The paper "Insurance and Risk Planning - the Obama Care Act " is an outstanding example of a management assignment. Risk is about the adverse economic and social impact, which is provided by uncertainty as well as unexpected events beyond the political and managerial controls, which have been set. A society usually ignores the environment can be taken by surprise at the time when a disaster happens. However, if the individual, enterprise, or society recognizes the potential adverse events and tries to stipulate the causes and events, then it will not be taken by surprise to the same extent.
Considering the same ingenuity, then it could be able to reduce the downsides associated with the uncertainty in this case. The more effort one, the interested party, regardless of the category, devotes to the understanding and mitigation of causes of the adverse events, the more it can be able to reduce the element of surprise. Some of the methods both Michael and Marry use to manage the risk exposure are included in the following text. The first thing to do is to have risk acceptance.
When the potential loss that comes from risk is less than the cost of implementation of a risk-mitigating control; both Michael and Marry have to access the acceptable risks and move on to the other unacceptable risks. They have to monetize the potential cost of the reputational damage or loss of the public or regulatory goodwill in their calculations. Some of the acceptable risks for the couple, in this case, would include the savings account, mortgage, and Westpac Bank - 650 + c Pivot shares. The unacceptable expenses or risks rather would be the annual holidays, entertainment expenses, and the running expenses that require unnecessary spending of the available resources.
Marry and Michael needs to use the risk in order to enable business development. The launching of innovative new products to manage the risk levels of the business. Now the technology risk management professionals usually start down the road of proposing the implementation for the new controls without the examination effectiveness. Most of the time, the existing controls need to be upgraded to reduce the risk in order to an acceptable level without undertaking these costly developments.
Royer, P. S. 2002. Project Risk Management: A Proactive Approach. Management Concepts Incorporation. Print.
Lott, j 2013. Why insurance companies who follow the Obamacare ‘fix’ could face legal troubles. Retrieved on 3rd October, 2015 from: http://www.foxnews.com/opinion/2013/11/15/why-insurance-companies-who-follow-obamacare-fix-could-face-legal-troubles.html
Suderman, P 2013. 6 reasons why state should continue to oppose Obamacare. Retrieved on 3rd October, 2015. Retrieved from: https://reason.com/archives/2013/04/17/6-reasons-states-should-continue-to-oppo:9
Rossi, C. 2014. Fundamentals of Risk Management. Wiley & Sons. Print.
AoN. 2015. Aon Risk Management Solutions. Retrieved from http://www.aon.com/risk-services/products-services.jsp
James, J. 2015. 5 Ways to Minimize Risk Exposure. Evantix. Retrieved from http://blog.evantix.com/blog/bid/41917/5-Ways-to-Minimize-Risk-Exposure