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MANAGEMENT - Essay Example

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The plan must include a clear risk assessment and awareness component. (Gordon, 2010, 11) By exploring the operational risk elements of management within the…
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Download file to see previous pages... is one constituent of an organisation’s risk management structure that includes every little aspect of a company that is Operational Risk Management. An operational risk is so important that it can demolish a business, via fiscal loss, or operating capacity or loss of repute. However, there are still some organisations where operational risk management is not taken as an important issue as it should be seen. (Kotter, 2007) The possibility of loss due to insufficient or unsuccessful internal practices, people and operations or because of exterior events is known as Operational risk. Operational risks also takes in legal issues, nevertheless they do not include strategic risk. Management of Operational risk is extremely crucial for a business. If there is no operational management, there is no surety that a business is being managed on a protected and principled basis. It is most significant for a company to manage Operational risk as both the first and last risk. (Hannagan, 2002, 18)
Developing a detailed strategic plan may or may not be viable or even appropriate, depending on the size of the organisation, the size of the projects, and other factors. Nevertheless, a planning process ensures that:
Each organisation needs to determine the extent to which it needs a formal strategic plan versus direct-to-implementation plans. Either way, the goal is to drive management in response to the corporate strategy, not have it be based on any "wow" factor or a perception that it will benefit the organisation. (Salisbury, 2008, 18) Business environment alters with time, hence management must acclimatize and modify incrementally too, when periodic transformational change is compulsory. (Hebson, 209, 32) All strategy starts with the organisations corporate strategic plan, which lays out the overall objectives for the organisation, including its business mix, growth goals, and risk tolerance.
An implementation plan identifies specific tactical elements for accomplishing ...Download file to see next pagesRead More
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