Risk Management: Theory and Practice - Dissertation Example

Man-made risks and natural risks are some of the risks in organizations today. According to various definitions, risk management is about events that are still forthcoming. These events may create risks and uncertainties because of many factors and causes. Moreover, the events have to be identified so that risk management can be applied. This is a challenge on the part of risk managers to ascertain and identify the risks and more importantly the causes of these risks. If they are identified, plans and strategies should immediately be applied.

Risks can cause a loss or damage in the case of a physical structure. Loss, which occurs after an event, can occur on tangible and intangible assets. In the literature review and subsequent discussion, a theory is presented on the linkage between operational risks and knowledge management. First, we presented what operational risks are and then discussed knowledge management. The subsequent discussion on the link between these two led us to conclude that risks can be identified and managed adequately through knowledge management.

What follows is an interesting discussion about how risks can be reduced – or eliminated – through knowledge management practices. . Another risk management topic discussed is the subject of information technology and the risks involved. As we know, technology and the internet have influenced our lives today especially the running and operations of businesses and organizations. Information systems and the information revolution have created more risks and uncertainties in organizations and the workplace.

IT infrastructures are targets of attacks by cybercriminals and terrorists. This is another phase in the formulation of programs and strategies for risk management. Risk management in the protection of information technology infrastructure is a part of operational risk management. This and among the many topics on risk management have been provided significant space for discussion in this paper.

Countless risks occur in the world of the living. In earlier times, people encountered and dealt with risks the way they dealt with nature.

They managed risks through instincts of self-preservation and experience. As time went by and as humans invented many things in the so-called survival-of-the-fittest, risks multiplied. Risks became an ordinary part of human activities during the advent of the industrial revolution and as businesses and corporations grew. In factories and construction sites, necessary measures should be undertaken to avoid risks. Risks can cause accidents and can also be detrimental to the health of workers. Firms cannot be hundred percent sure of profits but they can be sure to stay in business for as long as they know how to analyze and deal with risks.

Unexpected things should not have the chance to block an organization’s business activities.