Types of Risk.

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Presentation transcript:

Types of Risk

Timescale of Risk Impact Risk can be classified into many ways. Hazard risk can be classified into many types of risks including risk to the property, risks to the people, and risks to the continuity of the business. The classification of risk as long, medium and short term impact is very useful means of analyzing the risk exposure of the organization. This risk will be related to the strategy, tactics and operations of the organization respectively. In this context, risk may be considered to related to the events, changes in circumstances actions or decisions.

Long term risks impact several years, perhaps upto 5 years, after the events occur or decisions taken. Therefore it relates to the strategic decisions. Eg-Decisions related to launch a new product, the impact of that decisions (the success of the product itself). Medium term risk have their impact some time after the events occurs or the decisions is taken, and typically this is about a year later. Eg- If a new software system is to be installed, then the choice of computer system is a long term or strategic decisions. However, the decision regarding the project to implement the new software will be medium term decisions with medium term risk attached

Short term risks have their impact immediately after the event occurs Short term risks have their impact immediately after the event occurs. This is easiest types of risk to identify and manage. Eg- Accidents at work, traffic accidents, fire and theft. Types of risks Hazard risks Control risks Opportunity risks Hazard risks- Includes fire, storm, flood, injury and so on. The discipline of risk management has a strong origins in the management and control of hazard risks. Normal operations may be disrupted by loss, damage, theft, breakdown and other threats associated with a wide range of dependencies. These includes- People Premises Assets Suppliers Information technology (IT) Communications Control Risks- Control risks are the risks cause doubt about the ability to achieve the mission of the organization.

Eg- Internal financial control protocols are the good example of control risks Opportunity Risks- many organizations are willingly to invest in high-risk business strategies in anticipation of a high profit and high return.