Question

What are some of the dangers of attempting to manage risks without properly researching them? Be sure to include a range of research methods in your response.

No hand writing pls. 150 - 200 words

Answer 1

The danger of attempting to manage risks without proper research is that we won't be able to know types or risk the could occur in some area or departments. we won't be able to know effects of all risk, scope and management of those risks. Research is therefore necessary in order for an organisation to come up eith proper strategies to manage the risks.

* Fines-Not having a formal risk management process in place puts your organization at risk of fines or sanctions from federal, states and even industry-specific regulatory bodies.

* Employee Turnover- It is completly normal of employees to leave an organization. This can occur for several reasons, both personally and professionally. However when there is a high rate of employee turnover, there are likely other factor in play. perhaps certain employees feel like their growth potential is limited or the culture of the enterprise doesn't recognize their contributions.

* Missed Opportunities- Not identifying threats and opportunities to achieving business objectives can also lead to missed opportunities. While this may not seem like a big deal on the surface, missing opportunities can lead to a loss of market share and eventual irrelevance.

* Negative or Damaged Reputation- This consequence of ignoring risk management is similar to customer disatisfaction, but its impact is more significant since it usually involves nefarious activities within an organization instead of a mere mishap.

* Product or project failure- A new business opens its doors or a company unveils a new product to much fanfare just to see it flame out in short order. The amazon fire phone is a prime example, after just a few months, customes grew frustrated with its lack of apps, music, and other features in relation to other smartphones. In this case, Amazon failed to consider risks to the success of its Fire phone.