Comments on: QUANTITATIVE RISK ANALYSIS – RISK MANAGEMENT TOOLS

By: Shalin D

Shalin D — Tue, 10 Nov 2009 06:36:41 +0000

Good for you. But there is no such thing as MBA in risk management, or MBA in marketing, of MBA in finance. The MBA is a general broad degree covering a wide variety of business issues and training students for careers in managing any area of business up to CEO. MBA students study accounting, finance, marketing, statistics, management, economics, strategy, policy, leadership and similar courses. The MBA was developed because people with technical backgrounds getting promoted into management are not always able to manage, and people in management often don't understand the technical fields they manage. That's why MBA programs prefer students with degrees in other than business and with 2-4 years of work experience. Their graduates learn to manage and can speak the language of the people they manage, whether that is engineering, chemistry, medicine, music, or any other field.

Many MBA programs offer concentrations, but this usually amounts to 2-3 elective courses in a specific field in the second year of the program. So don't worry about a concentration but be careful in choosing the right program. If you find one with Risk Management courses, consider the quality of the school first, and the concentration second.

Before you consider which MBA program is for you, consult the Official MBA Guide, a comprehensive free public service with more than 2,000 MBA programs listed worldwide. It allows you to search for programs by location (US, Europe, Far East, etc.), by concentration (finance, marketing, aviation management, health management, accounting, etc.), by type of program (full-time, distance learning, part-time, etc), and by listing your own criteria and preferences to get a list of universities that satisfy your needs. You can use the Guide to contact schools of your choice, examine their data, visit their web site, and send them pre applications. You can see lists of top 40 schools ranked by starting salaries of graduates, GMAT scores, and other criteria. It's the best service available at http://officialmbaguide.org.

By: Francesca1283

Francesca1283 — Tue, 10 Nov 2009 06:36:41 +0000

By: NLFR

NLFR — Tue, 10 Nov 2009 06:36:41 +0000

You'd do a lot better researching the general principles of risk management strategy before asking individual insurers (it's a huge subject)

You can read up on various principles through the IAIS which is pretty much the lead organisation in the world for setting requirements for insurers.

http://www.iaisweb.org/index.cfm?pageID=2

Also ..a personal tip …. although obviously rules are different from jurisdiction to jurisdiction, some of the most comprehensive and yet concise I've seen are the Australian ones (they are very hot on risk management in Aus).

You can read the guidance notes here….

http://www.apra.gov.au/General/General-Insurance-PPGs.cfm

That way you can target your questions and get a much better response

By: gees

gees — Tue, 10 Nov 2009 06:36:41 +0000

What is Quality Assurance?

The answer will be something along the lines of fitness for purpose.

Also, perhaps you could do a bit of research on the Prince2 project methodology…….it covers all of the areas you are interested in.

By: paladin

paladin — Tue, 10 Nov 2009 06:36:40 +0000

If some competent engineer/analyst has done a FMECA or FMEA, an FTA, and other safety analyses. AND, these analyses have been peer-reviewed and corrected (if necessary), then I see no need for further modelling.

If the system in question is dynamic (changing part types, changing design, changing configuration), then yes, an ongoing model with a full-time or most-time risk manager may be necessary.

Even if the risk manager is not doing his/her job, a continuing model wouldn't be necessary. A simple peer review of the existing models and analyses would be all that is necessary.

By: urmila tmg

urmila tmg — Tue, 10 Nov 2009 06:36:40 +0000

http://www.meridianlink.com/articles/security_risk.pdf

http://www.netaddiction.com/articles/eia_framework.pdf

http://www.thefreelibrary.com/Internet+Risk+Impact+Summary+Report+for+Q3+2003-a0113377379

By: Nada

Nada — Tue, 10 Nov 2009 06:36:40 +0000

First you need to learn to spell interpretation correctly. Mistakes like that in a resume are really damaging.

You may find a course at a community college. I took one from Dun & Bradstreet by correspondence years and years ago and found it quite helpful.

By: Eunice

Eunice — Tue, 10 Nov 2009 06:36:40 +0000

In business, the term operational risk management (ORM) is the oversight of many forms of day-to-day operational risk including the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Operational risk does not include market risk or credit risk.

By: swati_getsweetypie

swati_getsweetypie — Tue, 10 Nov 2009 06:36:39 +0000

Understanding and allocation of risks involved in any investment or work is called risk management. First, you need to do a thorough study of the subject to understand the risks involved. Then for each risk you choose a way to allocate it such as buying insurance or having some contractual obligations for other parties involved in the work or the investment.

By: PollyX5

PollyX5 — Tue, 10 Nov 2009 06:36:38 +0000

Interesting guy & information – accesible for newbees and some nice comments & viewpoints for professionals as well (professionals…now…who can claim that risk management as a function isn’t an essential part of their job…). The title of the video doesn’t really cover the contents though – his viewpoints are relevant and contemporary for all parts of the world, not just Asia. I look forward to similar posts.