Is Risk Listing a Reliable Risk Management Practice?
Introduction
Risk management can be defined as the “process which aims to help organizations understand, evaluate and take action on all their risks with a view to increasing the probability of success and reducing the likelihood of failure” (Hopkin, 2010, p. 37). This is the definition made by the Institute of Risk Management (IRM), which also published ‘A Risk Management Standard’ (IRM, 2002), a guide that lays out a framework for managing risks. This report will critically analyse and evaluate this approach, also known as Risk Listing. This paper will initially examine the limitations of this risk management practice by explaining why these disadvantages could lead to a negative impact on the organization involved in the process. The second part will focus on recommendation...