1. DARSHANA RAGHU MANAGEMENT

2. Risk Management Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities

3. Types of Risks Material Risk- Building, Plant & Machinery,Furniture,Fixtures,fittings,Stocks. Consequential Risk- Loss of production, Loss of profit, Loss of market, Good will. Social Risk Legal Risk- Product liability, Public liability. Political Risk- Subsidies, Sanctions etc.

4. Risk Management Process Establishing the Context: Establishing the context means all the possible risks are identified and the possible ramifications are analyzed thoroughly. various activities in this stage is as follows:  Identification of a risk in one particular domain.  Planning out the entire management process.  identification of objectives of risk

5.  Outlining a framework.  Designing an analysis of risks involved at each stage.  Deciding upon the risk solution. Identification: Once the context has been established successfully, the next step is identification of threats or potential risks.

6. some common methods of risk identification are:  Taxonomy based Risk Identification: The possible risk sources are broke down, hence taxonomy.  Objective based Risk Identification: An organization or any business activity has a certain objectives.  Scenario based Risk Identification: Here various scenarios, which may be alternative ways to achieve an objective, are created.

7.  Common Risk Check: There are certain risks that are common to an industry. Each risk is listed and checked on time. Assessment: Once the risks have been identified, they are then assessed on their likelihood of occurrence and the impact. This process can be simple as in case of assessment of tangible risks and difficult like in the assessment of intangible risks.

8. Risk Evaluation Risk evaluation is concerned with assessing probability and impact of individual risks, taking into account any interdependencies or other factors outside the immediate scope under investigation. Probability is the evaluated likelihood of a particular outcome actually happening. Impact is the evaluated effect or result of a particular outcome actually happening.

9. Risk analysis It is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. The steps to carry out risk analysis are:  Identify Threats  Estimate Risk  Manage Risk  Review

10. Risk Reduction / Loss Prevention Risk Reduction / Prevention can be from – Loss prevention Safety Fire protection / Detection Environmental protection

11. Risk Response Planning Risk response planning is an integral aspect of risk treatment. Strategies are formulated and documented in this stage. The four different strategies are: Avoiding Risk : Risk avoidance requires identification of the risks first and foremost. This can be achieved through previous project experiences and histories.

12. Transferring Risk : Risk transfer is one of the better means to dilute the impact of the risk. In project management as in finance a risk is often transferred to a third party. Mitigating Risk : Risk mitigation is a control process that essentially stops a risk before it starts making an impact and bringing it to an acceptable level.

13. Accepting Risk : There are certain risks that are unavoidable. This strategy is the best when the risk is low. But there has to be a due plan for the same such as determining when the project will be exposed to the risk and making small adjustments accordingly. A risk that is acceptable can be considered passive since no action at all is taken upon the same.