Page 22 - RISK Management IC86 Ebook
P. 22
Risk Management
Chapter - 3
Building-up an Effective Risk
Management Programme
l In the broadest sense, effective risk "management ensures
continuity of operations, maintenance of services to, and
protection of the interests of, the parties involved. The saying
"forewarned is forearmed" is an apt description of the
management of risk.
l Achieving management objectives necessitates setting up a
risk management programme fully responsive to the
environments of the enterprise.
Following aspects of a risk management programme, therefore,
are considered important towards building-up an effective risk
management programme.
A) Deciding the programme objectives
l The approach in deciding the programme objectives will be
guided by the aims and concerns of a management during the
three major phases related with an event namely:
a) PRE EVENT : These are aimed at reducing the chance of
loss occurring by:
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