Current Changing Landscape of Risk Management

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Question : Discuss the current changing landscape of risk management. Be sure to identify causal factors for change, risk management tools, and desired outcomes.

Solution

Introduction

In the present information world, the security breach is one of the major threat which can potentially damage the market positioning of any organization. Additionally, within the organization, there are several factors which can potentially affect the operational strategies of the organization. At least identification and Analysis is one of the important tools that is used in this context, with the aim to minimize risk and consequences. Nevertheless, the concept is traditional, however, the strategy of analyzing and repairing mitigation strategies against risk has been taken into account for a different landscape. In the presenter report, the discretion is based on the change in the landscape for risk identification and analysis. In this report, we will discuss the causal factors, useful risk management tools, and desired outcomes.

The current changing landscape of risk management

Over the past decade, the risk management strategy of businesses is rapidly changing under the impact of causal factors. The two most of visible changes in the current landscape of business risk management are 1) maximization in the numbers of risk categories, and 2) possible size of risk that has to be handled (Rejda, 2011). These rapid changes in the risk management system are now creating operation issues in the companies. This leads to an extra effort for the executives and boards for developing a refined focus on risk management strategy at the employee and management level (Güller, Koc, Hegmanns, Henke & Noche, 2015).  Chief Risk Officer (CRO) is the key personnel having the responsibility to manage the newly developed risk factors. However, the decision for analysis of the external factors and utilizing resources as part of mitigation strategies will be based on the concluding information from CRO and other official board members. More importantly, the genus landscape is mainly divided into layers of security, secure API, established transaction of information among independent authorities. However, the major change in the present landscape is associated with the technological factors back not only contribute support for identification of risk but also helps in preparing equity portfolio as a part of mitigation strategies.

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Causal factors

Causal factors can be defined as both internal and external of the business environment.  Internal factors include increased competition, reputation come outside party liability and business interruption. While the external factors comprised of cybersecurity, climate change, terrorism, political disruption and supply chain dependability. Note that, in the past, the decision makers for the risk analysis and mitigation purpose have not considered the geopolitical perspectives as well as the emerging technology factors (Villa, Paltrinieri, Khan & Cozzani, 2016). In contrary, the international challenges such as terrorism, climate change, supply chain dependability, as well as the internal factors including cybersecurity, socio-cultural factors, and economically consideration, have emerged themselves as potential determinants of risk (Rejda, 2011). Overall, this information concludes that the risk analysis prospect now it is required intense technological support, in order to identify the probable risk factors, as well as to predict the disruptive consequences.

Risk management tools

The modern-day risk assessment tool mainly includes hierarchy process, in which the first step begins with the establishment of the context, followed by risk identification, analysis, evaluation, and treatment. Overall, the present day scenario of risk management aims to identify the risk in advance and prepare mitigation strategies such as to minimize the projected impact. The mainframe of changed strategy is also provided as a guideline in ISO 31000:2009 risk management process (Olechowski, Oehmen, Seering & Ben-Daya, 2016). Importantly, the skateboarders nowadays are also considering specialized personnel who can communicate and consult the operational procedures. Likewise, the special task force will also be engaged in monitoring and reviewing the mitigation strategies as well as the corresponding outcome. The most common assessment tool include risk register, checklist, and supervision of specialized person.

Desired outcomes

The desired outcomes are mainly analyzed in terms of likelihood impact, evaluation potential, the effectiveness of treatment measures, and aligning outcomes with organizational objectives. Typically the outcome can be documented in a risk assessment report that mainly contains identified hazards, the decision on factors that can harm, assessing the risk and the crusade actions, record of findings, and review of the overall assessment. In accordance with the steps utilized for risk identification and assessment, the corresponding outcome can be determined as elimination which includes withdrawal are resolving the risk factor. Likewise, reduction and sharing our other outcome that focuses on mitigation strategies as well as outsourcing dissolution. Finally, retention is another outcome that focuses on the acceptability of the support framework offered by resources as well as decisions. According to the report of Graetz & Franks (2016), the final element is also referred to as change management, which aims to implement the corrected measures for controlling the consequences probable from associated risk.

Conclusion

In summary, the president report illustrates the concept of risk assessment and mitigation strategies. In the prison technological era, the involvement of geopolitics is one of the new factors responsible for the change of the overall landscape. This has been discussed in causal factors with respect to internal factors such as cybersecurity, socio-cultural factor, and political disputes. As a part of newly introduced risk management tools, ISO 31000:2009 is used. Finally, the corresponding outcomes of risk analysis which include assessment, recordings of findings, and possible factors associated with risk. However, detailed analysis is further required in order to understand the concurrent risk identification scenario and their corresponding mitigation strategies.

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