critical analysis essay on risk management

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Critical Analysis of Risk Management: A Narrative Literature Review

Public Policy and Administration Research

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Hojat Allah Moradi Pordanjani

Objective: There have been various organizations that experienced irreparable failure despite many successes whether managers of these organizations have not been predicted these problems? Materials and Methods: Administrative techniques of organizations are applying a comprehensive plan of risk management to identify threats and assess undesirable consequences in order to reduce likely consequences. Results: Most organizations try to establish an effective risk management structure. Created risk in every organization should be controlled and managed, but sometimes even one problem may threats professional management of organizations by its effect. In this situation manager should evaluate all available options, so that each option should meet customer’s satisfaction. Conclusion: Therefore, effective risk management needs a suitable regulatory framework and desirable expansion of institutes, markets, and infrastructure and desirable financial tools. It enables manager to identify un...

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Risk analysis is needed in enterprises and various fields, including military, information technology, financial institutions and investments . So proper learning about risk is needed in various fields, both by implementers and decision makers. Although the risk is a probability science that may occur and may not occur, the uncertainty must still go through an appropriate assessment so that it can be a preparation for all parties involved in the activity. Therefore, a book on risk management was chosen in this review that specifically discusses risk management in medium and small companies. Because not many books discuss risk management in that scope specifically, it is worth discussing to open the insights of small and medium entrepreneurs, as well as academics, that risk management in that scope also needs to be studied in depth. In addition, given that the publisher of this book is the leading publisher (Routledge) in the field of academic books, there is no doubt about the book's quality in general. Therefore, it is hoped that the results of this book review can pave the way for academics and practitioners to further explore and find more about risk management references in the scope of small and medium enterprises.

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Optimizing enterprise risk management: a literature review and critical analysis of the work of  Wu and Olson

• Published: 10 February 2015
• Volume 237 , pages 281–300, ( 2016 )

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• Yongrok Choi 1 ,
• Xiaoxia Ye 2 ,
• Lu Zhao 2 &
• Amanda C. Luo 3  

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Risks exist in all aspects of our lives. Using data in both Scopus and ISI Web of Science, this review paper identifies pioneer work and pioneer scholars in enterprise risk management (ERM). Being ranked the first based on the review data, Desheng Wu has been active in this area by serving as a good academic network manager on the global research network, His global efforts with diverse networking have enabled him to publish outstanding papers in the field of ERM. Therefore, this paper also conducts a literature review of his papers and critical analysis of the work of Wu and Olson, from the perspective of the ERM, to glean implications and suggestions for the optimization and customization of the ERM.

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Dr. Wu advises adding both big data and market environment, and risk conflict property besides the other four he generalized in Wu and Olson ( 2013 ) and Wu et al. ( 2014a ). The W-O ERM Model is a summary of Wu and Olson theories and methodologies in ERM.

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Acknowledgments

This work is partially supported by NFSC grant (Grant # 71471055), the 100-Talents plan Program at Chinese Academy of Sciences and 1000-Talents plan Program for the Young Scientists.

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College of Economics and International Trade, Inha University, Incheon, Korea

Yongrok Choi

Stockholm Business School, Stockholm University, Stockholm, Sweden

Xiaoxia Ye & Lu Zhao

Department of Mathematics, University of Toronto, Toronto, Canada

Amanda C. Luo

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Choi, Y., Ye, X., Zhao, L. et al. Optimizing enterprise risk management: a literature review and critical analysis of the work of  Wu and Olson. Ann Oper Res 237 , 281–300 (2016). https://doi.org/10.1007/s10479-015-1789-5

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Published : 10 February 2015

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DOI : https://doi.org/10.1007/s10479-015-1789-5

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Riskwork: Essays on the Organizational Life of Risk Management

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This collection of essays deals with the situated management of risk in a wide variety of organizational settings—aviation, mental health, railway project management, energy, toy manufacture, financial services, chemicals regulation, and NGOs. Each chapter connects the analysis of risk studies with critical themes in organization studies more generally based on access to, and observations of, actors in the field. The emphasis in these contributions is upon the variety of ways in which organizational actors, in combination with a range of material technologies and artefacts, such as safety reporting systems, risk maps, and key risk indicators, accomplish and make sense of the normal work of managing risk— riskwork . In contrast to a preoccupation with disasters and accidents after the event, the volume as a whole is focused on the situationally specific character of routine risk management work. It emerges that this riskwor k is highly varied, entangled with material artefacts which represent and construct risks and, importantly, is not confined to formal risk management departments or personnel. Each chapter suggests that the distributed nature of this riskwork lives uneasily with formalized risk management protocols and accountability requirements. In addition, riskwork as an organizational process makes contested issues of identity and values readily visible. These ‘back stage/back office’ encounters with risk are revealed as being as much about emotional as they are rationally calculative. Overall, the collection combines constructivist sensibilities about risk objects with a micro-sociological orientation to the study of organizations.

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What Is a Critical Analysis Essay: Definition

Have you ever had to read a book or watch a movie for school and then write an essay about it? Well, a critical analysis essay is a type of essay where you do just that! So, when wondering what is a critical analysis essay, know that it's a fancy way of saying that you're going to take a closer look at something and analyze it.

So, let's say you're assigned to read a novel for your literature class. A critical analysis essay would require you to examine the characters, plot, themes, and writing style of the book. You would need to evaluate its strengths and weaknesses and provide your own thoughts and opinions on the text.

Similarly, if you're tasked with writing a critical analysis essay on a scientific article, you would need to analyze the methodology, results, and conclusions presented in the article and evaluate its significance and potential impact on the field.

