Issue Management Risk Management - 2957 Words

Issue Management: Risk Management Unlike traditional risk management tools, which are usually based around tangible and quantifiable issues, scenario thinking encourages executives to step into the unknown and imagine a range of possible futures. - Doug Randall and Chris Ertel Managing risk is central to many corporate strategies. Reputations that take decades to build can be ruined in a matter of hours through incidents such as environmental accidents. â€Å"The definition of risk management for organizations has broadened, expanding beyond the tangible and quantifiable issues to the less tangible and more qualitative forms of risk. The bounded definition blinds executives to considerable opportunities that come†¦show more content†¦[7] Eleven members of the Deepwater Horizon rig were killed and fourteen were injured in the explosion which rocked the Gulf Coast and spewed upwards to 40,000 barrels of crude a day into the Gulf waters. The oil industry is more dangerous than other industries, and oil companies, including BP, strive to reduce accidents and improve safety. But BP, the world’s third largest oil and gas producer, has the worst health, environment and safety record than any other major oil companies, according to Yulia Reuter, (Head of the energy research team at RiskMetrics) Company Background BP is a global oil and energy company based in Great Britain. The company locates and extracts oil all over the world. BP also refines and transforms oil to gasoline, motor oils and other chemicals. Because of the supply chain system that BP operates, the company interacts with a vast number of individuals and organizations whose interactions bring along ethical obligations. Basic ethical obligations in the oil industry include the following: - Providing customers with the product that meets their expectations - Ensuring reasonable levels of workplace health and safety - Dealing honestly with suppliers - Complying with environmental laws and industry best practices - Building long term share value â€Å"We are committed to the safety and the development of ourShow MoreRelatedEssay Risk Management Issue4488 Words   |  18 PagesRisk management is the most important part of any organization to face the risks that might arise when a new project started. It should be a first concern when the decision is being made. Risk management is the practice of looking at the exposure to risk and deciding how to best handle that exposure. The idea behind risk management is to decide if the benefit outweighs the risk. This process will help you to identify risks that might normally be overlooked so when things come up, they do not surpriseRead MoreManagement Issues And Resolutions : Motivation, Communication, Training Risk Management1411 Words   |  6 PagesMANAGEMENT ISSUES AND RESOLUTIONS: Motivation, Communication, Training Risk Management While a person can be extremely intelligent in a general aspect they can lack emotional intelligence. This causes the work environment or people to be miserable, lack of motivation, and dissatisfaction with their jobs and quite often their lives. Another issue in the organization is communication skills or lack of thereof. Lastly inadequate training can and usually does lead to incidents and that is not usingRead MoreRisk Management of Legal Issues Affecting E-Commerce3459 Words   |  14 PagesRisk Management of Legal Issues affecting E-Commerce Introduction Risk management is the ability to identify, assess, and prioritize risks depending on the threat they poses on a business and the resources available. Most organizations are operating their business online nowadays. Many industries such as banking, insurance, selling of goods, offering of certain services are turning their operations online. E-commerce has many challenges that threaten to make any organization conducting online businessRead MoreRisk Management Issue in Pediatric Clinic2000 Words   |  8 PagesRisk Management Issue in Pediatric Clinic Introduction-Khushali Unforeseen events will always be a risk that can accompany those receiving medical care. One way that these risks can be minimized is through the creation of a risk management team. Risk management teams serve to protect the interests of all parties involved in terms of patient services and privacy, costs, and most importantly, patient safety. They strive to control unsafe events from occurring by being proactive in care rather thanRead MoreComputer Security Risk Management And Legal Issues1573 Words   |  7 PagesAT T Server Attack Bharath Reddy Aennam (1079250) New York Institute of technology Professor: Leo de Sousa INCS 618 - Computer Security Risk Management and Legal Issues 04th Oct 2015 Contents Abstract 4 Introduction: 5 Key Terms: 5 Risk: 5 Threat: 6 Encryption and Decryption 6 Encryption: 7 RISK MANAGEMENT FRAME WORK 7 Criteria: 8 IMPACT OF LOSS: 8 Brute force attack: 9 GOATSE SECURITY: 10 Conclusion 12 References 12 Abstract Day by Day cyber-crimes have becomesRead MoreRisk Management Issues From Electricity Industry2134 Words   |  9 Pages2.0 RISK MANAGEMENT ISSUES FROM ELECTRICITY INDUSTRY. Risk management is an important part of any business, before you manage a risk u must identified the risk involved in that business first. In electricity industry companies are exposure to higher risks today than the early part of the sector (European Union of the electricity industry, 2006). Exposures to regulatory and market risks, to be specific, have it increased notably which can lead to either negative or positive impact on profit limitsRead MoreBusiness Environment Implementation Of Security And Risk Management Issues1004 Words   |  5 Pagesincreased the security risks as the intruders and penetrators are equally knowledgeable about technology. Defense Exploration methodology using for this investigation, for the business environment implementation of security and risk management issues is associated with their data. Numerous organizations are migrating to the cloud computing, these organization are in initial stage of the migration process. Organizations initially need to know about the security and risk management issues when they are adoptingRead MoreSupply Chain Risk Management Plan1299 Words   |  6 PagesSupply chain risk management, The International Journal of Logistics Management, Vol. 16 Iss 1 pp. 120 - 141. â€Å"Supply chain risk management is the process of identifying, assessing and controlling threats to an organization s capital and earnings that are caused by the organization s Supply Chain.  Companies with supply chain risk management plans in place typically place a chief risk office(CRO) in charge of overseeing the effectiveness of the organization s supply chain management strategy.Read MoreLittle Falls Hospital Risk Management Plan1461 Words   |  6 PagesLITTLE FALLS HOSPITAL RISK MANAGEMENT PLAN Purpose The purpose of the risk management program is to protect patients, staff members and visitors from inadvertent injury. The focus of Little Falls Hospital risk management plan is to provide an ongoing, comprehensive, and systematic approach to reducing risk exposures. Risk management activities include identifying, investigating, analyzing, and evaluating risks, followed by selecting and implementing the most appropriate methods for correcting, reducingRead MoreRefurbishment Of Broron Oil And Gas Limited Three Storey Building1675 Words   |  7 Pagesis to design and construct and appropriate office structures. Which involves different stages of work in these projects? Our task involves †¢ Planning a risk management plan †¢ Creating a risk register and a risk response plan. †¢ Identifying possible risk project and procurement strategy. †¢ Undertaking qualitative and quantitative risk analysis. †¢ Risk tracking and monitor control. CHAPTER2: BACKGROUND The overview System will be addressed and elaborated in order to show the main nature and constrains