Page 17 - EBOOK RISK MANAGEMENT
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2.2 Role & Methods of Risk Managers
2.2.1 Risk Manager.
Risk Manager is a person in charge of managing an organization's risks and
reducing the negative impact of losses on the attainment of the organization's
goals. Risk Manager also include individuals who perform risk management function
in daily life for example a person who decide to manage risk in his home itself.
Risk Manager in Organization.
Risk Manager in organization responsible to identifying probable causes of
accidents or losses, suggesting and implementing preventive measures, and
designing plans to minimise costs and damage should a loss occur, including the
purchase of insurance, are all areas in which they specialise. In other words, risk
manager work with organisations and businesses to coordinate loss control systems,
which may include disaster recovery plans and emergency evacuations.
Risk Manager is responsible for several other function including:
To identify and quantify the risks to which the organisation is exposed in terms
of loss likelihood.
To use correct financial measures, such as risk avoidance, whenever possible,
to reduce risk by transferring it to other parties.
Create and maintain a risk management system, as well as guarantee that it is
communicated effectively within the organisation.
To guarantee that the organisation is appropriately insured against risks at a
reasonable cost, wherever practicable.
Create, develop, and implement the company's loss prevention/loss reduction
strategies.
To adhere to local insurance regulations
To establish policies and processes for risk management.
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