Dream catchers Essay Example | Topics and Well Written Essays - 1000 words

Dream catchers - Essay Example Dream Catcher, a first nation Canadian-based organization that mainly export to China, identifies, assess, analyzing (developing controls and making various decisions in respect to risks), implementing controls, as well as supervising and evaluating the risk or hazard. These processes are essential in identifying the best way to deal with the problem. Whereas identification of risk within Dream Catcher involves defining the various types of hazards that the company is facing, analysis of risk entails understanding the likelihood of such hazardous aspects occurring within the business. Understanding the likelihood of risk happening within Dream Catcher involves the analysis of risk in terms of probability, frequency, and severity of the risks. In risk identification, Dream Catcher engages in activities that identify various stakeholders that are involved and likely to be affected by the occurrence of the hazard. Once risks and affected stakeholders are identified, there is monitoring and reviewing of the process coupled with communicating and consulting different stakeholders and branches within the Dream Catcher Company. Dream Catcher on the other hand, attempts to define the likely impact on the firm as well as the stakeholders. Such impacts may be economic, political, or social. Identification of economic, social, or political impact, consequence, or cost of risk within Dream Catcher Company is done during the analysis stage. Risk assessment refers to identification and assessment of the hazards an organization is facing individually (Crouhy, Galai & Mark, 2006). In most cases, organizations assess hazards collectively in a bid to reducing costs associated with applications of resources that help in reducing, eliminating, or transferring the risk. Dream Catcher uses the risk assessment matrix in order to estimate the degree of severity as well as the probability of the involved hazards. Risk assessment within Dream