Exploring Risk Management Strategies In A Petrochemical Company

Risk Management

Discuss About The Journal Of Social Science Economics Invention.

Risk is defined as possibility of loss and injury. However, the chance of loss to respective subject matter can be degree of probability of current loss. The investment made in any field including industry or company can bother loss in the market. Therefore, risk needs to be handled in an efficient manner for involving into a deal (Glendon, Clarke and McKenna 2016). The decision making process in the company needs to be maintained in a proper manner. This report deals with a petrochemical company in Qatar experiencing risks management strategies in the market.

This report deals with an explanation of risk management in the market. The way risk management impacts on different business functions has been discussed in the report. Various evaluation methods of assessing risks in the business have been discussed in the report.

This report outlines drivers of business risks involved in risk management. The impact of different types of risks on the business have been explained in the report. Risk management strategies have been discussed in the report and impacts of breaks in business continuity.  

Risk management deals managing risks involved in the company or a project of a company. Risks can occur at any time and at any place.  Therefore, management of risks in the company has been an important part of the company operations. Risk management strategies helps in increasing the values of the company in the market (McNeil, Frey and Embrechts 2015). Risk management process involves various types of controls and management during its process. A well-structured risks management helps in creating adequate measures for maximizing benefits in the company. An appropriate measures for minimizing unanticipated effects of the risks and opportunities in the market (Hugos 2018). The use of risks management strategies in the company has been maintaining the development of the company in the market.  In this case, petrochemical industry in Qatar has been mostly indulge with several types of risks in the company. Most of the risks are dealing with the safety management of the employees and workers in the industry and company.  The use of risk management strategies in company has been helping in maintain the health and safety of the employees in the company (Hopkin 2018). The concept of risk management has been emerged in around 2100 BC that has been providing insurance in various instances.  Stakeholder’s plays an important role in creating an opportunity for implementing risks mange not attributes in the company.  The use of risks management strategies in company helps in maintaining the operations.  There are various stages in the risks management processes that have been discussed below:

Risks in Small Businesses

Risk Identification: The concept of risk identification depends on the context of identifying risks involved in the company. Determination of risks in company is an important criteria for the expert professionals and other employees.  The relationship of risks involved in the company have been narratives and other methods of other methods (Chance and Brooks 2015).  The risk identification process deals with the identification of various types of risks involved in the business in the company.  These risks might be covered up by their mitigation strategies.  The valuation process in the risks identification has been depend in dependency and practical allocation of tasks. Various risks in the petrochemical industry have been identified in the report.  These risks include environmental risks, natural risks, safety risks and financial loss.

External Environment	Business Strategies and Policies	Business Process Execution
Competitors, Legal and regulatory, catastrophic loss, Medical cost and Customer expectations	Strategy and Innovation, Capital allocation, Business portfolio, Organization structure and policies	Planning process, technology execution and continuity, Vendor reliance, Customer satisfaction, Regulatory compliance, knowledge management and change integration
People	Analysis and Reporting	Technology and Data
Leadership skills, change readiness, Communication, Performance and incentives, Accountability, Fraud and Abuse	Performance management, Budgeting, Financial planning, Accounting tax information, Pricing, margin, Market Intelligence and Contract Commitment	Technology infrastructure architecture, Data relevance and integrity, Data processing integrity, technology reliability and recovery and IT security

Table 1: Risks types

As business grows in the market, the complexity of operations done by the company increases.  Therefore, there is a huge chance of risks in their operations in the market. The concept of Enterprise Risk Management has been helping SMEs in minimizing effect of risks on the organization.  The use of ERM approaches helps in providing a keen approach to the managerial tasks performed by the company (Wolke, 2017).  The petrochemical company has been surrounded by various types of risks in the market. ERM framework has been helping in identifying, measuring, responding and preventing risks and uncertainties. There are two most famous ERM frameworks including Casualty Actuarial Society (CAS) and of Committee of Sponsoring Organizations of the Treadway Commission (COSO). The process of ERM is recognized depending on the risk types: risk, financial risk, operational risk and strategic risk (CAS, 2003). COSO ERM framework can be divided into objectives and components that helps in highlighting strategy of an organization. This framework depends in the usability of the employees in the company and the maintenance done by managerial post (Bromiley et al. 2015).  The actions taken by the management if the company has been integrated into the dependency factor of financial services. Risks management services in the company have been maintaining different approaches into strong persuasion of risks and uncertainties. The use of risks management strategies in the company has been depended on the risk identification process.  The risk identification process deals with the identification of various types of risks involved in the business in the company.  These risks might be covered up by their mitigation strategies.

