Risk Management Is Everyones Responsibility - 1868 Words

The statement â€Å"risk management is everyone’s responsibility† has truth behinds its meaning and it is important for the management of the organization to stress the importance of everyone working together to help reduce and mitigate the risks. Risk management is a process that promotes the company’s goals by identifying, addressing, and overcoming the risks associated with reaching those goals and it also helps identify the overall impact that these risks could have on the company as a whole (Makomaski, 2008). It is important that the organization identify any potential or possible risk to their superior immediately, but many companies struggle with how to implement a successful risk management system. With that being said, â€Å"The purpose of risk management is to gain an understanding of a risk’s nature, its causes, potential impacts and likelihood, and to determine whether additional controls are necessary so that it is acceptable to the organizat ion†(as cited in Lyon Popov, 2016, p. 40). Risk management is a concept that should be implemented within an organization to ensure that the risks do not overshadow or interrupt the success and profitability of the company. A risk management program is very important to implement because it will help the company recognize and address the risks that occur and then the company will have the knowledge and skills to view the risk as a strategic advantage (Bowling, Julien, Rieger, 2003). However, getting everyone on board withShow MoreRelatedWhat Does Safety Risk Affect An Organization?1514 Words   |  7 PagesEverybody takes risk in life. Sometimes you have determined if the risk you are willing to take is worth it. The same could be said when it comes to business. Just like in life an individual would want to know how that risk will impact them, a business should be aware of how risk impacts them. For example, if an individual is considering purchasing a house it would seem like they would because to looking to their financial history, their current income, their current expenses, examine the propertyRead MoreAcc/546 Week 1 Assignment1094 Words   |  5 Pagesprofessional responsibility and 2). The cost of accumulating the evidence should be minimized. Concern for sufficient appropriate evidence and cost necessitates planning the engagement. The plan should result in an effective audit approach at a reasonable cost. The most important step in audit planning is Phase I, to plan and design an audit approach. This step is important because this is where the auditor obtains an understanding of the entity and its environment. 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