Give some examples of potential risks and risk management options that need to be identified and...

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Accounting

Give some examples of potential risks and risk managementoptions that need to be identified and quantified to theclient.

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Risk management options are usually cited as risk handling options subdivided as avoidance control assumption risk transfer and knowledge and research Generally the assessment of management options is a hip shot since the necessary decisions must occur early in a programme when things are still fuzzy However if experienced personnel are given the facts one can expect very good decisions since there is seldom any real mystery about the practicality of options available The practicality of any option is usually just an issue of schedule and funding Avoidance Use an alternate approach that does not have the risk This mode is not always an option There are programmes that deliberately involve high risks in the expectation of high gains However this is the most effective risk management technique if it can be applied Control Controlling risks involves the development of a risk reduction plan and then tracking to the plan The key aspect is the planning by experienced persons The plan itself may involve parallel development programmes etc Assumption Simply accepting the risk and proceeding However See Answer

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