 The use of risk identification has been an important point for initiating risk management process (Larson and Gray 2015). In the case of small businesses, risks procurement ratio has been always high that clearly signifies importance of risk management in the small business enterprise.  There has been tremendous changes in the companies related to the risk management in company. The use of valuation process helps in maintaining assign value of the risks. The relationship of risks involved in the company have been narratives and other methods of other methods.  The valuation process in the risks identification has been depend in dependency and practical allocation of tasks.

Every organization requires a strong risks management strategy in the market.  Therefore, the identified risks sin the companies have to be done by management of the company in the market. However, in case of small businesses, the size of the company is small that creates problem in dividing the company into several departments (Wynne 2016). However, it creates problems in recent to the size, capital and capabilities in the business. Risks are more in the small business than that of big enterprises.  The use of the risks management strategies in the small business is required to implement properly. There are several types of risks that can be occur in the small business enterprises.

Small companies are generally registered with partnership that might help in maintaining the capital distribution among partners of the company. Stakeholders plays an important role in the development if the small business in the market.  Therefore, operational management of the company creates a major operational risks in the company (Aven 2016).  The lack in professionalism in the company creates problems as they cannot hold on the problems and look for solutions. The business entity risks in various companies has been maintaining the business risks.  The partnership nature of the company creates financial risks in the future decision in the distribution of finance among partners.

Various researches have been done on the risk management of companies. High degree of satisfaction of employees and customers in the market has been the key to the success of any companies including the small, business in the market (Cole, Giné and Vickery 2017).  The use of various strategies in the risks management strategies in the small business helps in providing an extra edge to the operations in the organizations.

Any expansion in use is a weight for little organizations, who work on a tight spending plan. Work costs, fuel costs, advertising effort costs in an opposition, can thin the organization spending edges. Numerous SMEs and smaller scale organizations do not have an adequate trade stream as out arrangement (Rainnie 2016). They depend vigorously on progressing tasks to produce stores for the consistent exercises. In awful conditions where the requirement for stores is not all around arranged and money age does not following conjecture, business will run low on spending plan and may be stuck for the following forthcoming tasks (Hillson and Murray-Webster 2017). Tasks starting here might transforms into deadlock. SMEs and smaller scale organizations are expressed as essential players in economies, in this manner banks and financial specialists are persuaded to loan and pour underpins for them in desire for exceptional yield rate. Nonetheless, it is essential that banks and speculators remember the use limit of independent organization to reacts viably and adequately to only the necessities, guarantee probability of obligation return and a winning still left for those private companies in the wake of paying obligations.

Regardless of being critical to monetary development, SMEs and smaller scale organizations remain at little scales, as the excellence of their business elements. In this manner, what they cannot stay away from is extreme rivalry among greater companies to pick up an unmistakable and gainful piece of the pie (Giannakis and Papadopoulos 2016). Unfortunate occasions which prompt negative effect on business tasks are various to list down and not all risks will fit into only one classification. Risks towards SMEs and small scale organizations can be classified by the wellsprings of risks also: risks postured clients, risks postured providers, risks postured staff, and so on (CPA Australia, 2009). The significance is to recognize and oversee risks to limit or dispenses with any misfortune risks.

Because of the business size of SMEs and miniaturized scale organizations, the association proprietor will at last assume liability for the risk choices. The degree of endeavors required for risk management relies upon many-sided quality of operational exercises and the size of the business (Burtonshaw-Gunn 2017). Non-utilizing organizations, with maybe a couple proprietors as accomplices and representatives at similar circumstances, would not confront a HR chance as an indistinguishable level from a miniaturized scale organizations with in excess of five staff.  

