Corporate Risk Management: Terrorist Attack Term Paper

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When the risk is significant, this should be quantified against the risk of not entering the specific country in terms of expansion. When the risk is acceptable, stringent measures, including organizational arrangements, engineering control, and research and development, need to be taken. Research and development are particularly important, as mitigation measures can then be implemented that are particularly targeted towards the measure of possible terrorist attack for the country involved. Reducing the likelihood of terrorist attack can in certain cases be a better response to terrorist threat than avoidance, as it mitigates many of the additional risks involved in the latter.

Thirdly, reducing the consequences of terrorist attacks is a retrospective approach. This is done by measures such as contingency planning, recovery plans, design features, surveillance, and the like. Such measures are best implemented by learning from the past experiences of terrorist attacks on the company involved, or indeed from other companies.

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Research and development are also important in this response. The past should be investigated thoroughly during the planning stage of expansion in this regard.

Finally, transferring the risk of terrorism is also a measure that can be taken by globally expanding companies. There are several ways in which this measure can be handled. Contracts, insurance, partnerships and consortia, or combinations of these are options that a company can use. Specifically, when expanding to a country where the risk is high, a company may wish to create a partnership with a local company, so that the risk is in effect shared, mitigating the risk to the parent company.

With regard to the above-mentioned measures, it should also be kept in mind that they are not necessarily mutually exclusive, and can be used in combination for optimal benefit......

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