Corporate Risk Management: Terrorist Attack Term Paper

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By examining existing occurrences of terrorist attacks, some of the unknown factor can be removed from the threat. Furthermore, the exact nature of terrorism can be quantified in terms of definitions and key terms. This also mitigates much of the uncertainty surrounding the issue. Terrorism can for example be understood by the definition of threat and/or violence in order to achieve an end. Terrorists generally want to force the hand of those they attack, or to avenge what they perceive as wrongdoing by the victim of their threat.

Specifically, there are several ways in which terrorist attacks can manifest themselves. These include kidnapping, hijacking, murder, mass murder, explosive devices, chemical warfare, biological attacks, riots, civil unrest, and the use of hostages. The risk of terrorism can be quantified to a certain degree by assessing the likelihood of each type of terrorism for the business in question. Contingency and emergency actions can then be planned according to such quantifications.

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This is an especially important part of risk management for significantly large and prosperous companies.

Another step companies can take in emergency and contingency planning is research via expert agencies not affiliated with the company itself. The increasing awareness of the danger of terrorism has increased the number of agencies and companies providing assessment and mitigation services in terms of terrorist threat. Such companies can the provide valuable input in terms of safeguarding assets against such attacks.

On a more concrete level, physical safety measures such as increasing the integrity of building materials and structure form another important part of mitigating terrorism threats. Such issues during the construction phase can be fortified by workplace security measures such as trained security personnel, electronic building access control, and other such measures.

Most importantly, each personnel member needs to be fully trained in the appropriate actions in the event of a terrorist….....

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