There are a few methodologies that SMEs and miniaturized scale organizations can process risk management and diminish misfortune exposures. Li et al. (2015) inclines toward a four-advance process: chance ID, risk evaluation, chance alleviation and risk development. A more typical process is portrayed by Brustbauer (2016) with five-steps.

The distinguishing proof of risks is a definitive advance that chooses the final product of the management procedure. Management should survey every one of the situations that may influence the goals of the venture with an open mentality and vision. One technique to guarantee adequate risk posting is to screen through the periods of venture life cycle (Olson and Wu 2015).

In a report focusing risk management by Harvard Business Review (2011), it is evaluated that associations with a CRO – Chief Risk Officer have significantly more broad risk arranging than different organizations. This may genuine when contrasting substantial corporates together. Risk administrators at independent organization may even not exit, as the management will do the risk evaluation, in the meantime with other management work (Choi, Chan and Yue 2017). Assurance of risks in the organization is an imperative criteria for the master experts and different workers. The relationship of risks associated with the organization have been accounts and different techniques for different strategies (Turner and Ledwith 2018). The Risk distinguishing proof process manages the recognizable proof of different sorts of risks associated with the business in the organization.

In a point of interest consider, Hancock (2015) contended that Risk evaluation is performed with the target of limiting potential risks by actualizing a rating framework in light of the potential effect of any given risk; as appointing orders using a numerical rating from one to five gives a basic technique for recognizing the level of mischief a risk presents. Risks that present a low, or irrelevant, effect would be noted as a one. These risks introduce next to zero effect on the money related strength of the organization or in the connection between the organization and its clients. A two rating implies a low or minor risk that introduces a minor effect to the accounts and client connections of an organization. Direct risks are relegated a signifier of three also, show an eminent money related effect and direct strain or disappointment among clients of an organization and might be managed a few media scope (Horita et al., 2015). Genuine or high risk occasions result in an expanded effect in the territories identifying with accounts, client fulfillment, and client connections are broken down. Media scope frequently increments to get national scope. Disastrous or a high effect are ordered as five however, risks the dissolvability of the organization as most of the client connections are nullified, and media scope increments to include national and worldwide outlets (Hancock, 2015).

Risk management additionally involves deciding proper strategies to apply, subject to the sort and seriousness of the risk. As indicated by Hall (2015), there are four essential blueprints comprising of shirking, transference, moderate, and acknowledge. These courses can be connected freely or in conjunction. At the point when shirking is connected, the risk is dispensed with or evacuated by expelling the reason for the danger. In numerous occurrences, evasion can be connected by expanding the extent of the venture or by expanding quality measures. Transference happens when another gathering accept duty regarding a risk. This is refined through buying protection, execution bonds, and guarantees, ensures, or by outsourcing the risk through other implies. Moderating a risk gives a system to diminish the likelihood or the effect of a given risk. As a rule, the likelihood and the effect can be drawn closer autonomously; in any case, the strategy that yields the most astounding lessening comes about for both is ordinarily chosen. However, Issa (2015) included that if the risk is resolved to be satisfactory, acknowledgment is connected and the impacts of the risk are allowed to happen without advance mediation.

• Not to attempt or continue with the occasion, action, venture or activity
• Effectively treat the risk
• Organizing the activities required, if the risk is unpredictable and treatment is required
• Tolerating the risk

The state of mind, hunger and resistance for chance is probably going to shift after some time, over the College all in all and for singular Faculties, Schools, Divisions, Branches however, Controlled Entities (Rampini, Sufi and Viswanathan 2014).

