To attain a level of perfection one must have to good back up either to overcome the risk involved or he should take preventive measures which minimizes the risks and can help us to get rid of threat of facing loss in business. Management of risk is defined as when a manager or owner of a company put their interest ahead than to the interest of the company.
This risk implies to investment managers more as their decision and actions may deviate from the investors wish. Management of risk involves initially the identifying the risk involved, measurement of amount of the risk involved and finally prioritizing the risks involved which is further followed by minimizing and controlling the risk by optimum use of the applications which are more economical and does not cost much to the company or person bearing this risk.
Risk is quite uncertain which can come anytime and anywhere like a natural calamity or fall in financial market or , accidents, credit risks, project failures or any other kind of unfortunate events. M_o_R training course helps to take informed decisions about risk which actually affect the performance of the business to fix the problem of risk various institutes set some risk management standards.
Though there were many strategies to manage risk but specifically it includes transferring the risk to third party or decreasing the probability of the risk.MOR training methods involves taking decision depending upon long term ,medium term, or short term goals.
For long term goals strategic decisions are taken where as for medium term goals are concerned with programmes and projects and lastly the short term goals addresses through operational level to ensure continuity of business.
M_o_R course is based on four concepts which are as follows
· M_o_R Principles
· M_o_R Approach
· M_o_R Processes
· M_o_R Review
Management of risk is a science which plays a pivotal role in business performance. It specially focus on needs of customers by keeping a check on quality of the products offered to customers. By adopting this way the customers get more convinced and they buy the products from the same company. M_o_R training is diversified in to different stages (Identification, Analysis ,Planning, Tracking, Controlling and Communication).
For management of risks a research is done on identification of the risks that too before it causes harm by becoming a problem. This step is followed by analysis which is used to convert risky data into decision making information. This process is very much helpful for project managers to work on the most critical risks. Further for turning the risk information to decisions and actions planning is done.
Planning is categorizing the risks according to their type and importance.After planning the risks are tracked and monitored closely to take necessary action to overcome those risks. Next step is the most important one as this is called controlling of risks. Risk control relies on project management processes to decrease the amount of risk by taking corrective action. Final step is communication. This emphasize the persuasiveness and criticality. All these studies makes the candidate a master of M_O_R