Abstract or Introduction
This paper will analyze the concept of Risk Management. The main aim lies in discussing how Risk Management can be achieved in the most effective way and additionally, who, in an organization, will take responsibility for an effective management. It will be argued that the question of how responsibility is distributed within an organization is central to the effectivity of Risk Management. How is the risk measured, ranked and outlined by the organization and the management?
The author will outline a possible strategy on how to incorporate a risk management strategy in the form of a visual diagram into a project. Finally, it will be discussed how a professional execution of Risk Management can result in reducing the Risk, its impact on the project and how an effective Risk Management system can be supported and sustained by proper communication throughout the organization
- Quote paper
- Patrick Wiget (Author), 2019, Effective Risk Management. How can appropriate practices assist in minimizing risk?, Munich, GRIN Verlag, https://www.grin.com/document/942882