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risk management - Essay Example
Finance & Accounting
Pages 14 (3514 words)
Essay: RISK MANAGEMENT Name of the Student University Risk Risk can be defined as the uncertain effect of any activity or event with respect to something that is valued by human. Sometimes risk is followed by opportunities. Systemic risks are surrounded in a larger framework of financial, societal and economic effects and are intersecting between the economic, technological, societal developments and the natural events…
The systemic risk governance requires unity between the countries and enclosure within the process of industry, government, academia and the civil society. Governance is defined as the processes, traditions, actions and institutions by which the authority exercises and takes decision which is then implemented (Aven & Vinnem, 2007). Risk Governance The term risk governance can be defined as the assessment, identification, management and communication of the risks in a board framework. It comprise of “actors, rules, conventions, processes and mechanisms and is concerned with how relevant risk information is collected, analyzed and communicated, and how management decisions are taken”. It uses the main beliefs of the good governance that includes effectiveness, transparency, efficiency, strategic focus, accountability, equity, sustainability and fairness. It deals with the rule of law and also need to chose the solution which will be legally and politically feasible along with publicly and ethically acceptable. Risk is always accompanied by changes. It is an important and permanent part of every life. The urge and the capacity to accept the challenge of the risk is very crucial for the achievement of the economic development and the introduction of the new technologies. ...
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