Consider some of the risks faced by people in different care

Consider some of the risks faced by people in different careers. A firefighter, for instance, faces a very different set of risks than someone who works in an office environment. What risks or uncertainties have you personally encountered in your career? How were these risks connected to the field or industry in which you work or worked? The nature of the product or service that an organization offers will also influence the categories of risk it may incur. What are some categories of risk that you think might affect many different types of organizations? What are some types of risks that are industry-specific? Your ability to categorize risks and to understand how particular organizations generate particular risks will be the basis of this week’s Discussion.

Some risks are quantitative (objective), while others are more qualitative (subjective) in nature. Although quantifiable risks are often preferred as they provide certain data to support their impact, frequently leaders must accept qualitative data as risk, by definition, describes uncertainty.

For this Discussion, consider the various risk categories (financial, operational, hazard, regulatory, technical/engineering, etc.) as well as any that are industry-specific.

Briefly describe an organization where you currently work or one with which you are familiar.

Describe the risk categories that you believe most affect that industry or business.

Do you believe that these types of risks are best suited for qualitative or quantitative risk analysis? Explain why, and provide support for your response. If quantitative risk analysis, include which of the quantitative tools you think would work best for that type of risk. If qualitative, explain why you can\'t use quantitative analysis.

Solution

There are different types of risks faced by people with various careers. This is depended on the location, their exposure to risks, the flexibility of their job, how much is demanded from them. For example the career of a fire fighter has quantifiable risks associated with injuries at work and safety issues. These risks are industry specific as the firefighters are constantly at work dealing with dangerous situation of saving people from fire. This is a dangerous job which is prone to risks and hazards. There are also qualitative issues and risks associated with this career which is related to stress at work, depression and anxiety. This is completely subjective.

The job of a doctor comes with risks wherein they are susceptible to several health related issues. This could be counted as a risk. The other risks they face are related to long hours at work, overtime and erratic work schedule. Thee are engineering risks associated with IT Companies. There are financial risks associated with business and insurance companies.

There are several risk categories that affect the business and this is related to legal issues like insurance and legal issues. There are risks related to liabilities in organizations. Technological issues like failure of devices and work health and safety issues.

The organization that I currently work for is a small insurance firm. It has technological and financial risk along with health and safety risks at work place. It is heavily depended on technology and it has financial risks which may put the organization to frenzy. The way to solve this issue would be to implement risk management effectively and monitor it carefully to ensure that it is well protected.