Risk Management: Reed and Bogardus (2012) writes that “many HR risks can be mana

Question

Risk Management: Reed and Bogardus (2012) writes that “many HR risks can be managed by educating managers about the exposure created by unlawful practices or inconsistent application of policy in an organization” (p. 890). Recognizing the need for management to address risk management proactively, answer the following questions:

i. Identify the four basic steps to managing risk.

ii. Define the terms liability and tort.

iii. Name the four ways that risk can be managed once all risks have been identified and prioritized by company management.

iv. Review the bulleted listing of five ways that many HR risks might be managed, as discussed in the Risk Management section of chapter 2 of the PHR/SPHR study guide. Select one that you think would be important for your current organization to address immediately and tell why.

Explanation / Answer

i. Identify the four basic steps to managing risk.

The 4 basic steps to risk management are establishing the context, risk identification, risk analysis & evaluation and risk treatment.

ii. Define the terms liability and tort.

Liability is an obligation to pay the assigned financial value by one entity to other, in case of borrowings or settlement of past transactions.

Tort is the civil wrong doing, where an entity cause harm or loss to another entity, that results in a legal liability to paid by the entity that caused the harm or the loss.

iii. Name the four ways that risk can be managed once all risks have been identified and prioritized by company management.

The 4 ways the risks can be managed or treated once the risks have been identified and prioritized by the management are:

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