Risk management is the process of dealing with the risk, as it is an obstacle in achieving the goals and objectives of an organization, by risk management these obstacles are controlled and removed. In the seminar of Lancashire Combined Fire Authority, it is discussed that a risk management policy is formulated in order to safeguard the achievements of operational and strategic objectives, with the help of effective risk controlling. The policies prepare to ensure best value and best practices. * To regard the compliance with legal requirements.
* To respond and to identify social economic and legislation requirement * To minimize the overall cost of a risk
* To integrate risk with the culture of authority
* To support staff to resolve the issues related to risks that are dangerous for the survival of the organization. The seminar conducted by the Abbot has provided the key findings related to the responsibilities of top managers as well as their superiors. It was find out that a multi-layer approach has to adopt in order to ensure full integration of risk management at all level of authority. Elected managers are responsible for the conduction of the process of risk management and to provide adequate information to meet the agreed goals. Packages’ seminar concluded that in order to enable to handle the risk it is beneficial to identify the nature of risk. It can be found by reviewing the service or department operational objectives and strategies and identification of all the risks which create bad effects on their achievements. Risk analysis was described in the seminar of Fergusons, that a risk should be assessed in terms of their bad impacts on the service or department. Based upon these analysis it is possible that the risk with greatest level of management has to handle in early stages otherwise it will lead to the destruction of the organization. KPMG’s seminar identifies the techniques that could...