I need a 100 word reply to each of the following DB post. It looks a lot longer than it is. I only need 800 words total for this project The first four are from a finance – risk management class. The last 4 are from a Personal Financial Management class. Risk management can assist an organization by identifying potential losses and executing techniques to either prevent the losses or better handle the losses (Rejda, 2011). The techniques used to address risk can be used in combination with each other to obtain the best results. The text discusses an example of a chain of restaurants that is having a variety of issues, including employees stealing money (Rejda, 2011). A technique that could help prevent those losses could be having less money available, meaning keeping less money in the registers. Another possible technique could be only letting higher level employees handle the money at the registers. Both of these techniques are loss prevention techniques because they would reduce the frequency of the money being stolen (Rejda, 2011). A technique that could combine with the previous techniques could be noninsurance transfers, which means the risk and the financial consequences are transferred to someone else (Rejda, 2011). In the scenario of the restaurant chain, if money went missing during someone’s time working the register money could be deducted from their pay equally the amount of missing money. There are some execution obstacles with all of these different techniques but the point of risk management is to go through the entire process to decide which techniques would best cover the organization from risks, or potential losses (Rejda, 2011). Rejda, George E. (2011) Boston, MA. Pearson Education Inc. In the ar
ticle “Risk Masters’ Chart Course for Developing Risk Capabilities” by Culp (2014) discusses certain challenges which can encounter during the process of implementing risk management, which include internal impediments, recruiting, retaining, and training staff, and high expectations for return. The first step companies take is to getChief Risk Officer which has the title “Risk Master”, which is the person which identifies the risks and puts measures in place to minimizes the risks or completely avoid the risk in addition he works with board of directors (Culp, 2014) Risk Masters are known to implement and maintain their risk management strategies in comparison with other companies. The reason for this is because their risk management strategies are incorporated in the high level of the management (Culp, 2014). This is reached throughout communication from the top level all the way to the bottom with no influence from other officers. Risk Masters are more concerned with avoiding further risks than anything else, there traits lay in adopting the necessary skills to analyze the problem and data. (Culp, 2014). With the unknown in the future it is hard to obtain steadiness in a strategy so a Risk Master needs to flexible and needs to able to implement the strategies. Most strategies need to be approved by the board of directors which gives not a lot of room to play. Unforeseen factors can include economic changes, or the switch of leadership, companies need to have a strategy in place of these occurrences, so that the company is not affected tremendously and can continue to operate without any loses. Culp, S. (2014, January 15). ‘‘Risk masters’ chart course for developing risk capabilities. Forbes. Retrieved from