Strategic Risk Management Essay

1236 Words 5 Pages
Apart from WHS, there are several other risk factors which are required to be managed and taken into consideration. Strategic risk: As we know that a prosperous business needs an all-round, well established business plan. But furthermore, it is also a fact that things twist and our good plans can regularly come to look outdated. This is an integral risk that our company’s practice/strategy becomes ineffective and the company struggles to achieve its goals and objectives. The reason can be technological changes, a powerful competitor entering the market, change in preferences, hike in cost of raw material or other significant changes.

To overcome this kind of risk, we are utilizing policymaking as the highest level tool and well organised stakeholder involvement. The risk spread fast, our
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Our risk management policies and procedures contains particular actions for each critical activity or group of activities such as alternative field methods or locations, deployment of extra information and communication technology infrastructure including, sourcing of critical equipment and materials.
Crisis management is included in our risk management policy which serves to be a boon for recovery which is , actions taken following the commencement of a disruptive event in order to return the organisation to routine management.
I would like to quote a general example from an episode. Just after the 2005 terrorist attacks on the London underground and a bus, somebody placed a sign saying “London area is closed”. The ministers quickly released a political value statement that London would remain open and accessible. Following the 2004 attacks of Madrid’s commuter trains, the Spanish prime minister made a similar announcement. These announcements had a very positive impact helping crucially to guide citizen’s

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