Assessing Risks
Trey Russell
July 17, 2017
BUS 401: Leon Daniel
Risk Management
James Kallman is revered as an expert in the field of risk management. He has several approaches to assessing strategies to risk management and we will go over some views he has on how he utilizes them. In the article titled “Risk Management Solutions” by Kallman, he states that risk management is basically to help others create value. This often achieved by purchasing insurance to finance losses, and others use safety projects to save lives. (Kallman, Risk Management Solutions, 2008) Risk management is in the eye of the beholder. But in finance, Kallman explains that the ultimate solution to risk management is prevention. There are several other tactics to employ when assessing risks such as creating a risk management solution tree, deciding whether to accept or avoid the situation, and what resources you will spend on controlling the risk.
Creating a risk management solution tree is an important step towards measuring risk. It is important for one to have a clear understanding of the organization’s goals and procedures before utilizing the risk …show more content…
Their risk management techniques are similar in stating that there must be some level of control to manage your risks, avoiding is an option, and knowing your costs vs benefits. Kallman proposed the use of risk management indefinitely and the use of a risk management solution tree, which is an illustration of the basic solutions to create value as the most effective way to tackle risks. In conclusion, Kallman and Riscario’s techniques were somewhat similar but varied in detail. Kallman explains that the best way to manage risks is prevention. Controlling and evaluating risks will ensure your company is prepared and able to turn losses into
Trey Russell
July 17, 2017
BUS 401: Leon Daniel
Risk Management
James Kallman is revered as an expert in the field of risk management. He has several approaches to assessing strategies to risk management and we will go over some views he has on how he utilizes them. In the article titled “Risk Management Solutions” by Kallman, he states that risk management is basically to help others create value. This often achieved by purchasing insurance to finance losses, and others use safety projects to save lives. (Kallman, Risk Management Solutions, 2008) Risk management is in the eye of the beholder. But in finance, Kallman explains that the ultimate solution to risk management is prevention. There are several other tactics to employ when assessing risks such as creating a risk management solution tree, deciding whether to accept or avoid the situation, and what resources you will spend on controlling the risk.
Creating a risk management solution tree is an important step towards measuring risk. It is important for one to have a clear understanding of the organization’s goals and procedures before utilizing the risk …show more content…
Their risk management techniques are similar in stating that there must be some level of control to manage your risks, avoiding is an option, and knowing your costs vs benefits. Kallman proposed the use of risk management indefinitely and the use of a risk management solution tree, which is an illustration of the basic solutions to create value as the most effective way to tackle risks. In conclusion, Kallman and Riscario’s techniques were somewhat similar but varied in detail. Kallman explains that the best way to manage risks is prevention. Controlling and evaluating risks will ensure your company is prepared and able to turn losses into