Risk management has become a prevalent challenge to many business organizations in recent times. The ever changing business environment has brought along massive uncertainties to business operations. The uncertainties constitute risks to the business and they could make or break a business depending on how they are handled. My business organization has not been able to run away from the challenge. The uncertainties pose a huge challenge to the well being of the business organization and proper risk management methods are therefore required for the organization to stay afloat. It, therefore, follows that the challenge pertaining to risks brought along by uncertainties has a huge impact on the business organization and proper ways to mitigate the challenge have to be devised.
The problem is quite challenging and I have witnessed a lot of business organizations going under as a result of not understanding the full impact of not being able to anticipate what might happen in the future. Almost half of new start-up business organizations goes under after some time as a result of not being able to deal with changes in what they had initially expected.
The audience of this challenge in my organization is my members of staff as they are the people who are directly involved in the process of trying to mitigate the situations caused by uncertainty risks. The idea is to help them fully understand the aspects involved in the mentioned challenge. Their knowledge and skills also make it possible for them to be able to anticipate changes and be able to adapt to them. 100% of business organizations face the risk posed by uncertainties. The uncertainties range from changes in government policies and changes in demographics, which influence the market and operations of a business organization. The world currently indicates massive emigration and immigration rates. All these are factors that have a tremendous effect on business organizations. The setting of my business organization has also experienced problems as a result of unexpected migration trends and changes in government policies and regulations. In consideration of these statistics of migration trends, solutions can be devised to be able to handle these changes and keep the business afloat. The trends in migration across the world can be used to anticipate future changes in demographics so that the business can adjust accordingly. For example, a change in demographic form may mean a particular product has become obsolete because those who needed it have migrated or the one who have come in do not require it. These demographic statistics are available in for study and accessible to everyone and can, therefore, be retrieved studied and be used to come up with logical conclusions. The data pertaining to government regulation is also available for all and can also be carefully analyzed so that we understand what is required of the organization as far as the regulations are concerned.
The organization's problem pertains to the risks brought along by the uncertainties of changing times and regulations. The products offered might not be able to change with changing demographics and regulations. It, therefore, becomes a challenge when these changes cannot be anticipated in good time for proper risk management measure to be put in place. To be able to solve the problem, the issues surrounding government regulations should be addressed, such as the involvement of these business organization in coming up with these regulations such that are able to know what to expect. The questions surrounding demographics should also be answered to be able to come up with proper solutions. These questions would include:
What type of people will be available with the changing demographics?
Will our products be viable to the newly available population?
Can our product be adjusted to conform to the needs and requirements of the new population?
My recommendations would be; as mentioned earlier, business organizations should be involved in coming up with regulations so that they always know what to expect in terms of the policies governing them. The issues surrounding demographics is an issue that should be studied progressively so that the changes are identified early enough and appropriate adjustments initiated so as to avert any shortcomings that might be experienced as a result.
As identified the problem can only be solved by having the relevant at all times. The information and data can be obtained through a proper survey. The survey should be conducted frequently so ensure that the available information is always up to date. The information about government policies can be obtained through contacting the relevant authorities and making inquiries about the regulations pertaining to the type of business on is engaging in. In the issue about demographics, new populations could be surveyed through various methods to obtain relevant information that might be crucial in efforts to ensure that the business remains afloat. The set of questions below could be very helpful in acquiring that information.
What do you think of our products?
What changes do you think could be done to the product to make it better?
What other product do you require and you cannot find?
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