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ASSE Colonial Virginia Chapter

ASSE Colonial Virginia Chapter. Risk Management Practice Specialty Retail Operations Presented By: Dirrick Simmons {AHOLD USA} 19 March 2012. Risk Management Organization. Risk Management Defined.

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ASSE Colonial Virginia Chapter

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  1. ASSEColonial Virginia Chapter Risk Management Practice Specialty Retail Operations Presented By: Dirrick Simmons {AHOLD USA} 19 March 2012

  2. Risk Management Organization

  3. Risk Management Defined • The process of making and implementing decisions that will minimize the adverse effects of accidental losses • Involves 4 primary functions of managing resources and activities that will lessen the adverse effects • Planning • Organizing • Leading • Controlling

  4. Risk Management Defined (cont.) • Six Steps In The Decision Making Process • Identify Loss Exposures • Analyzing Loss Exposures • Examining feasibility of RM techniques • Selecting appropriate RM techniques • Implementing RM techniques • Monitor results and revise RM techniques

  5. Risk Management Scope • Business Risk • Risks inherent to the operation {industry specific} • Hazard Risk • Risks from accidental losses • Loss Exposure • Conditions that present a possible loss {actual or potential} • Enterprise R/M • All risks and opportunities of an organization {gains and losses}

  6. Enterprise Risk Management Broad Scope or Vision {4 key elements} • Strategic Risk • Partnerships that strengthen the brand • Technology that could influence growth • Expansion that could maximize shareholder value • Operational Risk • Adequacy of utilities that supply the organization • Ability of suppliers to meet the organizations demands

  7. Enterprise Risk Management Broad Scope or Vision {4 key elements} • Financial Risk • Currency conversion {possible change in value} • Fluctuations in value due to interest rates • Hazard Risk • Damage to structures or property • Bodily injuries and illnesses {employees, customers and the general public}

  8. Risk Assessments • Defined – the action or series of actions taken to recognize or identify hazards and to measure the risk or probability that something will happen because of the hazard. • Evaluation of risks takes into account the severity and consequences of the identified hazards

  9. Risk Assessment Matrix

  10. Example Severity Categories

  11. Example Probability Categories

  12. RM Costs V.S Benefits • Costs imposed by losses {actual and potential} • Includes insurance or outsourcing • Cost of prevention initiatives • Design or redesign standards {engineering} • Administrative changes {revise procedures or processes} • Personal Protective Equipment

  13. Risk Management Goal • Risk management aims to reduce the long-term overall cost of risks for an organization without precluding or otherwise interfering with an organization achieving it’s goals or engaging in it’s normal activities

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