1)#1. What are the benefits an organization can receive from the adoption of a risk management system?
- Describe the risk management system application.
- What roles do security and capacity play within the risk management process?
- What is the purpose of a risk management system?
- Describe the various risk management methodologies used for risk assessment and how they relate to a systematic approach.
#2. Tessile, S. A., a company based in Turin, Italy, is a medium-size company that manufactures, sells, and exports textiles. An increased demand for the company’s high-quality textiles has led to the approval by its CEO, Giuseppe Franco, to implement a major expansion to other markets. Mr. Franco is seen as a visionary leader in the textile industry as he transformed a cotton plantation company into one of the major textiles companies in northern Italy.
Mr. Franco recently led an aggressive and successful series of acquisitions of wineries in southern and central Italy. Mr. Franco wants to follow these acquisitions by purchasing and introducing Tessile S.A. to the tourist and cheese industries. However, these last winery acquisitions left the company in serious debt and with its shares losing value due to the perceived negative view of Mr. Franco’s strategy by its shareholders moving away from their core textile business.
You have been assigned to advise Tessile, S.A. board of directors on identifying potential hazards, threats, and risks of Tessile’s business strategies.
Create a document presentation that consists of at least 7 sections as to considerations and process. Be sure to include the following information in your packet:
- Explain the process you will use to identify potential hazards, threats, and risks of the company’s current business strategies.
- Identify the potential hazards, threats, and risks that you discovered when using your process.
Be sure to include notes in your presentation where necessary. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
#1. How important are a quality culture and a risk culture for effective organization management?
#2. Discuss their relationship between quality management and customer satisfaction
#3. Small to medium businesses are exposed to risks on a daily basis. The impact of these risks could cause a decrease in revenue and/or an increase in expenses. As we all know, every business is subject to risks at any time. The potential losses as a result of unmanaged risks could be catastrophic. Insurance policies can be purchased that can help protect businesses from risks caused by certain events and from risks to their employees’ personal security.
You have been given the task of persuading your business’s board of directors to purchase insurance policies that will help manage the risks mentioned above. The insurance policies have already been chosen, but now you must explain the details of the insurance policies, including the contracts involved in the policies, to the board and convince the board that these policies really will protect the business from risks. In addition, you must describe what the terms in the insurance contracts mean and how they can be applicable to each business area.
In order to this, you will need to create a portfolio document with the following sections::
- Define insurance and an insurance policy.
- Identify the two basic types of insurance.
- Describe how insurance policies can be used to protect the business from risks caused by certain events and from risks to their employees’ personal security while on the job.
- Define the four essential elements of a valid insurance contract: offer and acceptance, consideration, legal capacity, and purpose.
- Identify the common terms found in insurance contracts that specify exactly what risks an insurer will cover.
- Define catastrophe theory and how it differs from risk management principles.
- Discuss how catastrophe theory can be utilized by your organizations to manage and recover from risks.