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Risk or threat is part of life. Avoiding all risk would result in no achievement, no progress and no reward. Risk is being defined as "The combination of the probability of an event and its consequence. Consequences can range from positive to negative." All organizations have objectives at strategic, tactical and operational levels - anything that makes achieving these objectives uncertain is a threat. Threat or Risk Management--RM refers to the practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce/curb the threat. RM is the process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making. Essentially, RM occurs anytime an investor or fund manager analyzes and attempts to quantify the potential for losses in an investment and then takes the appropriate action (or inaction) given their investment objectives and threat tolerance. Inadequate RM can result in severe consequences for companies as well as individuals. For example, the recession that began in 2008 was largely caused by the loose credit RM of financial firms. Simply put, RM is a two-step process - determining what threats exist in an investment and then handling those threats in a way best-suited to your investment objectives. RM occurs everywhere in the financial world. It occurs when an investor buys low-threat government bonds over more risky corporate debt, when a fund manager hedges their currency exposure with currency derivatives and when a bank performs a credit check on an individual before issuing them a personal line of credit.
As our world becomes increasingly volatile and unpredictable, we must cope with greater uncertainty. RM is the systematic process of understanding; evaluating and addressing these threats to maximize the chances of objectives being achieved and ensuring organizations, individuals and communities are sustainable. RM also exploits the opportunities uncertainty brings, allowing organizations to be aware of new possibilities. Essentially, effective RM requires an informed understanding of relevant threats, an assessment of their relative priority and a rigorous approach to monitoring and controlling them. To be effective, RM must be proportionate to the size and nature of an organization. It can range from a threat assessment for a community event up to a sizeable, integrated process for a multi-national. Enterprise RM (ERM) refers to an integrated or holistic approach to managing threat across an organization, using clearly articulated frameworks and processes led from board level. RM should be embedded in the general management of an organization and fully integrated with other business functions such as finance, strategy, internal control, procurement, continuity planning, HR and compliance. The degree of integration will differ between organizations depending on their culture, implementation process, ways of operating and external environment. Specialist areas of RM include expertise in insurance purchase, business continuity, health and safety and corporate governance to specialist skills and knowledge for, for example, the financial services or construction industries.
Assessment of the threat, obtaining options for handling the threat, and analyzing the threats in order to determine the ways in which the same may change are some ways to deal with threat. There are different types of threats and management must be aware of all the kinds. The threats can be financial threats, process threats, intangible threats, time threats, human threats, legal threats, and physical threats. Brief notes on various types of threats: 1) Financial Threat: Financial threat is the loss of key resources like funding, etc. In this case the company will not have adequate cash flow to meet financial obligations. Credit threat, liquidity threat, market threat, operational threats are different types of financial threats. 2) Credit Threat and Investment Threat: When the borrower becomes default and was unable to make payments as promised it is said to be Credit threat, also called default threat. Investment threat was associated with this where the investor losses his principal and interest too. 3) Liquidity Threat: Sometimes due to lack of liquidity in the market an asset cannot be sold to make the profit or to prevent a loss this is what called as Liquidity threat. 4) Market Threat: Due to the change in value of the market threat factors value of investment portfolio or the value of a trading portfolio will decrease. Foreign exchange rates, stock prices, interest rates, and commodity prices are the standard Market threat factors. 5) Operational Threat: A threat arising from execution of an organization’s business functions is Operational threat. Threats arising from the people, systems and processes through which an organization operates. Fraud threats, legal threats, physical or environmental threats are other categories included under this. 6) Process Threat: Risky business processes that could lead to project failure are process threats. 7) Intangible Threat: Those threats that are often associated with damage to the reputation of an organization or its brand are Intangible threats. 8) Time Threat: Threats which often involve things connected to time are Time threats. 9) Human Threat: Loss of critical employees or knowledge which is connected to man power are Human threats. 10) Legal Threat: Losses include government regulations and the same having an impact on the operations of the company are Legal Threats. 11) Physical Threat: Physical threats are those losses of physical resources such as equipment, buildings, land, etc due to natural disasters or manmade.
