Discuss the four core strategies that underpin the modern concept of Essay

Discuss the four core strategies that underpin the modern concept of Risk Management and Control. Relate these core strategies to practical security - Essay Example xecuted in a variety of ways, which comprises of strategies including the transfer of the risk toward another party, avoiding any such risks beforehand, reduction of the after-effects and consequences of the risk once it hits the organization or in another case, accepting the consequences posed by a risk. Also, the nature of risk management depends on the kind of risk posed on an organization, i.e. in case of a physical risk; the risk management would involve analysis of potent risks on property of the organization, while financial threats may be resolved by considering insurance options etc. Also, the threats may be initiated from many different sources, for instance, there may be environmental, technological, and political or in some cases even organizational threats involved, which the manager may have to deal with. Prior to the execution of the risk management, assessment of the risk is quite crucial. This involves the analysis over the extent of the severity of any kind of potential loss which may occur or the chanced of the occurrence of the loss. The manager must measure the value via various indicators he/she might come up with during the analysis. However, if the statistical data is available for the cause, this would be an ideal situation, as the risk assessment in this case would be the most accurate one. Risk assessment, here, implies that the manager undertakes the holistic view of the organization, considering the resources, internal and external environment, along with the market conditions and any other factors which must be taken into account to make a prediction on what kind of threats may affect the organization. Based on this analysis, the manager clearly identifying the nature and the extent, also the probability if the threats which the organization may have to face in the fu ture. Once the analysis is conducted, the manager can then consider the options and then take considerable time to choose the most desirable options to avoid any kind of