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i) List and define the basic principal steps of risk management:

01 / 10 / 2021 Essays

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i) List and define the basic principal steps of risk management:
briefly discuss the rationale to each of the steps; and outline advantages and disadvantages if any that each of the principal steps offers an organisation. This is best done by using an example of an organisational loss to demonstrate that had the principal step been applied it would have reduced or eliminated the loss. This must be done to each of the principles and supported by a reference.

NOTE: Attempt to use an example that itself demonstrates that the loss occurred because of the failure to apply the principle that you are discussing.

ii) Make 5 key strategic risk management recommendations to your CEO that would assist in the reduction or elimination of organisational loss. Clearly demonstrate by the use of an example {use the same examples from (i) above} how you would implement each of your recommendations into the organisational framework and how you would measure their effectiveness and success. You must justify your implementation and measurement strategies with supporting references.



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