Risk Management At Rio Olympics 2016 Essay - 1701 Words

Abstract Brazilians welcomed the long-awaited decision of making Rio de Janeiro the host of the 2016 Olympic Games with tremendous excitement. Although Rio’s fantastic natural beauty added to its attraction in hosting the games, its alarming rates of public health and security issues immediately triggered worldwide criticism. This makes the stakes very high when hosting the Olympic Games. This paper examines the process of risk assessment and risk response in relation Rio Olympics 2016. The paper explores the consensus that Brazilians will be more equipped to address actions taken by organized crime capable of affecting the Olympic Games than to face a terrorist attack. The paper further explores criticisms and assesses Rio’s ability to prepare for this important event. Keywords: risk management, Olympics, Rio Risk Management at Rio Olympics 2016 Introduction to Risk Management Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives. (COSO, 2004) This definition, provided by Committee of Sponsoring Organizations of the Treadway Commission (COSO), captures key concepts fundamental to how companies and other organizations manage risk, providing a basis forShow MoreRelatedThe Olympic Event Is Not An Exemption Because3903 Words   |  16 Pagesevents accompanied by risks risk of their own kind. The globalization process has greatly contributed a lot to the risk-changing environment that is growth in technology, environmental, economic and social culture. 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