The whole process of monitoring an organization is not an easy task. One should have the potential to manage everything including risk management. Many companies forget to give extra attention to risk management, that is the reason they have to face troubles. Certainly, it is essential to governing your company, but have you ever thought how can you handle any risks if it will appear in the future? No idea? Then read this article and know the best way to deal with the risk. Moreover, you can also hire us for Risk management assignment writing service without any hassle.
Basically, 3 lines of defense model are used by the organization to handle the risks. These three models help to differentiate numerous business operations and function between senior management and managers. Enterprise Risk Management(ERM) deals with many internal as well as an overseas risk which is managed by three layers of defense. Let us explore these three layers one by one:
1st Layer of Defense
- This layer of defense is in the hand of front-end and mid-line managers who work day to day operations and functions. These managers have to execute some activities like in daily task like:
- They have to ensure control in the business surroundings.
- The managers of 1st defense have to take their role and responsibilities which can help in implementing risk management policies.
- They should have a keen eye on the development as well as risks factor which can hamper the work process.
They have to maintain transparency in their work so that chances of getting risk can be detected before time. If you need help for assignment, then hire the best academic provider company.
2nd Defense Layer
This layer of defense is managed by the team of risk management and senior officials. They have a responsibility of managing all risk so that it will not affect the performance report. The duties of managers, as well as senior officials, are as follows:
- They have to make sure that whatever practices are performed for risk management should be effective, otherwise, it can fire back too.
- You can eliminate the risk only if you know the cause. Hence, the work of this layer managers is to find the cause which has created the chance of risk in the process.
- Help other teammates to get rid of the worst situation.
3rd Layer of Defense
This layer of defense deals with Internal Audit. Senior officials and board team revised from their end whether risk management process is going in a proper manner or not. They follow an effective approach to eliminate any risk if it occurs. They work independently, however, it is not seen in the other two layers. To analyse the risk, a dedicated internal audit software module is also used so that the right action will be taken on the right time. If you want to know more about these three defense layers, then hire BookMyEssay online assignment writer team for management assignment writing help.
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