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Ten Critical Steps for Risk Managers - Essay Example

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To prevent loss, the risk manager should select a broker who knows the country inside out and hence can maneuver around the insurance markets of the country and look for insurance cover for the business and hence…
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Ten Critical Steps for Risk Managers
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Download file to see previous pages These may include services like having political risk intelligence. Next, risk managers as a way to protect their business in Congo DRC should make a list of the expected political risks and combine them in order to reduce the premiums to be paid for them as a way of protection whether in insurance protection or any other form of protection offered for the business in that country.
Communication as another step is very important. This is communication by the risk managers to other stakeholders of the company on issues to do with the company including liability and property coverage, regular updates of the political situation and other logistics issues that may come in handy in prevention of losses from political chaos (Cook, Alston and Raia, 2004).
Contract on the issue of risk coverage and any terms of payment in that line should be constantly reviewed and updated. This is a necessary step to be taken by the risk managers who really aim at protecting the business and preventing any form of political loss in this foreign country. Other than contract reviewing, it is necessary for a risk manager to have political risk intelligence which incorporates aspects like political risk insurance of economic and also political events that may occur in that country anytime and that may disrupt the business. This may require working with national intelligence services outside Congo DRC and other trade associations to make this step effective.
The country has its own market standard policy conditions and rates that have to be followed if political risk is to be avoided for the business. These may include among others policies on currency conversion or licensing. Export market has its shares of risks that have to be addressed by the risk manager and especially in such a politically unstable country. This includes risks like nonpayment or even frustration of contracts and which may prove detrimental to the business if not effectively addressed by the risk ...Download file to see next pagesRead More
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