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  • Essay / Risk management is the key to business success

    Protecting a company's reputation through risk management. Risk management procedures make it easier to protect a company's reputation because those involved often focus on ethical procedures when evaluating and raising awareness of potential risks. the company (Hopkin 2010). Internal and external communications made by businesses are critical to protecting the reputation of those businesses due to the results they produce. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay Risk assessment results are often used to inform the decision-making of an organization's highest-ranking policy makers. Policies developed after risk assessment in the organization tend to focus on the social responsibility of the company towards its stakeholders and on preventing the impact of hazardous events related to the company's activities (Maux & Francoeur 2013). Organizations that are socially responsible towards their stakeholders such as employees are known to have a good reputation which can lead to increased productivity. Risk management procedures include public awareness strategies that require companies to implement communication strategies that would be vital in educating citizens. and businesses about the dangers and threats facing the country (Hopkin 2010). The public awareness strategy within risk management is an opportunity for companies to provide guidance to their employees and customers on what they should do to prepare for major risks at their events and conferences (Vredenburgh 2002). Communicating perceived risks and necessary preventive measures is essential to protect the image of organizations as caring about the health of the community. The reputation of the companies involved is also protected to the extent that such communication of a broad risk assessment benefits policy makers. and emergency planners at national and subnational levels of government (Culp and Christopher 2002). Risk management initiative by organizations provides organizations with the opportunity to build and maintain public trust, which is essential for acceptance of extraordinary measures in times of crisis (Liberman and Woodruff, 1993). Companies gain greater credibility with the public through transparency in the risk assessment process. Public awareness strategies require that appropriate risk communication techniques are used to reach the targeted audience. Information about hazard exposures and vulnerabilities of members of the public is communicated to the general public in a simplified manner to ensure understanding of this data (Culp & Christopher 2002). Practical illustrations of necessary actions can also be used to raise awareness of risk reduction strategies that are realistic for local conditions (Vredenburgh 2002). Despite the existence of uncertainties inherent in understanding and predicting conference events and contingencies, stakeholders should receive clear, consistent and persistent information that would help them internalize basic information and take required precautions. (Maux & Francoeur 2013). The decision to reduce the emotional impact of hazards is important to strengthening the company's reputation as a safety-focused company. Keep in mind: this is not..