Corporate Risk Management: New Horizons Term Paper

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All personnel need to be fully informed regarding risk management, particularly in terms of disaster, terrorism, or other unknown factors. Employees and employers therefore need to maintain an open communication system, through which risk management occurs as a dynamic rather than static system. Management should for example provide workers with the opportunity to offer suggestions relating to the current risk management manual. These can be communicated via spoken or written communication. Such a measure provides the opportunity to establish mutual trust within the company, which is vital if risks are to be handled effectively once they occur.

Inherent and environmental risks can also be handled via communicating in this way. By trusting employees to provide accurate information regarding ongoing risk factors, the management of an organization also provides such employees with a sense of trust and perceived importance. Such employees can then be inspired to provide the company with their best effort, as they perceive meaningful work beyond their job description.

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This is also useful for the company in general, as a risk management team may perceive the obvious risks, while employees who work in the environment on a daily basis are better able to assess the risks involved.

Finally, an important factor in risk mitigation is the past. Past experience, while at times unpleasant, helps to quantify future, previously unknown, risks. When there has for example a terrorist attack on a company in the past, this can be analyzed fully and used for the future mitigation of the same or similar risks. The past also provides a basis for future estimations of risk. Once a risk has realized, the quantification and assessment process becomes easier. Other companies and their risk factors can also play an important role in this. Before for example expanding globally, partnerships can be formed with existing companies in order to share possible projected….....

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