7 What is the difference between Emergency Management and th

7. What is the difference between Emergency Management and the possible future of Risk Management?

Solution

The difference between Emergency Management and the possible future of Risk Management is that in case of emergency management, the Federal Government’s emergency management agencies are especially dedicated to deal with the emergency responses to the Fire, Medical services or Police. The Federal Government has a pool of resources to cater to the various needs of the emergency situations all across the state, hence even reaching to the Airports. Establishing unified area commands and implementation of transportation and logistics plans at the time of emergency has been in place as of now in order to cater to the emergency responses. Thus, Emergency management refers to the mitigation function of disaster impact in case of such an occurrence of an event. Further, under Emergency planning and management, Federal funds are obtained in order to work on the mitigation phase even before there is an occurrence of such a disaster.

On the other hand, Risk management is the study that involves the examination and understanding of various risks incidental to the conduct of our Organization\'s business and functions. Upon analyzing the risks, avenues could be ascertained in order to plan for the resources to monitor and control such risks and to the extent a risk can be mitigated or minimized, could also be established. In this regard, the possible future of the Risk management is that there should a strategy involved for the avoidance of the risks to the extent possible, controlling or mitigating the same pertaining to the system, accepting the risk and preparing to face the same accordingly and transferring the risk to such other party who are more capable than us to manage the same. The future of Risk management may also help foresee certain opportunities in the future that could be taken to our favors by proper planning and deployment of resources thus helping to capture the market in long-run.