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Essay / Research Paper Abstract
This 6 page paper looks at different types of risks which may impact on different business assets, examining the different asset types, why they are needed and the damage that risk could cause. The paper also considers the way a risk assessment take place. The bibliography cites 6 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TERAasset.doc
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Unformatted sample text from the term paper:
to seek to avoid all risks as the costs of avoidance may have a higher cost that the impact of the risk. There are a number of approaches, risks
may be considered initially by looking at different types risk and the impact each risk will have on a business, otherwise one may consider the different types of asset and
assess the potential risks or threat that may impact on that asset. When looking at a business it may be argued that there are three different types of asset that
can be considered; physical assets, such as property, machinery, stock and IT systems; human assets which include the employees and may be extended to consultants and subcontractors. There are also
intangible assets, these come in a variety of formats, licenses and copyrights are the most common,. However, one may also include aspects such as brand value, firm reputation and the
goodwill of the stakeholders, data on IT system may also be seen as an intangible asset (Elliott and Elliott, 2007). A forth
category of pure financial risk may also be considered, for example the risk of taking one investment over another and the presence of a high opportunity cost, but this is
an aspect of planning and as such is not a specific risk that needs to be activity managed in terms of elimination, minimization or mitigation.
The potential presence of these different types of asset where there may be risk or threat will vary depending upon the type of business, all are likey
to be present in some proportion (Vose, 2008). When looking at the way in which the different assets can be considered in terms of risk management a useful approach
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