A decision to serialize, catalog, and appraise all of the engineering equipment would be decided and approved by the head of the engineering department. (Risk Management) The plan created by the appropriate level should assess each risk assigned to him or her and propose the appropriate steps to take to alleviate or minimize the negative impact of a risk occurring. The overall company plan as well as the departmental plan should assign the responsible individual and the schedule for completion. (Risk Management)

Implementation of the plan is simply activating the well-thought-out plan that has been created and, most likely, approved by management.

Review and Update the Plan

This is one of the keys to any successful risk management plan. Again, the appropriate level of management must...

If there are new risks, or existing risks that are thought to be more significant than they were, the plan must be supplemented.
Bibliography

Borge, Dan. The Book of Risk. New York: John Wiley & Sons, Inc., 2001.

Marrison, Christopher. The Fundamentals of Risk Measurement. New York: McGraw-Hill,

Risk Management." 2007. Intellimaker. 23 November 2008 http://www.intellimaker.com/ExtraPages.asp?sez=27&sched=134.

Robinson, Brian. Five Steps to Managing Risk. 27 June 2005. 23 November 2008 http://www.fcw.com/print/11_26/news/89361-1.html.

Strategies and Tactics. 2006. 23 November 2008 http://www.strategies- tactics.com/derivatives.htm>.