From the perspective of an Operations Manager, present a case to the Dissertation

From the perspective of an Operations Manager, present a case to the board of directors for adoption of a formal risk management - Dissertation Example Man-made risks and natural risks are some of the risks in organisations today. According to various definitions, risk management is about events that are still forthcoming. These events may create risks and uncertainties because of many factors and causes. Moreover, the events have to be identified so that risk management can be applied. This is a challenge on the part of risk managers to ascertain and identify the risks and more importantly the causes of these risks. If they are identified, plans and strategies should immediately be applied. Risks can cause a loss or damage in case of a physical structure. Loss, which occurs after an event, can occur on tangible and intangible assets. In the literature review and subsequent discussion, a theory is presented on the linkage between operational risks and knowledge management. First, we presented what operational risks are and then discussed about knowledge management. The subsequent discussion on the link between these two led us to co nclude that risks can be identified and managed adequately through knowledge management. What follows is an interesting discussion about how risks can be reduced – or eliminated – through knowledge management practices. ... Another risk management topic discussed is the subject of information technology and the risks involved. As we know, technology and the internet have influenced our lives today especially the running and operations of businesses and organisations. Information systems and the information revolution have created more risks and uncertainties in organisations and the workplace. IT infrastructures are targets of attacks by cyber criminals and terrorists. This is another phase in the formulation of programs and strategies for risk management. Risk management in the protection of information technology infrastructure is a part of operational risk management. This and among the many topics on risk management have been provided significant spacefor discussion in this paper. 1. Introduction Countless risks occur in the world of the living. In earlier times, people encountered and dealt with risks the way they dealt with nature. They managed risks through instincts of self preservation and expe rience. As time went by and as humans invented many things in the so-called survival-of-the-fittest, risks multiplied. Risks became ordinary part of human activities during the advent of the industrial revolution and as businesses and corporations grew. In factories and construction sites, necessary measures should be undertaken to avoid risks. Risks can cause accidents and can also be detrimental to the health of workers. Firms cannot be hundred percent sure of profits but they can be sure to stay in business for as long as they know how to analyse and deal with risks. Unexpected things should not have the chance to block organisation’s business activities. The job of the risk manager