RM process begins when somebody asks what kind of events can damage the business and how much damage can be done. Identifying and measuring the potential loss exposures, choosing the most efficient methods of controlling and financing loss exposure and implementing them and finally monitoring all the outcomes are the main steps involved in RM. According to our classification, significant threats are threats that could have a long-term adverse effect on assets, financial situation or profitability. We have applied this definition consistently to each business unit and legal entity, taking account of its individual threat-bearing capacity. There are significant threats in the following threat categories: 1) Underwriting threat: Property-casualty insurance: The property-casualty threat category encompasses the underwriting threats in the property, motor, third-party liability, personal accident, marine, aviation and space, and credit classes of insurance, together with special classes also allocated to property-casualty. Underwriting threat is defined as the threat of insured losses being higher than our expectations. The premium and reserve threats are significant components of the underwriting threat. 2) Underwriting threat: Life and health: The underwriting threat is defined as the threat of insured benefits payable in life or health insurance business being higher than expected. Of particular relevance are the biometric threats and the customer behaviour threats, for example lapses and lump-sum options. We differentiate between threats that have a short-term or long-term effect on our portfolio. 3) Market threat: We define market threat as the threat of economic losses resulting from price changes in the capital markets. This includes equity threat, general and specific interest-rate threat, property threat and currency threat. 4) Credit threat: We define credit threat as the financial loss that could incur as a result of a change in the financial situation of a counterparty, such as an issuer of securities or other debtor with liabilities to the company. In addition to credit threats arising out of investments and payment transactions with clients, we actively assume credit threat through the writing of insurance and reinsurance business, for example in credit and financial reinsurance. 5) Operational threat: We define operational threat as the threat of losses resulting from inadequate or failed internal processes, incidents caused by the actions of personnel or system malfunctions, or external events. 6) Liquidity threat: Our objective in managing liquidity threat is to ensure that we are in a position to meet our payment obligations at all times. 7) Strategic threat: We define strategic threat as the threat of making wrong business decisions, implementing decisions poorly, or being unable to adapt to changes in the operating environment. 8) Reputational threat: Reputational threat is the threat of a loss resulting from damage to the company’s public image (for example with clients, shareholders or other parties).
So what are the strategies for managing threats? There are as many different types of strategies for managing threat as there are types of threats. These break down into four main categories. Threat can be managed by accepting the consequences of a threat and budgeting for it. Another strategy is to transfer the threat to another party by insuring against a particular, like fire or a slip-and-fall accident. Closing down a particular high-threat area of a business can avoid threat. Finally, the manager can reduce the threat's negative effects, for instance, by installing sprinklers for fires or instituting a back-up plan for data. Having a RM plan is an important part of maintaining a successful and responsible company. Every company should have one. It will help to protect people as well as physical and financial assets. So what is to taking advantage of RM solutions? Coming up with solutions to RM problems is a complicated process. Many businesses choose to come up with their own plans, but other options are available. Some companies choose to hire a RM company to help them identify threats and ways to mitigate or eliminate them. So what is to do RM on your own? Doing a RM assessment and coming up with a RM solution is something that every business has to do. RM is a basic five-step process. First, identify the sources of threat for your company. Second, measure how important the threat is. Third, come up with strategies to limit or eliminate the threat. Fourth, implement the strategies. Finally, continue to monitor the sources of threat to determine whether your strategies are effective or need revision. So what about using a RM Company? RM can be tricky. Coming up with all of the possible threats to company assets, employees, and finances and then figuring out how to rank the threats and eliminate or lessen them is time-consuming. In some industries, lists of known threats are available and are used to identify potential problem areas. However, for big companies these may not be enough. In these cases, employing a firm that specializes in RM solutions and evaluation can help.
So what are the IT RM solutions? A RM solutions company helps other companies analyze their exposure to certain types of threats. Our company helps to provide a plan to minimize the impact of hackers, identity fraud, and other intrusions and to conduct employee and vendor screening to ensure protection of data. So what are the business RM solutions? We can help clients minimize business or financial threats. We provide company profiles and in-depth information that includes research reports and predictive scores. This kind of information helps companies manage financial and business threats like credit risk. It can also help them make decisions about investing. Having access to this type of information may be an important part of a financial RM plan, which guides how investments and other financial decisions are made in a company. Let us now give you an understanding of RM, insurance, and investing. Our RM solutions also analyzes the potential impact of different kinds of events for insurance purposes. We may also make recommendations about investing in companies. While many companies choose to do RM’s and come up with RM solutions on their own, there are other options. RM solutions companies like ours can help to identify threats and come up with plans to manage these threats. Either option for solving risk is acceptable and is just a computer click away at the end of this page.
Once threats have been identified, they must then be assessed as to their potential severity of impact (generally a negative impact, such as damage or loss) and to the probability of occurrence. These quantities can be either simple to measure, in the case of the value of a lost building, or impossible to know for sure in the case of the probability of an unlikely event occurring. Therefore, in the assessment process it is critical to make the best educated decisions in order to properly prioritize the implementation of the RM plan. Even a short-term positive improvement can have long-term negative impacts. Take the "turnpike" example. A highway is widened to allow more traffic. More traffic capacity leads to greater development in the areas surrounding the improved traffic capacity. Over time, traffic thereby increases to fill available capacity. Turnpikes thereby need to be expanded in a seemingly endless cycles. There are many other engineering examples where expanded capacity (to do any function) is soon filled by increased demand. Since expansion comes at a cost, the resulting growth could become unsustainable without forecasting and management.
