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Case study on managing risks
Case study on managing risks
Case study on managing risks
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BCC LTD Corporation
1379 Words3 Pages
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BCC LTD Corporation
Situation Analysis and Problem Statement
Risk 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 surprise you by having a plan in place on how to solve them.
Risk management would help to identify and then manage threats that could severely impact or bring down the organization. "This could be done by reviewing operations of the organization, identifying potential threats to the organization and the likelihood of their occurrence, and then taking appropriate actions to address the most likely threats" (McNamara, C., 1999).
Situation Background (Step 1)
BCC LTD is a large multinational conglomerate providing goods and services to an international customer base through a number of diverse and unrelated businesses.
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