What is Risk Management Process (provide more than one word for each step - tell me what each step is in a sentence or two? Then walk me through a sport related example.
Risk Management Process: 3 steps
1. Recognition - involves thinking about both the general categories of hazards to address and the specific hazards within those categories. This recognition results in a decision by management to act on either a specific or identified risk category.
2. Analysis - Once the manager recognizes the need to address the risk, she should analyze specific or categories of risk. The analysis should consist of two parts which often overlap and work together: risk identification and risk evaluation.
3. Action - Once a risk has been recognized and analyzed, the manager must decide whether to act on the perceived risk and, if so, the type of action to take. There are four different types of actions that a manager can choose to take including retention, treatment, transfer, and avoidance.
Sports Related Example:
A sports facility with a baseball field has been repetitively getting reports from teams and players that the field is in bad shape. There are many mounds in the infield and holes in the outfield that are causing the games to be affected. There has also been an ankle sprain from a hole in the outfield and a ball that hit a player in the eye because of bouncing off a mound in the infield. Management recognizes that there is a risk for player safety with the shape that their field is currently in. The management team then goes out to the baseball field and looks for all holes and mounds that may be causing this type of injury. They then determine the potential liability these obstacles might have and evaluate the extent of the risk. The management team then decides that they are going to take action in the form of treatment such as smoothing out the mounds in the infield, or filling in the holes in the outfield.
Sports Related Article:
http://sports.espn.go.com/mlb/news/story?id=6243247
Three years after Barry Bonds was charged with lying to a grand jury over whether he knowingly used performance enhancing drugs, the perjury trial is to start with the selection of the jury. Many jurors were ruled out for various reasons including their allegiance to Barry and the San Francisco Giants. At this point, Barry Bonds has pleaded not guilty to the charges that he lied to the jury.
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