Risk managment Essay Example | Topics and Well Written Essays - 2500 words - 1

Risk managment - Essay ExampleThis experience is of immense help to the oversight studies and the hospitality industry, particularly in these days of great emphasis on globalization and expanding service industry.From the days of human existence as food gatherers to the picture day global enterp uprisings, mankind faced hazards. It is appropriate to say that risk and enterprise go hand in hand. Fortunately, the science of risk management has in addition been expanding based on the experiences on one hand, and the compelling laws that define an enterprises responsibility in the event of a disaster.Industrial revolution and expanding markets gave rise to increased use of machinery as well as laborers in the production processes, thus multiplying risks. The character and expanse of risks are changing from individuals to communities, from human beings to natural environment, from local areas to global spread and much more. From the relatively simple industrial accidents to the massi ve disasters such as the nuclear power plants at The Three Mile Islands and the Chernobyl plant, the Bhopal shove off Tragedy, the Exxon-Valdez/BP-Gulf of Mexico oil spills we have witnessed the changing face of enterprise risks. Significant developments in the form of globalization is leading to another kind of risk viz., the financial risk that spreads across the globe in quick time as was witnessed during the Asian crisis of the late 90s and the global meltdown in the past two years. With the emergence of the cyberspace and information technology, newer kind of risks includes systemic problems, fraud, and privacy issues.The term risk could mean deviating from the normal course of a particular structure, activity or establishment, as the fictitious character maybe, which means it is probable that something could happen and this is within a range, which is from 0 to 100 percent probability. In other words, it