Risk Management as a Challenge and a Key Element for Corporate Success


Hausarbeit, 2012
22 Seiten

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Contents

Risk as Term (references, purpose, identification)

Risk Analysis (production sites/processes)

Risk Assessment (weighting risks, occurrence likelihood, causes)

Risk Management/Risk Monitoring (chances, actions and output verification)

Guidelines for Risk Management Integration

Risk as a Term

“The hazard that an event or action negatively affects the firm’s ability to achieve its business goals or pursue its corporate business strategy to a success”

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Figure 1 Risk as a Term

Underlying Causes / Purpose of Risk Management

The globalization of the markets as well as the onward Diversification, the reinforced margin-pressure necessitates and the reinforced confrontation with not directly and previously-sight-pure negative influences on the current operations are very important items to deal with.

The general bases for a simple and fast analysis and evaluation of risks to manage and to tie in into the organizations should be the basis for company’s success.

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Figure 2 Backgrounds and Basis of Risk Management

What variety of risks are pesent in the steel industry

The analysis of risks shows the multiplicity and substantiates the fact that the confrontation took place in the past years only rudimentary, since the pressure was not sufficient to give serious thought to it, since even experienced negative effects of the risks were rather rare. Turbulences in all areas, that the recognized risks involve, was the reason that businesses deal more and more with possible consequences and the defence of it.

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Figure 3 Varieties of Risks

KEYWORDS in Risk Management

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Figure 4 Keywords

Risk Management as an All-Over Task throughout Corporate Hierarchy

The confrontation with the topics of the risk-management is not important for near future but for the distant future.

Risk-management has to be understood as an encroaching task in the business and has to be accepted as a life style, since all business-areas will be concerned. It has to be goal-oriented to the risk-minimization, achievement and contribution to risk management on all business levels.

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Figure 5 Risk Management as a Task throughout the Business Levels

The reconnaissance, exploration, analysis and control of risks is easier said than done and there is a high demand of analytic planning with handicap of goals, results and the distribution of duties and responsibilities for all business-areas. Finally, also aimed control-mechanisms, like -accomplishment, success - and – preservation control instruments are a fundamental basis for success. The model-function of the "upper - management“ and the support on all levels of it is therefore an inalienable prerequisite for a working and lasting risk-management.

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Figure 6 Risk Management Organizations in Businesses (1) (2)

Risk Management as an Integrated Process

The process steps of an effective risk-management-process have to be outlined as a clear structure and have to be mediated accordingly.

Only through such a process the constantly necessary assimilation-process of the system can be motivated by leadership in the business-areas and the process and the resulting action will be kept alive.

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Figure 7 Risk Management as an Integrated Process (1) (2)

Implementation of an Integrated Risk Management System

Subsequently, examples of process steps are presented, to outline the transposition process of an integrated risk-management-system, as well as the complexity of the total-scope.

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Figure 8 Implementation of an Integrated Risk Management System (1) (2)

It is also evident to show the possibilities of an aimed risk-control system, as their possessions will affect the entire operations in case of an unpredictable event, that can cause variant types of risks but also challenges in contribution and understanding. Also the accepted risks have to be explored and presented to the leading functions on this occasion, because they have to be accepted as a rest-risk, because they are economically not supportable.

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Figure 9 Model of Risk Control (1) (2)

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Figure10 Risk Graph as an Assessment Tool (1) (2)

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Figure 11 Risk Graph as a Basis and an Assessment Tool (1) (2)

In the meantime, the well known risk-graph is used in many areas, it is an appraisal tool that can simply be handled and enables a fast overview on a spot occasion.

The ideal approach to risk analysis

Selection of indicators and evaluation factors are evident, to come to a transparent representation of risks. Such indicators and factors are already present out of other business figures and therefore a fast and simply evaluation with anyway existing information, numbers, results and records is promptly possible.

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Figure 12 Ideal Approaches to Risk Analysis

Target-oriented analysis as initial step prior to risk graph assessment

Important is also the investigation of the occurrence-likelihood as well as the possible damage-size. Therefore extensive experiences are necessary, however well known information can be used. That information and experience should be summarized to evaluation-standards as well as ratios as indicators and factors for further investigation. Existing and anyway used knowledge as well as numerical data should be taken into account, since this is known and catchy.

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Figure 13 Performance minded Analysis as a Preparation for the Evaluation of the Risk Graph

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Details

Titel
Risk Management as a Challenge and a Key Element for Corporate Success
Hochschule
Slovenská technická univerzita v Bratislave
Autoren
Jahr
2012
Seiten
22
Katalognummer
V195235
Dateigröße
1980 KB
Sprache
Deutsch
Schlagworte
Risk as term Risk, distribution Risk classes / classification Risk assessment Damage amount Investments in risk minimisation Investment per employee / per m² production area / per ton of steel output Investment / profit Ratio Verification of investment efficienc
Arbeit zitieren
Dipl.Ing. Rainer Jaspers (Autor)Karol Balog (Autor), 2012, Risk Management as a Challenge and a Key Element for Corporate Success, München, GRIN Verlag, https://www.grin.com/document/195235

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