Contemporary risk challenges related to risk measurement and managementRisk is something serious that could happen to an individual or to an organization and which could lead to negative consequences in the long or short term. The organization has a measurement and management policy in place, but the challenges listed below could hinder successful implementation.A. Contemporary challenges to measure in terms of risks1. Lack of qualified resources: The organization should have an expert available to use the required tools to collect, process, analyze and document data to effectively mitigate risks (Shacklett, 2012). Additionally, there are not enough competent risk-assessing personnel within the team to effectively execute the strategy. (Culp, 2013)2. The organization or individual perceives the risk; the way people think about the specific causes and consequences of risk will determine their level of response and not based on an objective level of risk (Hubbard, 2010), (Sjoberg & Drottz-Sjoberg, 2010).3. Financial constraint: The amount of money available to implement risk measurement tools and a maintenance culture will threaten or encourage the measurement of the risk plan if something goes wrong.4. Misunderstanding or risk mechanism. Managers' inability to correctly define and lack of understanding of the level of risk will result in incorrect forecasts and the provision of poor measurement tools (Hubbard, 2010).5. Cost of Failure: According to (Rayner, 2011), 47% of organizations want to reduce their operational and strategic planning costs to gain a competitive advantage over their rival. And that is why the cost of contingency should be in case things go wrong, example of the London riot 2012 where the John Lewis store was looted in Croydon and goods worth thousands were taken. been lost due to poor handling of the situation... middle of paper. .....which are-often-neglected/Sjoberg, L., & Drottz-Sjoberg, B.-M. (2010). The perception of technological risk. In L. Sjoberg and B.-M. Drottz-Sjoberg, Risk in Technological Systems (pp. 255 – 273). London: Springer. Rayner, L. (July 18, 2011). GRC and the Cloud blog. Accessed March 23 from www.XACTIUM.COM: http://www.xactium.com/blog/bid/65656/5-Challenges-for-Risk-Management-over-the-next-2-years.Sjoberg, L (2006) Rational perception of risk: utopia or dystopia, Journal 0f Risk Research (6) [Online]. DOI: 10.1080/13669870600799952 [Accessed March 18, 2014]. Info entrepreneurs, (2011). MANAGE RISKS. [Online]Available at: http://www.infoentrepreneurs.org/en/guides/manage-risk/[Accessed March 3, 2014].Stanleigh, M. (2010). Risk management...the what, the why and the how. [Online]Available at: http://www.bia.ca/articles/rm-risk-management.htm[Accessed March 3 2014].