Risk Assessment Management

Abstract

This paper explains the risk assessment management and various models involves in the risk management of an organization. It also explains various factors which are involved in risk management process. It also elaborates risk assessment model used by Philippines for their risk management. This paper has also critically analysed the key concepts for risk assessment. There is also literature review of some scholars is included in the paper.

Research aims and Objectives1

Risk Management1

Literature Review1

Critical Analysis of key concepts2

Risks2

Hazards2

Vulnerability2

Philippines3

Geography3

Economy3

Transportation4

Potential Risks of the Country4

Natural Disaster4

Technological Hazards5

Social Hazards5

Risk Assessment Models6

SMUG Model6

Seriousness6

Manageability6

Urgency7

Growth7

Strengths of SMUG Model8

Weaknesses of SMUG Model9

The CVA Model10

Social vulnerability11

Conclusion12

Recommendations12

References14

Risk Assessment Management

Research aims and Objectives

To understand the risks associated with the natural disasters.

To help in understanding the concepts of vulnerability, social vulnerability and factors which are affecting the social vulnerability.

To analyse the various measures for the risk management.

To analyze various factors which are responsible for a large number of natural disasters in the Philippines.

To evaluate various risks assessments models and their application in the Philippines.

Risk Management

It is defined as a process of identifying, managing and measuring different risks faced by organizations. These risks can be related to operations, strategies, marketing, finance, environment and many other departments of the organization.

Literature Review

This literature review contains reviews of different scholars about social vulnerability and its impact on the climate changes. These social hazards include floods, cyclones, typhoons, earthquakes etc.

Social Vulnerability can be defined as changing in the demography and geography of a country and it also include some factors which can have a great impact on the lives of people living in that particular society (Heinz Center 2002 pp.n.d). In this context, vulnerability is defined as weakness of people of a particular society, place or system to take action against that hazard. It affects people directly because they can not take immediate action against the hazards (Tierney et al.200. pp.n.d). Resilience is also related to the vulnerability. It has been reviewed as the capability of people or society to accept the changes which have been occur after the exposure of hazards (Cutter et al.2008 pp.596).

Critical Analysis of key concepts

Risk management is becoming an important topic for many organizations especially financial institutions. There are some success factors which can help in critically analyzing risk management process. Risk management can be done by obtaining various technological advancement, communication, use of modern tools and many others.

Risks

Risks are defined as those chances which are associated with those hazards which a person might have in the future. These risks can be high or low depend on the situation.

Hazards

It is defined as any thing which can harm a person or society such as flood, cyclones, earthquake etc.

Vulnerability

It is defined as the inability of a society to handle a particular disaster.

Philippines

Philippines is a Spanish colony during the 16th century, in 1935, it became a self - independent country. The island was taken by the Japanese community during the World War 2, but they have fought against US and Japanese for their independence and finally in 1946 it was declared as ...