Question

QUESTION TWO [25] 2.1 Describe the manner in which risks can be physical, financial or ethical (10) 2.2 Explain the stage in risk management known as Controlling Risk (15) management

Answer 1

2.1)

Risk can be in physical, financial, proper form, which can become a problem for the organizations, and they have to take various steps to deal with it.

Physical Risk is the kind of Risk that can affect physically Teri organization, which includes the buildings, offices, assets of the organization. It can be very dangerous from the organization's point of view as inside the building, employees workday tonight, and it can harm them in the physical Risk.

Financial Risk is the kind of Risk that can affect the financial position of the company as a financial position plays a crucial role in competing the competitors in the market and try to take a competitive advantage. It includes fraudulent activities inside the organization, failed to pay tax, etc.

Ethical Risk is the kind of Risk that harms the reputation of the company, and you can lose control of the market as well as your customers if any other company ethically attacks you. The organization needs to prepare yourself to cope up with this Risk and try to remain one step ahead of your competitors.

2.2)

Controlling Risk is the type of Risk in disk management that identifies all kinds of Risk in the organization and guides the organization to prepare themselves for how they will cope with various risks. With the effective use of control, yes, you can control the upcoming Risk in the organization effectively and reduces the chances of any harm to the organization. As an organization, you have to take various steps to deal with the multiple risks and evaluate the organization's Risk positively.