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TEXT 14. THE PRINCIPLES OF RISK MANAGEMENT
Exercise 1. Read and translate the following words and colloca-
tions.
Unavoidable incidence, thorough identication, risk treatment proce
-
dures, generic guidelines, template, accountability.
Exercise 2. The following text is dedicated to the principles of risk
management. It covers 12 areas, try to guess some of
them.
The Principles of Risk Management
The M_o_R (Management of Risk) framework identies twelve prin-
ciples, which are intended not to be prescriptive but to provide supportive
guidance to enable organizations to develop their own policies, processes,
strategies and plan.
Every project manager and business leader needs to be aware of the prac-
tices and principles of effective risk management. Understanding how to
identify and treat risks to an organization, a programme or a project can
save unnecessary difculties later on, and will prepare managers and team
members for any unavoidable incidences or issues.
Organisational сontext
A fundamental principle of all generic management methods is that all
organizations are different. Project managers, programme managers and
risk managers need to consider the specic context of the organization in
order to ensure thorough identication of risks and appropriate risk treat-
ment procedures.
The term «organisational context» encompasses the political, economic,
social, technological, legal and environmental backdrop of an organization.
Stakeholder Involvement
It is easy for a management team to become internalized and forget that
stakeholders are also key participants in everyday business procedures,
short-term projects and business-wide change programmes.
87
TEXT 3
Exercise 1. Be ready to answer and discuss these questions:
1. Do you use Internet Banking or Telephone Banking?
2. What can you do in Internet Banking?
3. Howsafeisyournancialinformationwhenyoubankonline?
-
scription in the dictionary and read the words listed below.
Transaction, account, obligatory, authentication, scenario, malpractice,
unique, unauthorized, thoroughly, simultaneously, to facilitate, opportu
-
nity, prevalent, to enhance
Exercise 3. Read and translate the following collocations:
To carry out, non-working hours, to be stuck in a process, to be free of
cost, to log into one’s account, a welcome kit, account information, se
-
curity tokens, to refer to smth, Internet banking frauds, to be on an in-
crease, to evolve with smth, to be sparked off, banking data, the use of
credit card through Internet, to abbreviate to smth, to be derived from
smth, pros and cons.
Internet Banking
1 Internet banking is used widely by masses, and has numerous benets
to offer. Nowadays, all banks provide online banking facility to their cus-
tomers as an added advantage. Gone are the days, when one had to transact
with a bank which was only in his local limits. Online banking has opened
the doors for all customers, to operate beyond boundaries. Nowadays, peo-
ple are so busy in their work lives, that they don’t even have time to go to the
bank for conducting their banking transactions. Internet banking enables
people to carry out most of their banking transactions using a safe website,
which is operated by their respective banks. It provides many features and
functions to their customers, and enables them to view their account bal-
ance, transfer money from their account to another account (be it in their
respective bank or any other bank), view their account summary.
2 In this procedure, many nancial transactions can be carried out by
simply utilizing a computer with an Internet connection. The necessary
things that a person needs for using online banking are, an active bank ac-
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