11/10/22
• What are the poten8al ways to treat the risk and of these, which strikes the best balance between being affordable and effec8ve? Casinos usually have the op8ons to accept, avoid, control, or transfer a risk. • Accep%ng the risk means deciding that some risks are inherent in doing business and that the benefits of an ac8vity outweigh the poten8al risks. • To avoid a risk , the organiza8on simply has to not par8cipate in that ac8vity. • Risk control involves preven8on (reducing the likelihood that the risk will occur) or mi8ga8on, which is reducing the impact it will have if it does occur. • Risk transfer involves giving responsibility for any nega8ve outcomes to another party, as is the case when an organiza8on 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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