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Manage Risk

In: Business and Management

Submitted By sharma009
Words 1186
Pages 5
CHARANJOT SETHI

What is the purpose of standard known as of AS/NZS 4360:2004

The purpose of this standard (AS/NZS 4360:2004) is to describe how to develop, establish and sustain systematic risk management in an organization.

An organization should develop a risk man agement policy, plan and support arrangements.

This will enable risk management to be implemented effectively throughout the organization.

The plan should address strategies for embedding risk management in the organization’s systems, processes and practices.

While the detailed approach described here is designed for larger organizations, all the aspects are relevant to some degree to smaller entities.

The same principles apply in the public, not-for-profit and private sectors.

Why is it necessary to have a working knowledge of the legislation involved in business?

If you are thinking of opening up a business you will need to have a good working knowledge of the legislation involved with your business.

This is important because it will ensure that you are abiding and complying with the law rather than breaking it and facing possibly harsh consequences.

Duty of carer
The legal concept of duty of care presume that individual and organization have legal obligation
To act toward othe and public in a prudent and cautious manners to avoid the risk of reasonably injuiries to other

What is the risk managememt ? why must risk management procedures be followed ?

Answer: Risk management is the process of figuring out the risks in a certain situation, and hence

reducing the possibility of its occurrence. In some cases, the amount of risk that is acceptable is nil

, whereas sometimes it can be higher. These risks could be due to natural causes such as accident or even deliberate attacks

It is important to follow the procedures because Risk...

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