Relevence Of Risk Management Course In Business

Risk management may be referred to a part of system origination or even an individual entity, engaged in the identification, statistical data collection, analysis, prioritization of risk factors, so that these collective information could be selectively implemented to sustain the business in the competitive environment by way of mitigating the risk or even eliminating the risk. Earlier the risk management was generally associated with the conventional business activities, but presently with the expansion of business encompassing various fields, and with the global integration, all the business activities such for example: finance, manufacturing, human resources and hospitality are subjected to extreme competitive environment, which many a times creates paranoid condition in the management in term of survival and long term sustainability.

Risk management courses can be used to counter the risks in the various fields; some of the areas are given as under:

• Pharmaceutical sector:

The principle of quality risk management is thoroughly applied to the various sectors of pharmaceutical sectors, which involves development, distribution, submission, manufacturing, inspection and review of the process.

• Natural gas and petroleum:

The tools and techniques of safety risk management are applied in the industry of oil, gas, mining, defence and aviation. In this type of risk management, bow-tie type of diagram is created to understand the risky events.

• Natural disaster:

The knowledge of natural disaster risk management is very important regarding the repair cost, further damages, insurance cost, and effect on the environment.

• Megaprojects:

In megaprojects, people invest large scale of money; therefore it is necessary to have risk assessment regarding the projects finance, safety, environmental and social effects. There are various types of mega projects, such as airports, power plants, highways, bridges, seaport, tunnels, dams, public buildings, aerospace projects, defence system, oil and gas, waste water project.

In the view of the various factors as discussed above, all the companies and business houses invest a considerable amount in the risk management for the sustainability in their business interest and to minimise the uncertain environment in order to create an overall confidence in their business pursuit.Hence, business houses are hiring the pool of experts, who are employed to constantly carry out the systematic risk assessment to ensure that the risk factors are minimised. The principle of this management solution is also relevant and useful for the companies and therefore, the specialists should be deployed in all the organisations.