9/15/20
• What are the potential ways to treat the risk and of these, which strikes the best balance between being affordable and effective? Casinos usually have the options to accept, avoid, control, or transfer a risk. • Accepting the risk means deciding that some risks are inherent in doing business and that the benefits of an activity outweigh the potential risks. • To avoid a risk , the organization simply has to not participate in that activity. • Risk control involves prevention (reducing the likelihood that the risk will occur) or mitigation, which is reducing the impact it will have if it does occur. • Risk transfer involves giving responsibility for any negative outcomes to another party, as is the case when an organization purchases insurance.
Examine alternative solutions
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Risk management is a process, not a project that can be “finished” and then forgotten about. The organization, its environment, and its risks are constantly changing, so the process should be consistently revisited. Determine whether the initiatives are effective and whether changes or updates are required. Sometimes, the team may have to start over with a new process if the implemented strategy is not effective.
Monitor the results and do something with the results!
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