University of Phoenix
Risk management trends and developments There is an adage that says ‘nothing remains the same forever” and in business this is definitely true. As times evolve and the demographics of business territories change risk management involving these trends and developments become paramount to the survivability and long-term success of both organizations and individuals. An individual need be concerned with the relevance and significance of a linear nature while an organization must take into account consideration of other stakeholders and all factors involved. Trend risk management for an organization exists at the corporate, business, and project levels. At each level stakeholders are identified and encouraged to participate in the risk management process (AL-Thani & Merna, 2005). This insures that risk mitigation of trends and developments are conducive to all involved and yields a positive outlook for future challenges that may arise. The duration of this passage will focus on new trends and developments in the risk management process as they pertain to technology, culture, and government regulation, the pros and cons of each and the implications of each to the business environment.
The use of e-commerce is becoming more widespread especially in terms of conducting financial transactions via the Internet. Many businesses (retail and professional) are transitioning to selling and providing services on the Internet. Merchant account companies like PayPal provide a platform for products to be sold, shipping and handling paid, and consumer purchasing conducted at virtually any location at anytime. More consumers are turning to ecommerce to pay for essentials in life like insurance premiums and utility bills. The benefits are efficiency of sell, whereas the negative is the growing potentials of threat. This trend poses future challenges for the management of risk. With these types of
References: AL-Thani, F., Merna, T. (2005). Corporate Risk Management: an organizational perspective (1st ed.). West Sussex, England: Wiley Harrington, S., Niehaus, G. (2004). Risk Management and Insurance (2nd ed.). Boston, MA: McGraw Hill Hoyt, R., Sommer, D., & Trieschmann, J. (2005). Risk Management and Insurance (12th ed.). Mason, OH: Thomson.