Risk management is one of the necessary elements of an organization, which ensures a safe environment for the employees who are working in it. It is necessary to have a risk assessment plan because, this plan will ensure that the potential threats are being mitigated and the company is having a proper development in the market where it is performing. There are many methodologies, which can be applied for mitigation of issues, but a proper evaluation is necessary before making any kind of approach. In this regard, it is important to have a plan for situational analysis and implementation of relevant methodologies for proper kind of development. The assignment is going to focus mainly on the aspects that are relevant in risk management and in the later part Walmart will be incorporated as risk management implementable organization.
The main mission of the company Walmart is to have a good growth in the highly competitive market. It is possible if the company makes sure that, the entire internal segment is working in accordance with the needs of the market. The risk factors that are present in the internal part of the company need to be checked strategically. The management needs to ensure that the entire company is working as a group to mitigate the risk factors that are present in the system (Speights, Downs, & Raz, 2017). In this context, one thing needs to be ensured and that is assessment of the risk finding measures. Therefore, the mission of the company should be mitigating the risk factors which are potent enough to harm an employee.
From the initiation phase, the company was focusing on the aspect that was related to proper kind of situational management. In this context, risk management is a necessary aspect and that is why the vision of the company is important to be highlighted. The company looks forward towards development and in this context; the company has to analyse the factors which might cause major risk to the entire internal environment (Kerzner & Kerzner, 2017). The company wants to keep the reputation of the company intact and in this regard, the company has to take necessary steps for a proper kind of risk management.
The main goal of the company is to earn more revenue and give customers what they need in the most affordable rate. In this process, the company has to minimize the costs that are occurring in the medium. There are many cases where it is seen that the company took revolutionary steps to mitigate the issues that were being faced by them. In this regard, the company has to make sure that the employees are working in a proficient environment without any risk factors. Therefore, it can be stated that the goal of the company is to find out the issues that might cause harm to the employees by causing fatal accidents. In this aspect this can be argued that the risk management has a good relationship with company background betterment and revenue generation.
The main objective of the assessment is to address certain risk mitigating measures to the company so that it can have a better kind of effects on the development of the organization. There are few objectives that can be taken under consideration in this aspect. The development of the company ambience is one of the most necessary things, which can be taken as an objective (Patti et al., 2017). Another objective is ensuring a safe environment to the employees so that they can increase the productivity rate.
The main stakeholders of a company are those people who get affected due to implementation of different kind of organizational policies. In this regard, Walmart is one of the major companies, which have the effective customer affecting nature with its decision-making. In this context, the stakeholders are mainly customers, employees, stock holders, management, partners who are working with the company and many others. The main thing that needs to be focused is how the company is focusing on the different kind of approach strategies. The risk management process affects the stake holders too and in this case the stake holders can be divided into different kind of segments (Panmore Institute, 2015).
Management’s decision affects the employees who are working in a risk free environment. The decisions related to risk management raises the trust of an employee and this blows a great impact on the development of the entire organization. The employees have a good kind of communication within each other and this risk mitigating features helps in developing a proper communication with the customers too. Risk management helps in developing a proper kind of relationship that affects all the stake holders of the organization. Walmart needs to focus on ensuring sustainable growth in the stakeholders’ list to have an effective progress in the current market.
There are different risks and some of them have been selected in this case and categorized in a proper manner to mitigate them properly.
Business- fall in stake holders, sudden change in trends, decrease in demands, accidents in work place, violence in work place, shareholders, strike, loss of production.
Legal- political change, non-compliance with governmental norms,
Technology- lack of resources, lack of Innovation, rise in environmental issues
HR- behaviour, organizational abuse, racial discrimination, sexual discrimination, organizational sustainability failure, socio-cultural factors, management failure,
Financial- decreased demand, global impacts, increased costs, budget failure, economic depression,
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Levenson, D. (2017). Employee Risk Management: Best Practices for Small Business. InsureYourCompany.com. Retrieved 11 August 2018, from https://www.insureyourcompany.com/blog/employee-risk-management-best-practices-for-small-business/
Patti, C. H., Hartley, S. W., van Dessel, M. M., & Baack, D. W. (2017). Improving integrated marketing communications practices: A comparison of objectives and results. Journal of Marketing communications, 23(4), 351-370.
Speights, D. B., Downs, D. M., & Raz, A. (2017). Essentials of Modeling and Analytics: Retail Risk Management and Asset Protection. Routledge.
Steconomiceuoradea.ro (2018). Risk management in the context of sustainable development. Steconomiceuoradea.ro. Retrieved 14 August 2018, from http://steconomiceuoradea.ro/anale/volume/2012/n1/184.pdf
Risk management plan. (2018). Retrieved from https://www2a.cdc.gov/cdcup/library/templates/CDC_UP_Risk_Management_Plan_Template.doc
Sodhi, M. S., Son, B. G., & Tang, C. S. (2012). Researchers' perspectives on supply chain risk management. Production and operations management, 21(1), 1-13.
Nafeh, J., Hedgestreet Inc, 2010. Risk management contracts and method and apparatus for trading same. U.S. Patent 7,693,778.
Cardona, O.D., 2013. The need for rethinking the concepts of vulnerability and risk from a holistic perspective: a necessary review and criticism for effective risk management. In Mapping vulnerability (pp. 56-70). Routledge.
Cardona, O. D. (2013). The need for rethinking the concepts of vulnerability and risk from a holistic perspective: a necessary review and criticism for effective risk management. In Mapping vulnerability (pp. 56-70). Routledge.
Faculty.kfupm (2018). Faculty.kfupm.edu.sa. Retrieved 14 August 2018, from http://faculty.kfupm.edu.sa/CEM/alkhalil/PDF_CEM_516/L05%20Quantitative%20Risk%20Analysis.pdf
Cpni.gov.uk (2018). Cpni.gov.uk. Retrieved 11 August 2018, from https://www.cpni.gov.uk/system/files/documents/62/53/Holistic-Management-of-Employee-Risk-HoMER-Guidance.pdf
Panmore Institute. (2015). Panmore Institute. Retrieved 11 August 2018, from http://panmore.com/walmart-pestel-analysis-recommendations-case-study
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