Assignment Writing Help on The Comparison and Contrast of the two Articles

The comparison and contrast of the two articles

The two articles acknowledge risk as the probability of occurrence of a loss, whose time occurrence and is not known to the victim. They define the risk management as a process, which must be carried out in stages to effectively counter possible risks. The context in which risks could occur are first identified before the assessment begins. During risk assessment, the manager first identifies them before analyzing them. During analysis, possible ways that could increase the loss associated with risks are highlighted. The risk manager then evaluates the amount of loss that the risks are to bring, which determines the treatment to accompany each risk. Costs as well as benefits realized determine the approach used in the treatment of the risk. Approaches that bear more benefits that costs are preferable in the two articles.

However, the first article pays more attention on the principles that should guide in risk management. The articles states that without the principles, risk management cannot be effective. The principles yield to the components that are significant in the risk management framework. The interaction of these components determines the success of a risk management technique. In the second article, risk management techniques are either qualitative, semi-quantitative or quantified risk assessment. There are no components involved in the risk management techniques as in the first document. Quantification of risks is from the lowest to the highest. The accuracy of quantification determines the success of the technique. The first document factors principles of managing risks, intra-organizational factors (internal context and policies) as one of the factors determining risk management. The second document looks at the relationship between the duty holder and other third parties, who are employed to assess risks as one of the factors determining success in mitigation of risks.