Regular attendance No one allowed to enter late Regular submission of assignments For group assignment, peer feedback form

to be filled and submitted. Defaulter in attendance will not get 10 marks of attendance.

RISK TOLERANCE AND OPPORTUNITY OBSESSION

Probability or threat of a damage, injury, liability, loss, or other negative occurrence, caused by external or internal vulnerabilities, and which may be neutralized through premediated action.

We have all probably made statements like: If Id known this was going to happen, I would have done it differently. Unfortunately, the consequences of a decision are not generally known when the decision is made. When evaluating risky situations, you need to look at:

The probability that an unfavorable event may occur; The probability of adverse consequences should the unfavorable event occur; and Should the adverse consequences occur, how significant would the disruptions be to you, your family and the business how risk tolerant are you?

This will help you evaluate your options and decide which action to take. Taking no action could also be an option. But it should be a conscious decision you make after assessing the options, not the result of your lack of knowledge about the situation

What is Risk Management? Who uses Risk Management? How is Risk Management used? Risk Management in Customs

How do you use it in Customs?

What is Risk Management?

Good management practice Process steps that enable improvement in decision making A logical and systematic approach Identifying opportunities

Avoiding or minimising losses

What is Risk Management?

Risk Management is the name given to a logical and systematic method of identifying, analysing, treating and monitoring the risks involved in any activity or process.

Risk Management is a methodology that helps managers make best use of their available resources

Risk Management is now an integral part of business planning.

How is Risk Management used?

The Risk Management process steps are a generic guide for any organisation, regardless of the type of business, activity or function.

There are in the RM process

7 steps

The basic process steps are:

Establish the context Identify the risks

Analyse the risks

Evaluate the risks Treat the risks

Risk is dynamic and subject to constant

change, so the process includes continuing:

Monitoring and review

Communication & consultation

The Risk Management process:

Establish the context
The strategic and organisational context in which risk management will take place.

For example, the nature of your business, the risks inherent in your business and your priorities.

Communicate & consult

Identify the risks

Defining types of risk, for instance, Strategic risks to the goals and objectives of the organisation. Identifying the stakeholders, (i.e.,who is involved or affected). Past events, future developments.

Monitor and review

Communicate & consult

Analyse the risks

How likely is the risk event to happen? (Probability and frequency?)

What would be the impact, cost or consequences of that event occurring? (Economic, political, social?)

Evaluate the risks

Rank the risks according to management priorities, by risk category and rated by likelihood and possible cost or consequence. Determine inherent levels of risk.

Treat the risks

Develop and implement a plan with specific counter-measures to address the identified risks. Consider: Priorities (Strategic and operational)

Resources (human, financial and technical)

Risk acceptance, (i.e., low risks)

Monitor and review

In identifying, prioritising and treating risks, organisations make assumptions and decisions based on situations that are subject to change, (e.g., the business environment, trading patterns, or government policies). Risk Management policies and decisions must be regularly reviewed.

Monitor and review

Risk Managers must monitor activities and processes to determine the accuracy of planning assumptions and the effectiveness of the measures taken to treat the risk. Methods can include data evaluation, audit, compliance measurement.

HOW RISK TOLERANT ARE YOU?

Targets Not being achieved by employees Employees Conflicts Not being solved properly Attendance Issue Workplace Bullying

Employees Not trained properly.

MAKE 5 GROUPS CHOOSE A LEADER FOR YOUR GROUP , CHOOSE ONE OF THE 5 PROBLEMS AND THE BEST POSSIBLE SOLUTIONS FOR THE PROBLEM CHOSEN.

LETS SEE HOW RISK TOLERANT ARE YOU?

THOSE WHO DID NOT OPT TO BE THE LEADER DID NOT TAKE THE RISK!!! CAN YOU BECOME A MANAGER IF YOU CAN NOT TAKE RISK? THIS ASSESSMENT WOULD ONLY BE APPLICABLE TO THE LEADERS CHOSEN OR THOSE WHO WANTED TO BE LEADERS BUT THE GROUP DECIDED TO BE LEAD BY OTHER MEMBER THAN YOU. :

HOW MANY MEMBERS DID YOU TAKE IN YOUR GROUP?

MORE THE NUMBER, BETTER RISK TAKER ARE YOU!

Did you choose your friends to be in your group?

Less the number of friends you chose, better risk taker you are!!!

Did you know the skills of your member wouldnt match the skill of solving the problem you have chosen?

Less skilled members higher risk taking ability

What process did you choose to find the solutions to the problem? Did you involve everyone?

If yes You are not averse to take risk better risk taker you are!!

Those who have scored between 0-10 Risk Avoider You are a very cautious risk taker. You stay prepared for the worst, and you dislike taking any chances. Your peration tends to be stable,but you lose out on opportunities that would involve going out on a limb

Those who have scored between 10-20 are Risk Calculator You believe that one must take some chances to get ahead. Before making a decision or taking action, you gather information and analyze the odds. You try to be realistic, to recognize the risks and them to acceptable levels. Sometimes you overanalyze.

Those who have scored between 20-30 are Risk Adventurer You feel risks are challenging and exciting, and you often look for the chance to take risks. You enjoy the excitement of risk taking, and sometimes you need to be reminded to keep the stakes to a reasonable level.

Those who have scored between 30-40 are : Risk Daredevil Youre a risk daredevil if you take unnecessary chances, plunging right in (or staying put) with your eyes closed to risk. Although you might sometimes get lucky, Daredevils commonly fail when they ignore the facts or refuse to take any precautions.