The fundamental difficulty in threat assessment is determining the rate of occurrence since statistical information is not available on all kinds of past incidents. Furthermore, evaluating the severity of the consequences (impact) is often quite difficult for intangible assets. Asset valuation is another question that needs to be addressed. Thus, best educated opinions and available statistics are the primary sources of information. Nevertheless, threat assessment should produce such information for the management of the organization that the primary threats are easy to understand and that the RM decisions may be prioritized. Thus, there have been several theories and attempts to quantify threats. Numerous different threat formulae exist, but perhaps the most widely accepted formula for threat quantification is: Rate (or probability) of occurrence multiplied by the impact of the event equals threat magnitude. Composite threat index: The above formula can also be re-written in terms of a Composite Threat Index, as follows: Composite Threat Index = Impact of Threat event x Probability of Occurrence. The impact of the threat event is commonly assessed on a scale of 1 to 5, where 1 and 5 represent the minimum and maximum possible impact of an occurrence of a threat (usually in terms of financial losses). However, the 1 to 5 scale can be arbitrary and need not be on a linear scale. The probability of occurrence is likewise commonly assessed on a scale from 1 to 5, where 1 represents a very low probability of the threat event actually occurring while 5 represents a very high probability of occurrence. This axis may be expressed in either mathematical terms (event occurs once a year, once in ten years, once in 100 years etc.) or may be expressed in "plain English" (event has occurred here very often; event has been known to occur here; event has been known to occur in the industry etc.). Again, the 1 to 5 scale can be arbitrary or non-linear depending on decisions by subject-matter experts. The Composite Index thus can take values ranging (typically) from 1 through 25, and this range is usually arbitrarily divided into three sub-ranges. The overall threat assessment is then Low, Medium or High, depending on the sub-range containing the calculated value of the Composite Index. For instance, the three sub-ranges could be defined as 1 to 8, 9 to 16 and 17 to 25. Note that the probability of threat occurrence is difficult to estimate, since the past data on frequencies are not readily available, as mentioned above. After all, probability does not imply certainty. Likewise, the impact of the threat is not easy to estimate since it is often difficult to estimate the potential loss in the event of threat occurrence. Further, both the above factors can change in magnitude depending on the adequacy of threat avoidance and prevention measures taken and due to changes in the external business environment. Hence it is absolutely necessary to periodically re-assess threats and intensify/relax mitigation measures, or as necessary. Changes in procedures, technology, schedules, budgets, market conditions, political environment, or other factors typically require re-assessment of threats.
Threat options: Threat mitigation measures are usually formulated according to one or more of the following major threat options, which are: 1) Design a new business process with adequate built-in threat control and containment measures from the start. 2) Periodically re-assess threats that are accepted in ongoing processes as a normal feature of business operations and modify mitigation measures. 3) Transfer threats to an external agency (e.g. an insurance company). 4) Avoid threats altogether (e.g. by closing down a particular high-threat business area). Later research has shown that the financial benefits of RM are less dependent on the formula used but are more dependent on the frequency and how threat assessment is performed. In business it is imperative to be able to present the findings of threat assessments in financial, market, or schedule terms. Robert Courtney Jr. proposed a formula for presenting threats in financial terms. The Courtney formula was accepted as the official threat analysis method for the US governmental agencies. The formula proposes calculation of ALE (annualized loss expectancy) and compares the expected loss value to the security control implementation costs (cost-benefit analysis). Potential threat treatments: Once threats have been identified and assessed, all techniques to manage the threat fall into one or more of these four major categories: Avoidance (eliminate, withdraw from or not become involved); Reduction (optimize – mitigate); Sharing (transfer – outsource or insure); Retention (accept and budget). Ideal use of these strategies may not be possible. Some of them may involve trade-offs that are not acceptable to the organization or person making the RM decisions. Threat avoidance includes not performing an activity that could carry threat. An example would be not buying a property or business in order to not take on the legal liability that comes with it. Another would be not flying in order not to take the threat that the airplane was to be hijacked. Avoidance may seem the answer to all threats, but avoiding threats also means losing out on the potential gain that accepting (retaining) the threat may have allowed. Not entering a business to avoid the threat of loss also avoids the possibility of earning profits. Increasing threat regulation in hospitals has led to avoidance of treating higher threat conditions, in favor of patients presenting with lower threat.
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