• No treatment is accessible
• Treatment costs are restrictive (especially pertinent with bring down positioned risks)
• The level of risk is low and does not warrant utilizing assets to treat it
• The open doors included essentially exceed the risks

A risk is viewed as adequate or fair if the choice has been made not to treat it. It is essential to recall that seeing a risk as adequate or middle of the road does not suggest that the risk is unimportant. Risks that are viewed as satisfactory or middle of the road risks may at present should be observed. When directing a risk evaluation, there are by and large bunches of potential outcomes recognized. This is not essentially an issue as some of these can be tended to by the risk medicines, or they may not require a particular activity (Hartmann and Driessen 2017). The past three stages depicted – Identify risk, Analyze risk and Evaluate risk – shape Risk. Appraisal period of risk management process. The Risk Assessment process is appropriate to an organized and precise approach. For perplexing or broader issues an encouraged workshop design including members with alternate points of view is frequently accommodating and utilizing an accomplished facilitator to lead the exchange can help give another goal point of view. These procedures incorporate the association level measurements with resistance reaches to formalize the risk hunger. Finally, The Company must screen resistance extend and related measurements on a progressing premise as a major aspect of the procedure set up in risk management structure.

Business risks have been creating problems in various organization.  There have been various drivers of business risks. Stakeholder are the main driver for the risks in the business.  Lack in decision making system of the company might led to creating risks in the operational management of the company.  The petrochemical company in Qatar has been facing risks in the operational design. The use of raw materials in the industry has been an important aspect for the development of the company in the market (Marcelino-Sádaba et al., 2014).  The decision to make a profitable business in the market without harming environment has been a failure.  Decision taken by stakeholders of the company has been lacked.  Therefore, the operational department of the company needs to maintain a firm approach to the maintenance of the risks.

They tend to be sure in light of their accomplishment in setting up and driving business, and it however for entrepreneurs to put chance management designs down rundown of needs (Soomro, Shah and Ahmed 2016). These include several tools for assessing the risks in the organization including risks register and risk severity matrix.  These tools helps in maintaining a keen approach to risk management strategies in company. The risks register helps in maintaining all identified risks in the company with proper allocation of responsible person to mitigate these risks within timeframe. The natural risks in petrochemical company of Qatar has are earthquake, tsunami, storm and heavy rain. These risks are of high level in the severity matrix. Risk management for a business of any sizes identifies with deliberately appraisal and key reaction to risks (Storey 2016). By their temperament, entrepreneurs are every now and again business people, fruitful and hopeful business visionaries. The drivers of risks in company have helped in identifying various types of risks in the company.

There has been various risks identified in the company that create an impact on the business of the company in the market. Risks have been maintaining different aspects of the company including loopholes in the operational management (Hammer 2015). The use of various techniques in order to maintain risks in the company.  Risk management in a private company is not be an individual program but rather incorporate with other management forms: business methodology arranging, HR management, money related management, and client relationship management (Kerzner and Kerzner 2017). The financial risks of the company have been creating loss in the market.  The revenue of the company has been in loss for some years in the market as the sales of the company has been down. The impact analysis of risks involved in the company has been done. Natural calamities in the petrochemical company cannot be handled by human (Hwang, Zhao and Toh, 2014). However, the loss is due to this can be controlled.  Therefore, specific steps need to be taken for minimizing effect of loss in the company.  

The risk severity matrix is a toll that helps in maintaining risks in a table according to their severity level.  The severity level can be distinguished in very high level, high level, middle level and low level and very low level. This matrix helps in analyzing risks involved in the operations of the company.  The risk severity matrix helps in providing a clear idea about degree of severity of each risks identified.

Risk Matrix
Consequence	Insignificant	Minor	Moderate	Major	Extreme
A
B
C
D
E

Risk rating

Extreme risk = immediate attention & response needed; requires a risk assessment & management plan prepared by relevant senior managers for Vice-Chancellor; risk oversight by Council or nominated Standing Committee or Management Committee

High risk = risk to be given appropriate attention & demonstrably managed; reported to Vice-Chancellor or other senior Executives / Management Committees as necessary

Medium risk = assess the risk; determine whether current controls are adequate or if further action or treatment is needed; monitor & review locally, e.g. through regular business practices or local area meetings

Low risk = manage by routine procedures; report to local managers; monitor & review locally as necessary

These techniques incorporate the association level measurements with resilience reaches to formalize Risk craving. Ultimately, The Company must focus the resistance run and related measurements on a progressing premise as a component of procedure set up in Risk management structure.

