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ESSAY: Principles of Business Finance

Compare and evaluate risk management techniques from experts in the field. Go to the Ashford University Library and find one article by Dr. James Kallman. Dr. Kallman, an expert in the field of risk management, has written many articles on managing financial risk. Find a second article in the Ashford University Library from another credible author of your choice who also provides recommendations for risk management.
Develop a three- to four-page analysis (excluding the title and reference pages), of the techniques Dr. Kallman has identified for managing risks. In this analysis, compare Dr.Kallman’s techniques to the techniques recommended in the second article you researched. Explain why you agree or disagree with each authors’ recommendations. Describe other factors you believe should be considered in risk management. The assignment should be comprehensive and include specific examples.


Principles of Business Finance

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Risk management refers to the identification, assessment, and ranking of risks in order to have an organized and efficient allocation of resources to reduce, screen and control the effect of undesired events occurring or help in the maximization of opportunity exploitation. Antunes and Gonzalez (2015) identified the main objective of risk management being assuring uncertainty does not have a significant impact on the achievement of business goals. In an efficient risk management process, ranking of risks is observed. Risks with the greatest loss and with the greatest probability of occurring are managed first.

Risk Management Techniques by Dr. Kallman

            Kallman (2008) identified various techniques that are adopted by managers to practice effective risk management. His identified techniques included government mandates, education and training, information management, contractual transfer, and operations management.

             Kallman (2008) advocates risk management through government mandates. He proposes that through government regulations, statutory laws and court orders, fair and safer social economic systems are attained. Employment laws, for example, are critical in reducing the probability that injured employees will engage in legal battles with their employers seeking compensation. State worker’s compensation guideline establishes the standard practice to be followed if such an event XXXXXXXXXXXXX such as Sarbanes-Oxley Act reduces the probability of shareholders’ dividend legal battles.

            XXXXXXXXXXXXX and training is a valuable risk management XXXXXXXXXXXXX notes that proper education and training enlightens leaders and employees on how to perform their duties safely thus reducing the probability of XXXXXXXXXXXXXX notes that safety skills are learnt and not a matter of common sense. For example, educating employees on how to safely handle harmful and dangerous chemicals is critical in ensuring that the risk of such chemicals harming the employee is XXXXXXXXXXXXX management tools ensures that operations are performed in an orderly manner. For example, proper asset maintenance ensure that machines operate optimally, which increase productivity and reduce likely hold of the risk occurring. It is observed that proper operations management reduces the XXXXXXXXXXXXX work environment.

             Other risk management techniques identified by Kallman included contractual transfers and information XXXXXXXXXXXXX transfers such as the purchase and XXXXXXXXXXXXX when the risk is transferred to the other party especially when there is a transfer of ownership. Such information is aimed at cautioning the parties likely to be XXXXXXXXXXXXXinformation is displayed and relayed in forms that are readily available. A good example is warning labels in packages of beverages such as “excessive consumption of alcohol is harmful to your health.”

            In general, all the above techniques are prerequisites in actively XXXXXXXXXXXXX risk occurrence. All the techniques are applicable in todays’ XXXXXXXXXXXXX though they require support by other techniques as described XXXXXXXXXXXXX

Dorfman’s Risk Management Strategies

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