution.
• There should be regular monitoring and improvement plan for it.
There are many other recommendations worldwide for the effective and proper implementation of the risk management and risk assessment plans in the different organizations. The fundamental purpose of these standards and recommendations is to make the common models and strategies for the effective implementation of the risk management strategies (Cove, 2015). The standards required for the organizations are regularly recognized by the regulatory bodies that are at the international level or the other groups of industry level. The upgradation and supplementation of the standards are also provided according to the business risk determined from the different sources in the marketplace.

Arbeiter, E., & Toros, K. (2017). Participatory discourse: Engagement in the context of child protection assessment practices from the perspectives of child protection workers, parents and children. Children And Youth Services Review, 74, 17-27. doi: 10.1016/j.childyouth.2017.01.020
Arruabarrena, I., de Paúl, J., Indias, S., & García, M. (2016). Racial/ethnic and socio-economic biases in child maltreatment severity assessment in Spanish child protection services caseworkers. Child & Family Social Work, 22(2), 575-586. doi: 10.1111/cfs.12271

Abkowitz, M. and Camp, J., 2017. Structuring an Enterprise Risk Assessment Protocol: Traditional Practice and New Methods. Risk Management and Insurance Review, 20(1), pp.79-97.
Aven, T. and Zio, E., 2013. Foundational Issues in Risk Assessment and Risk Management. Risk Analysis, 34(7), pp.1164-1172.
Cove, C. (2015). Current and emerging strategies in the management of venous thromboembolism: benefit–risk assessment of dabigatran. Vascular Health And Risk Management, 271. doi: 10.2147/vhrm.s62595
Czikkely, M., 2019. Interpretation of Risk Assessment Procedures and Management of Risk Factors. Hungarian Agricultural Engineering, 35, pp.18-21.
Fuller, T., & Nieto, M. (2014). Child welfare services and risk of child maltreatment rereports: Do services ameliorate initial risk?. Children And Youth Services Review, 47, 46-54. doi: 10.1016/j.childyouth.2013.11.015
Gillingham, P., & Bromfield, L. (2008). Child protection, risk assessment and blame ideology. Children Australia, 33(1), 18-24. doi: 10.1017/s1035077200000079
Hadley, P., Arulanantham, R. and Gandhi, D., 2015. Yardsticks to Integrate Risk Assessment, Risk Management, and Groundwater Remediation. Remediation Journal, 25(3), pp.9-30.
Levy, J., 2016. Fine Particulate Matter, Risk Assessment, and Risk Management. Risk Analysis, 36(9), pp.1745-1747.
Newsome, B. (2015). The 6.5 Ts: rationalising security and risk management strategies. International Journal Of Risk Assessment And Management, 18(1), 89. doi: 10.1504/ijram.2015.068156

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