Risk Management
Paper instructions:
Write a 1,500-word paper discussing the role and nature of organizational risk management in justice and security organizations and why it is important.

Address the following in your assessment:

Planning for risk and identifying resources.
How justice and security organizations manage risk.
Costs associated in managing risk.
Consequences of failing to manage risk.
Benefits a properly performed risk analysis has for management and key stakeholders.

Risk managers rely on statistics and trend analysis in making their risk decisions. Chapter 2 (Risk management and basics, variance, standard deviation) provides a refresher course in statistics and mathematical concepts. Risk managers must provide executive management is hard number reasons for the directions they must take. Consider an insurance company that wants to underwrite automobile insurance; the actuaries need historical data involving claims and motor vehicle violations to properly rate their product. If you were the risk manager charged with developing a new line of auto insurance, which market would you pursue and which ones would you not pursue? Provide examples with factual data (and cite your sources) in your answer.