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IMPLEMENTATION OF SPECIFIC RISK MANAGEMENT STRATEGIES

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IMPLEMENTATION OF SPECIFIC RISK MANAGEMENT STRATEGIES

IMPLEMENTATION OF SPECIFIC RISK MANAGEMENT STRATEGIES

 The document can be used to give support to the various implementation of particular risk management strategies used in companies. The paper will look at the use of training and doctrine as a means of managing risks in businesses as well as the advantages of using a single risk management process in all the operations of a company. The use of Culture shift as a risk management strategy will also be discussed. The paper will further discuss the pros and cons of applying culture change and individual accountability as a strategy of managing risks in organizations.

The primary audiences for the risk management strategies are the DHS employees. The DHS and its partners need to understand and manage the risks that might occur in the course of their operations to ensure that the future activities are not affected. The risk management involves identification, analysis, and communication of risks as well as accepting, transferring, avoiding, or controlling the risks to acceptable levels by considering the benefits and costs of any action that are taken, (Baubion, 2013). The employees of the firms need to be trained effectively so as to understand the ways of mitigating risks while working in the companies. Particular standards to be followed should also be set for the employees to ensure that nobody goes beyond such standards. Through this, the leaders would have minimized risks in the firms.

This method of using one strategy in mitigating risks is advantageous since the employees align themselves with the goals of the company. The method further helps them in increasing their knowledge on risk management and they can be influential in influencing other people who might have not known about the risk management understand them. On the contrary, the method can be disadvantageous due to its costly nature. Otherwise, some employees might not pay attention to the trainers while some standards or principles might be too harsh for the employees to follow. There is no assurance that they will carry out risk management efficiently.

A culture shift is another method of managing risks in organizations. The method commences with the cultivation of safety culture that takes many years to be successful. Various employees incorporate risk management principles into their culture through this process. They learn how to ensure the security of clients and the communities at large. Consequently, this will become part of the organization’s cultural DNA, and management of the risks that might occur will be quite useful. The culture shift is direction and degree in which the cultural norms, attitudes, values, and behavior patterns of the customers of any given society might change over time, (Amoroso, 2012). Through this, the preferences, habits, tastes and needs of the customers might change towards the company. It would eventually lead to the achievement of the organizational goals.

The advantages of using culture shift in risk management are that it avoids reliance on memory as it is only the culture of the people and their personality that is changed. The individuals can learn new ways of focusing on good personal qualities that promote efficiency and peace in organizations, (Farnham & Chartered Institute of Personnel and Development, 2014).  Organizations are also able to improve the tastes and preferences of their clients towards their products through the culture shift. Conversely, this method of mitigating risks might be disadvantageous in different ways. Firstly, there could be individuals who might change their beliefs or norms to the opposite of what is required. Secondly, some people might not change their personality thereby increasing the risks in firms rather than reducing them.

References

 

Amoroso, E. G. (2012). Cyber-attacks: Protecting national infrastructure. Oxford: Butterworth-   Heinemann.

Baubion, C. (2013). OECD Risk Management.

Farnham, D., & Chartered Institute of Personnel and Development. (2014). Human resource management in context: Strategies, insights and solutions.



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