Page 28 - RISK Management IC86 Ebook
P. 28
Risk Management
C) Organising & putting the programme in place
l In practice, it is not possible that a single way of organizing
risk management will accommodate all situations
encountered by a risk manager. He must gain thorough
understanding of the organization's operations and current
activities before attempting any new activity or making any
changes.
Risk management department set-up
l Organizing & putting the programme in place would
require a proper set up for the risk management section;
it can be a separate department, or a small team depending
on the size and style of operation of that organization.
Co-operation with other departments
l Co-operation of other departments and getting proper
budgetary allocation will be essential factors.
Accounting
l Most of the available accounting data, contain valuable
information vital to an organization's survival. There may be
loss exposures arising out of the accounting operations
themselves which need to be addressed as a part of the risk
management strategy. Most of the risk management
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