Abstract
The risk management approach refers to the techniques, processes tools and the team roles and responsibilities that are employed on a general scale or on specific issues to help address issues such as loss of lives, destruction of property, financial losses and any other relate losses. This essay compares the organizational approaches between private entities as represented by BP and the public entities as represented by Minnesota State’s Department of Administration. The risk management by the State government of Minnesota is operated through its insurance program as well as the programs that cover the safety of the state’ ...