DESCRIBE AND ASSESS THE EXISTING RISK MANAGEMENT POLICIES DEPLOY BY COMPANY OF YOUR CHOICE. (PREFARABLY, A SMALL OIL COMPANY WITH A SINGLE PRODUCT). MAKE RECOMMENDATION ON HOW THESE PRACTICES CAN BE IMPROVED AND WHETHER THEIR SCOPE IS APPRORIATE

DESCRIBE AND ASSESS THE EXISTING RISK MANAGEMENT POLICIES DEPLOY BY COMPANY OF YOUR CHOICE

By

Adesanya Adewale

April 6 , 2010

Risk management policy is referred to as a strict decision , measure and process employed by companies to protect management , employees and its assets against any unforeseen occurrence in terms of risk and hazards (wikipedia 2010 . Risk is referred to as probability of something going erroneous danger , injury , damage or losses that may occur on the other hand , is anything that has an impact in the accomplishment of an organization 's

goals , vision , mission and objectives

While hazard is the probability of something occurring i .e . danger or injuries , it is an exposure that has the tendency of turning into loss Consequently , several companies in every field production and services ranging from , manufacturing , agriculture , hospitality , health information technology , education , management , oil and gas e .t .c . have to put in place , risk management policies in accordance with health and safety acts such as the United States Federal Fair Labour Standard Act of 1950 and that of the Parliament of the United Kingdom Health and Safety Act of 1974 to ensure the safety of their employees (Wikipedia 2010

If properly examined , the above mentioned acts connote that an organization should be willing to accept the risk related to its operations . Hence the willingness of such organization to acknowledge risk associated to its activities or objectives is generally referred to as Risk Appetite . While the ability of a company to identify , access and...