Risk Management - Eine Einführung


Hausarbeit, 2011
14 Seiten, Note: 1,7

Leseprobe

Index

1 Definitions
1.1 Risk
1.2 Management
1.3 Risk management

2 Risk - System
2.1 Risk - Identification in advance
2.2 Risk - Decision
2.3 Risk - Damage Limitation
2.4 Risk - Compensation afterwards

3 Advantages and Disadvantages
3.1 Advantages
3.2 Disadvantages

4 Outsourcing of risks

5 Conclusion

6 Reference List

Chart Index

Chart 1: Risk Management System

Chart 2: Classes o Risks

Chart 3: Risk Matrix

Chart 4: Handling of Risks

1 Definitions

1.1 Risk

Nowadays you can hear a lot of risks in the media, because of the financial crisis, which began for several years. The trigger for this was the real estate crisis in America. Loans for homes were confirmed in writing and sold as securities. The bearing risks were therefore concealed. Risk as a term means "the risk of asset loss"1 or as a “hazard of wrong decision”2. For risk management is the second meaning important. Risks are not always bad, because they are often chosen to use the opportunities contained. For example: Would somebody play lotto, if he hadn’t a chance to get high profit? I think no. The risk here is the input to play lotto.

1.2 Management

“Management is the use of personal skills for identifying and achieving organizational goals through the use of appropriate resources”.3 A manager is often the Chief executive officer of a company. He has to make decisions which should not compromise but increase profit leads.

1.3 Risk management

Putting the terms of risk and management together we can fully define the concept of risk management. “Risk management is concerned with the identification and valuation of risks, also defining the acceptable level of risk and their limitation with the help of hedging methods.”4 These hedging methods work on the same principle which called risk system. On the next pages I explain, why it is necessary to study the risk management and its system.

2 Risk - System

Companies are committed to actuate risk management actively by regulators and rating agencies. It serves to support the corporate management for the premature detection of risks and the resulting counteractive measures that could endanger the company’s success.5 The following points are the objects of the risk management system in general:

- Backup the future success
- Prevention and reduction of risk costs
- Increase in market value of the company
- Ensuring the existence of the company6

The risk management can be divided into the four main processes, which you can see below:

illustration not visible in this excerpt

Chart 1: Risk Management System, cf. Pinnels, R. James et al., Risikomanagement in Projekten, Wiesbaden (GWV Fachverlage GmbH) 2007, page 2 - 3

2.1 Risk - Identification in advance

At first the risk manager has to identify the different risks, which can happen in one simple process.7 We will examine the following situation: a car manufacturer badly needs the seats which have to be installed into the car, but they cannot be delivered form the supplier on time. This risk is also known under the name of "delivery risk". The risks can be divided roughly as follows:

illustration not visible in this excerpt

Chart 2: Classes o Risks, cf. Pinnels, R. James et al., Risikomanagement in Projekten, Wiesbaden (GWV Fachverlage GmbH) 2007, page 7

Risk analysis is a tool for the calculation of risk probability, which are checked in the risk identifications’ process. These foreseeable damages have to be measured and evaluated quantitatively.8 As an example you can arrange the risks into Probability and Impact by using a matrix. Therefore high risks can be easier identified.9

illustration not visible in this excerpt

Chart 3: Risk Matrix, cf. Zell, Helmut, Projektmanagement - lernen, lehren und für die Praxis, Norderstedt (Books on Demand GmbH) 3. Edition 2010, page 43

An example for the Chart 3 is:

Imagine you are planning a wedding and it should be the best day of your life, but a wedding contains a lot of risks which can damage your magical event. Therefore you have to analyze the risks.

- The large risk has got a big impact on your wedding and the probability of the risk is very high. In our example the weather represents the large risk. If you are marrying, you have to plane it some months before in order to choose the location and so on. You have no influence on the weather in the next few months. If the wedding is planed outside, it can be extremely risky, because it could rain on that day.
- Amiddle risk of a wedding is for example the traffic jam, as it can be a reason of your delay to the register office. Assuming that you are too late, but it has no meaning, as long as there is no other wedding after yours and the registrar can wait for you, so it has no big impact on your wedding. It’s just a small change in your time schedule.
- But you should also take into consideration another possibility, namely that the traffic jam can have big impact on your wedding day. If the wedding duration is very short and there are many other weddings on that day after yours, the registrar has not time to wait so you cannot marry on that planed day. Now it is obviously, that the middle risk can have both a big or a small impact.
- A small risk of a wedding is following your wedding cake is destroyed, because somebody let your cake fall. This is only a small problem, because you will have so many cakes at your wedding so that you can choose one of the others and put your wedding figure on that. These cake risk has a very low impact on the damage of the wedding day.

[...]


1 Mühlbradt, Frank W., Wirtschaftslexikon, Berlin (Cornelsen Verlag) 9. Edition 2007, page 287

2 Götze, U. et al., Risikomanagement, Heidelberg (Physica Verlag) 2001, page 5

3 http://www.onpulson.de/lexikon/2988/management/

4 International Group of Controlling, Controller - Wörterbuch, Stuttgart (Schäffer-Poeschel Verlag) 4.Edition 2010, page 211

5 Cf. Stiefl, Jürgen, Risikomanagement und Existenzsicherung, München (Oldenbourg Wissenschaftsverlag GmbH) 2010, page 8 - 9

6 Cf. Stiefl, Jürgen, Risikomanagement und Existenzsicherung, München (Oldenbourg Wissenschaftsverlag GmbH) 2010, page 11

7 Cf. Pinnels, R. James et al., Risikomanagement in Projekten, Wiesbaden (GWV Fachverlage GmbH) 2007, page 3

8 Cf. Huth, Michael, Risikomanagement der Gefahrgutbeförderung, Wiesbaden (GWV Fachverlag GmbH) 2004, page 118

9 Cf. Zell, Helmut, Projektmanagement - lernen, lehren und für die Praxis, Norderstedt (Books on Demand GmbH) 3. Edition 2010, page 43

Ende der Leseprobe aus 14 Seiten

Details

Titel
Risk Management - Eine Einführung
Hochschule
Fachhochschule Regensburg
Note
1,7
Autor
Jahr
2011
Seiten
14
Katalognummer
V192462
ISBN (eBook)
9783656174103
ISBN (Buch)
9783656174257
Dateigröße
1016 KB
Sprache
Deutsch
Schlagworte
risk, management, eine, einführung
Arbeit zitieren
Markus Fricke (Autor), 2011, Risk Management - Eine Einführung, München, GRIN Verlag, https://www.grin.com/document/192462

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