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  • MNM 512 Synthesis 21 Risk Management Process

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    Julie May Gonzales
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    The risk management process allows firms to analyze potential threats, mitigate dangers when recognized, and make wise decisions. It identifies and prioritizes a company's risks through gathering data from employees and discussing risk factors to address higher priority threats before focusing on lower risks, as addressing all hazards at once is impossible. Risk management gives organizations a foundation for problem-solving by assessing and dealing with risks in a structured manner.

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    The risk management process allows firms to analyze potential threats, mitigate dangers when recognized, and make wise decisions. It identifies and prioritizes a company's risks through gathering data from employees and discussing risk factors to address higher priority threats before focusing on lower risks, as addressing all hazards at once is impossible. Risk management gives organizations a foundation for problem-solving by assessing and dealing with risks in a structured manner.

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    5 views1 page

    MNM 512 Synthesis 21 Risk Management Process

    Uploaded by

    Julie May Gonzales
    The risk management process allows firms to analyze potential threats, mitigate dangers when recognized, and make wise decisions. It identifies and prioritizes a company's risks through gathering data from employees and discussing risk factors to address higher priority threats before focusing on lower risks, as addressing all hazards at once is impossible. Risk management gives organizations a foundation for problem-solving by assessing and dealing with risks in a structured manner.

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    ALVIN C. GONZALES DR.ROSENIE S.

    CORONADO

    MNM 512 Student Professor

    RISK MANAGEMENT PROCESS

    Synthesis:

    The risk management process can analyze a situation to detect and deal with potential threats

    in a firm appropriately. When danger is recognized, it is simple to mitigate it and find ways to

    solve problems. Additionally, risk management gives a corporation a foundation on which to

    make wise decisions.

    The risk management process is the ideal approach to problem-solving to identify and rank a

    firm's risks to assess and address them. Most managers will ask all employees about the

    possible threat in the lower level before going outside the room. Gathering data is one of the

    methods used to identify risks. A company gathers its staff to discuss all the different risk

    factors. Then the company arranges all the identified threats in order of priority. Prioritization

    ensures that risks that can substantially impact a business need and the firm immediately give

    attention to higher to follow with the lower risk because it is impossible to minimize all

    existing hazards at once.

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