ISOCKET Risk Management System

ISOCKET Risk Management Information System is an information system that assists in consolidating property values, claims, policy, and exposure information and providing the tracking and management reporting capabilities to enable the user to monitor and control the overall cost of risk management.

The management of any organization, whether working in the public sector or private sector, aims in order to achieve its objectives to monitor and reduce risks. Risk control is achieved by managing them effectively, namely by implementing an adequate risk management system. Risk management is an important concept related to safety and financial integrity of an organization, and risk assessment is an important part of its strategic development.

The strategy of an organization on risk management should be that all the risks it faces must be identified, assessed, monitored and managed so that they are maintained in a certain limit, accepted by the entity’s management.

Risk management – Defining function within the organization

Risk management process is an ongoing one and the results are embodied in the decisions taken on accepting, reducing or eliminating risks that affect the achievement of objectives. The aim is to optimize the organization’s exposure to risk in order to prevent losses, avoid threats and exploit opportunities.

• Conceptual approaches for risk

  In general terms, risk is part of any human effort. Once we leave to go back home, we are exposed to risks of different levels and degrees. It is significant that some new risks are completely voluntary, and some are created by us through the nature of activities.

  Practitioners recommend to organizations’ management to bear in mind that risks can not be avoided and under these conditions to be concerned by their evaluation to keep them “under control” at levels considered acceptable, tolerated by the organization, and not to seek the total elimination of them, as this can lead to other unexpected and uncontrolled risks.

• Risk – Threat and opportunity

  Internal and external environment in which the organization operates generate risks. In these circumstances the organization should identify its weaknesses and threats it faces, in order to manage and minimize them. Also, strengths must capitalize and exploit opportunities.

• The importance of risk management organization

  Risk management is a preventive attitude on the elimination or limitation of damages, if any possibility of a risk materializing, namely a process of identifying, analyzing and responding to potential risks of an organization.

  In these conditions, the role of risk management is to help understand the risks the organization is exposed to, so that they can be managed. This role varies depending on when the analysis is done, as follows:
  - if the risk assessment is conducted before the risk materialization, the goal is to avoid the occurrence of this event;
  - if the risk assessment is carried out after the risk has materialized, the goal is to ensure the development of the activities and the organization’s activities continuity.

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