Describe and explain the sources of information that is useful in Risk Identification.
There are various sources of information that may be used identifying risk. Records of the organization are critical sources of information about a given risk. They hold daily activities of an organization and formulate them accordingly. Through records, it is easy to locate a risk that could have erroneously recorded in the past. Records are reflection of past activities of the organization, which are usually used for references during activities like audit. Thus, they are useful in solving probable risks. The other source of information about risk is an employee of the organization. This is an individual used to daily activities of the organization. They understand all processes useful in the organization. Following their knowledge on all activities of the organization, they may be extremely useful in explaining something that may be challenging to individuals willing to analyze the activities of the organization in order to come up with a risk that may be extremely expensive to the organization n future (Welch & Fontenot, 2011).
Risk is usually part of business activities. Avoiding risks is sometimes challenging in whatever business type. Therefore, the best thing is to ensure there are reliable measures to control risk. One of the techniques to control risk is through communication and consultancy. The management should always talk of a challenge that has been identified in the organization and may become a risk for the organization. The management should consult experts on how to deal with certain risks as they occur. Also, risks may be controlled through monitoring and review. There should be close relationship between all members of an organization. This would allow the senior management to monitor operations that are being undertaken by the subordinates. This will create a platform to analyze activities as they take place as well prevent mistakes that could have occurred if there were no consultation. This is a strategy to ensure that risks are controlled to the best and if they are to occur they would at the minimum point (Welch & Fontenot, 2011).
Reference
Welch, S. J., & Fontenot, S. (2011). Risk management and the emergency department: executive leadership for protecting patients and hospitals. Chicago, IL: Health Administration Press.
