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Risk Management in Justice and Security

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Running Head: RISK MANAGEMENT IN JUSTICE AND SECURITY ORGANIZATIONS

Risk Management in Justice and Security Organizations Rita A. Davis University of Phoenix CJA/520 Group ID: MSAS0KCAO6 RJ Schafer September 11, 2009

Risk Management in Justice and Security Organizations Introduction Risk management is essential to the security and well being of any organization. Risk management is crucial in guaranteeing that security controls and spending are proportionate with the actual risks to which the organization is exposed. Following a comprehensive and formal risk management approach requires a sound understanding of the principles of risk. Risk goes beyond the questions of efficiency, technique. This paper will discuss the role of risk management in justice and security organizations What is Risk? “Risk is the uncertainty of financial loss, the variations between actual and expected results, or the probability that a loss has occurred, or will occur… three main categories are personal, property, and liability” ( Broder, p. 3). An organization should perform a risk analysis, which is a, “management tool, the standards for which are determined by whatever management decides it wants to accept in terms of actual loss” (Broder, p. 4). Risk can be expressed in many ways, so long as it combines a hazard with the probability of a specified outcome. Risk is the product of a possibility of incurring loss or misfortune (such as damage costs) and the probability that this hazard occurs. The first two values must be known or at least...

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