Illinois Risk Mangement Essay Example | Topics and Well Written Essays - 1750 words

Illinois Risk Mangement - Essay Example This paper has addressed these similarities as well as the differences. In its findings, it was established that the University has a different approach when it comes to the amount of risks it can handle from that of the Illinois government. Overall, one will realize that there are more similarities than differences in these two mainly because they both have people to care for and guarantee both safety and security. The business world is one that is more dependent on a businessperson’s level of knowledge coupled with their ability or willingness to apply it. Because of the unpredictability rife in almost every business, there are several measures taken to either eliminate any risk or mitigate them where they become inevitable. A Risk Management (RM) program is vital for corporate and other institutions to speculate and subsequently plan for the ever-present risks. Often, an institution might still incur losses if the RM program was not properly organized or if there is no clear continuity plan. Because the risks vary with institutions, the RM programs tend to differ. In this paper, a comparison of Illinois and Chicago State University’s RM programs has been done. Chicago State University (CSU) is a learning institution based in Chicago in the state of Illinois that offers several courses to students from all backgrounds. Its major risks include fire, natural calamities, and theft of vital learning equipment and injuries that might occur to students. On the other hand, the government of Illinois (GI) is tasked with providing crucial services to the state’s residents. This onus comes with ensuring that some incidents likely to cause loss of properties or lives are well mitigated. In short, both the CSU and GI have a somewhat similar duty. Both have people to whom security and safety has to be assured. The following section will compare and contrast the two institutions concerning the RM. Worth noting, every RM program foresees risks faced by a firm or