The key advances incorporate; most importantly, evaluating the probability of each Risk in view of the recognized underlying drivers considering no fundamental controls exist set up. The subsequent stage is surveying the effect of each Risk in light of the distinguished outcomes, and after that choosing the result that has the most elevated effect. Besides, mapping each of the distinguished outcomes to the applicable effect class of the RACM to Identify and feature any potential effect of each Risk that could influence in excess of one office (Hopkin 2018). At last, affirming the effect and probability of each Risk over the division.

Once the level of inborn Risk is surveyed, adequacy of existing controls will be decided in view of the control viability grid (CEF). The rating of numbers speaks to how compelling the control design actualized is for a specific Risk as additionally talked about before by Hancock (2015). Key rule incorporates organization as takes after; Identifying controls set up in connection to the Risk, to decide the control adequacy by allocating a score to every individual control recorded. Additionally, approve the general control viability by thinking about the full control condition for the recognized Risk. After deciding the general control adequacy, level of lingering Risk is evaluated (Kagan, Thornton and Cunningham 2017). Subsequently, the lingering Risk score will be a mix of the lingering probability and leftover effect appraisals which are mapped once more into the Risk rating network thinking about the present controls set up. This is finished by surveying the remaining probability of each Risk in view of the recognized underlying drivers thinking about the controls set up and its viability. At that point, survey the leftover effect of each Risk in light of the distinguished results and choosing the outcome that has the most elevated effect level thinking about the controls and adequacy of controls set up. At last, affirming the lingering effect and leftover probability of each Risk over the office (Goffee and Scase 2015). After the level of leftover Risk is surveyed, The ERM organizer will encourage a gathering with Risk champions and Risk proprietors and survey the distinguished departmental risks and controls. Results of the gathering would incorporate the accompanying:

• Ranking of risks as indicated by their concurred evaluations.
• Identifying basic risks at the departmental level whose total affect is critical at the hierarchical level. In figure 6 beneath, is a case from the Risk enroll for the chose organization for risks which were recognized by the management group of the chose organization in September 2015 is displayed.

Risk management bargains overseeing risks engaged with the organization or a venture of an organization. Risks can happen whenever and at wherever. Consequently, management of risks in the organization has been a critical piece of organization activities. Risk management methodologies helps in expanding estimations of organization in the market. Risk management process includes different kinds of controls and management amid its procedure (Epstein 2018). A very much organized risks management helps in making sufficient measures for boosting benefits in the organization. A fitting measures for limiting unexpected impacts of the risks and openings in the market. The utilization of risks management procedures in the organization has been keeping up the improvement of the organization in the market. For this situation, petrochemical industry in Qatar has been for the most part enjoy with a few sorts of risks in the organization (Johnson 2015). The greater part of the risks are managing the wellbeing management of the representatives and specialists in the business and friends. The utilization of the risks management techniques in the organization has been helping in keep up the wellbeing and security of the workers in the organization. Partner’s assumes an imperative part in making an open door for actualizing risks mange not qualities in the organization (Blair and Marcum 2015). The utilization of the risks management procedures in the organization helps in keeping up the tasks. There are different stages in the risks management forms that have been examined underneath:

The idea of Risk ID relies upon the setting of recognizing risks engaged with the organization. Assurance of risks in the organization is an imperative criteria for the master experts and different workers. The relationship of risks associated with the organization have been accounts and different techniques for different strategies (Turner and Ledwith 2018). The Risk distinguishing proof process manages the recognizable proof of different sorts of risks associated with the business in the organization. These risks may be concealed by their relief methodologies. The valuation procedure in the risks ID has been depend in reliance and reasonable portion of errands. Different risks in the petrochemical business have been recognized in the report. These risks incorporate ecological risks, normal risks, risks and money related misfortune.

Conclusion

It can be concluded that risk management bargains overseeing risk engaged with the organization or a task of an organization. Risk can happen whenever and at wherever. In this way, management of risk in the organization has been a vital piece of the organization activities. This report manages a clarification of risk management in the market. The way risk management impacts on various business capacities has been examined in the report. Different assessment techniques for surveying dangers in the business have been talked about in the report.

This report diagrams drivers of business dangers associated with chance management. The effect of various sorts of dangers on the business have been clarified in the report. Risk management systems have been talked about in the report and effects of breaks in business progression.

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