May 6, 2013
Risk Management Trends and Developments
As time evolves organizations must continue to grow and evolve. The demographics and territories of organizations change as time evolves. As a result the risk management trends and developments become extremely important to the long-term success and survivability of organizations. Risk management trends exist at the corporate, business, and project levels of organizations. At each level of the risk management process stakeholders are identified and encouraged to actively participate in the process (Merna & AL-Thani, 2008). This has a positive effect on any future challenges that may arise and helps insure that the risk mitigation of trends and developments are beneficial to everyone involved. In this assignment three new trends and developments such as technology, culture, and government regulations will be examined, along with their future challenges. Each trend, development, and challenge will be summarized and the pros and cons and implications of each in the business environment will be discusses as well.
The use of technology and e-commerce has become widespread especially for organizations that conduct business over the internet. Many organizations have adapted to selling their products to consumers and distributors through the internet. This helps businesses grow by reaching international customers or customers in different territories. Online sites such as PayPal have created a faster and safer way to pay bills online virtually at any location and at any time. This feature has allowed consumers and organizations to pay their bills in a more efficient way. More consumers have adopted e-commerce to pay for personal bills such as car payments and utility bills. The benefits of this technology perk are the efficiency and convenience of having the ability to transact anywhere, anytime, and in any way, it saves consumers time and fees. The immediate
References: Merna, T., & AL-Thani, F. (2008). Corporate Risk Management (2nd ed.). Chichester, West Sussex: John Wiley & Sons Ltd. http://www.risksig.com/members/2002_papers/global07.pdf http://smallbusiness.chron.com/government-regulation-factors-business-2966.html