Homework answers / question archive / Please respond to two of my classmates using your own personal voice

Please respond to two of my classmates using your own personal voice

Law

Share With

---

Please respond to two of my classmates using your own personal voice. Responses can be around 100-150 words.

RESPONSE 1:

Good afternoon,

What types of knowledge and skills do analysts need for exposure identification and risk evaluation in the public sector?

As a risk manager in the public sector often overlaps with the risk managers in the private sector, but risk managers in the public sectors are primarily concerned with broader objectives that go beyond profits, business risks, and credit risks. Instead, the risk manager in the public sector focuses on public policy and funding, along with understanding budgeting and its various approaches. In order to proficiently communicate the implementation, and justification of existing and new programs. Risk managers in the public sector must display problem solving skills along with conflict resolution in analytics.

What types of continuous direction and careful attention connote excellent risk management for public sector organizations?

The public sector and private sector take on the same risk, but as a risk manager in the public sector conducting risk assessments could potentially hurt more than the organization if it is not conducted correctly. The risk manager in the public sector risks losing vital resources that are much needed for the communities they serve, along with losing funding for programs in future budgets, because they will not be able to justify the funding because of the mistakes made with risk factors.

WILSON, E. A., & KANSAL, S. K. (2021). The near Future of Risk Management the Vital Role of Risk Managers in the Post-Pandemic World. RMA Journal, 103(8), 16–19.

RESPONSE 2:

What types of knowledge and skills do analysts need for exposure identification and risk evaluation in the public sector?

As a risk manager, you’re not just crunching numbers you first need to understand and work with every different department in a company, building relationships as you go. So what skills does it take to be a good risk manager?

1. Problem solving
2. Analytical skills
3. Communication
4. Business Understanding
5. Negotiation and Diplomacy
6. Numeracy
7. Working Under Pressure

What types of continuous direction and careful attention connote excellent risk management for public sector organizations?

The public sector faces every risk the private sector does and then some. Adding to the complexity of public sector risk management is the transparency required in public sector deliberations, including contract negotiations and the burden for public sector risk managers to proactively mitigate risk at a price their cash-strapped employers can afford.

What follows is a list of critical public sector risks, any one of which could reduce a public entities’ budget to a shambles if not properly managed. The organization should continue to implement strategies that will be effective to the staff. The organization should continue to make sure that they have training each year to keep the staff up to date on new procedures and policies in the organization.

References:

https://www.brightnetwork.co.uk/career-path-guides...

https://riskandinsurance.com/7-critical-risks-faci...