The Risk in Management

The definition for risk management (in the business world) is he forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact. Risk management can be applied in more areas than just business.  It's actually more apart of everyday life, more than what we might think. With the decisions we make everyday we're taking a risk. There's a risk in everything we do. Randy Martin talks discusses how risk management is involved in out school institution. More specifically the Universities we go to, to get a higher education. He explains that risk drives student demands and that risk pressures student and faculty to continually be involved with productivity. As students in a University, from day one, we're began to make decisions that could lead us to either a satisfactory or an unsatisfactory place in life. To start off we move away from our families to new place, we take out loans to pay for the expenses in school, the classes and fields we study. These are all risks we take throughout our college careers. We're left with the unknowing and questions of will we be happy with the career we've chosen? Will we have a job to pay off those loans? Will we even make it through college? People aren't the only ones who experience risk. Institutions also take risks.  For example the Government take risks that could be intrusive and could potentially hurt others. They're allowed to arrest and question someone for a crime, simply because that individual looks similar to another individual has committed crimes. For example after the 9/11 attacks, the Government was allowed to arrest anyone that had features similar to that of the Middle Eastern descent. The risk there is the possible and often mistaken identity.  They also area allowed to tap into our phone conversations, hack into internet accounts, and keep a watchful eye on all of the people they're trying to protect. In doing this, they run the risk of privacy is being invaded. Citizens begin to feel less at ease. All these actions show a country in a state of paranoia. Worried more about what could happen than what is happening.  In the film Minority Report, it shows how a Government can become so paranoid that begin convicting criminals before the crime is committed. They have the technology to predict when and who will commit a crime. They stop and arrest the person before the crime can happen. The problem and risk with that is the intrusion and surveillance of their citizens. Also, what if the predictions are incorrect? The George Orwell book, 1984, is a great example of a government invading the privacy of its citizens to the extreme. In the story Big Brother is the system that can see all and hear all. Some critics would argue that the U.S. Government is heading down the road of Big Brother.