You will prepare and submit a term paper on Risk Management: In an increasingly dynamic environment, strategic management of risk has become a critical competency for or. Your paper should be a minimum of 12000 words in length. Different types of risks are encountered by different organizations. Some such risks may have fewer impacts on the organizational performance, while others may have greater effects. However, companies tending to gain greater returns would also take greater risks. At the same time, such companies would try to learn techniques to manage such risks to have lesser impacts on their achievements. Risk management is the way in which the adverse effects of risks may be reduced and newer opportunities may be exploited. The importance of a study on risk management practices mainly lay on understanding how the process can benefit an organization such that organizations can adopt the process realizing the feasibility of the process. In today’s ever changing business world, there is a huge need for every organization to be capable of facing threats and risks and managing them to an extent that will protect the company from losses. Formal processes are hence a necessity. A business organization may have several divisions that function together to achieve the organizational goals and objectives. Integration of a formal risk management process along with these functions benefits the organization in a number of ways. It helps an organization through the identification and analysis of risks, generating measures to manage them, and monitoring and controlling them to analyze changes that may be required in the process. The importance of a formal risk management process can be understood from the benefits that it has provided to the companies that have already incorporated the process within their system. Also, several surveys add to the value of the process as they reflect on the improvements in performance that many organizations have experienced through the incorporation of such a process. Although limitations are also a part of every process, yet a formal risk management process tends to provide a company by all means to encounter any risk by carefully planning measures to exploit and manage them for positive utilization, thereby maximizing organizational profits. This study would reflect mainly on the risk management process and its benefits as well as its limitations to have a broad view on the necessity of the process within organizations, hence to suggest firms to incorporate a formal risk management process within their management system. 1. Aims: The aim of the following research will be to discuss the research question below: “In an increasingly dynamic environment, strategic management of risk has become a critical competency for organizations. From the perspective of an Operations Manager, the aim is to present a case to the board of directors for adoption of a formal risk management process.” Furthermore to then present a report upon which the board of directors can decide on whether adopting a formal risk management process is feasible for the organization. 1.1.
Homework Essay Writers