The key to a successful critical analysis essay is to approach the subject matter with an open mind and a willingness to engage with it on a deeper level. By doing so, you can gain a greater appreciation and understanding of the subject matter and develop your own informed opinions and perspectives. Considering this, we bet you want to learn how to write critical analysis essay easily and efficiently, so keep on reading to find out more!

Meanwhile, if you'd rather have your own sample critical analysis essay crafted by professionals from our custom writings , contact us to buy essays online .

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Critical Analysis Essay Topics by Category

If you're looking for an interesting and thought-provoking topic for your critical analysis essay, you've come to the right place! Critical analysis essays can cover many subjects and topics, with endless possibilities. To help you get started, we've compiled a list of critical analysis essay topics by category. We've got you covered whether you're interested in literature, science, social issues, or something else. So, grab a notebook and pen, and get ready to dive deep into your chosen topic. In the following sections, we will provide you with various good critical analysis paper topics to choose from, each with its unique angle and approach.

Critical Analysis Essay Topics on Mass Media

From television and radio to social media and advertising, mass media is everywhere, shaping our perceptions of the world around us. As a result, it's no surprise that critical analysis essays on mass media are a popular choice for students and scholars alike. To help you get started, here are ten critical essay example topics on mass media:

• The Influence of Viral Memes on Pop Culture: An In-Depth Analysis.
• The Portrayal of Mental Health in Television: Examining Stigmatization and Advocacy.
• The Power of Satirical News Shows: Analyzing the Impact of Political Commentary.
• Mass Media and Consumer Behavior: Investigating Advertising and Persuasion Techniques.
• The Ethics of Deepfake Technology: Implications for Trust and Authenticity in Media.
• Media Framing and Public Perception: A Critical Analysis of News Coverage.
• The Role of Social Media in Shaping Political Discourse and Activism.
• Fake News in the Digital Age: Identifying Disinformation and Its Effects.
• The Representation of Gender and Diversity in Hollywood Films: A Critical Examination.
• Media Ownership and Its Impact on Journalism and News Reporting: A Comprehensive Study.

Critical Analysis Essay Topics on Sports

Sports are a ubiquitous aspect of our culture, and they have the power to unite and inspire people from all walks of life. Whether you're an athlete, a fan, or just someone who appreciates the beauty of competition, there's no denying the significance of sports in our society. If you're looking for an engaging and thought-provoking topic for your critical analysis essay, sports offer a wealth of possibilities:

• The Role of Sports in Diplomacy: Examining International Relations Through Athletic Events.
• Sports and Identity: How Athletic Success Shapes National and Cultural Pride.
• The Business of Sports: Analyzing the Economics and Commercialization of Athletics.
• Athlete Activism: Exploring the Impact of Athletes' Social and Political Engagement.
• Sports Fandom and Online Communities: The Impact of Social Media on Fan Engagement.
• The Representation of Athletes in the Media: Gender, Race, and Stereotypes.
• The Psychology of Sports: Exploring Mental Toughness, Motivation, and Peak Performance.
• The Evolution of Sports Equipment and Technology: From Innovation to Regulation.
• The Legacy of Sports Legends: Analyzing Their Impact Beyond Athletic Achievement.
• Sports and Social Change: How Athletic Movements Shape Societal Attitudes and Policies.

Critical Analysis Essay Topics on Literature and Arts

Literature and arts can inspire, challenge, and transform our perceptions of the world around us. From classic novels to contemporary art, the realm of literature and arts offers many possibilities for critical analysis essays. Here are ten original critic essay example topics on literature and arts:

• The Use of Symbolism in Contemporary Poetry: Analyzing Hidden Meanings and Significance.
• The Intersection of Art and Identity: How Self-Expression Shapes Artists' Works.
• The Role of Nonlinear Narrative in Postmodern Novels: Techniques and Interpretation.
• The Influence of Jazz on African American Literature: A Comparative Study.
• The Complexity of Visual Storytelling: Graphic Novels and Their Narrative Power.
• The Art of Literary Translation: Challenges, Impact, and Interpretation.
• The Evolution of Music Videos: From Promotional Tools to a Unique Art Form.
• The Literary Techniques of Magical Realism: Exploring Reality and Fantasy.
• The Impact of Visual Arts in Advertising: Analyzing the Connection Between Art and Commerce.
• Art in Times of Crisis: How Artists Respond to Societal and Political Challenges.

Critical Analysis Essay Topics on Culture

Culture is a dynamic and multifaceted aspect of our society, encompassing everything from language and religion to art and music. As a result, there are countless possibilities for critical analysis essays on culture. Whether you're interested in exploring the complexities of globalization or delving into the nuances of cultural identity, there's a wealth of topics to choose from:

• The Influence of K-Pop on Global Youth Culture: A Comparative Study.
• Cultural Significance of Street Art in Urban Spaces: Beyond Vandalism.
• The Role of Mythology in Shaping Indigenous Cultures and Belief Systems.
• Nollywood: Analyzing the Cultural Impact of Nigerian Cinema on the African Diaspora.
• The Language of Hip-Hop Lyrics: A Semiotic Analysis of Cultural Expression.
• Digital Nomads and Cultural Adaptation: Examining the Subculture of Remote Work.
• The Cultural Significance of Tattooing Among Indigenous Tribes in Oceania.
• The Art of Culinary Fusion: Analyzing Cross-Cultural Food Trends and Innovation.
• The Impact of Cultural Festivals on Local Identity and Economy.
• The Influence of Internet Memes on Language and Cultural Evolution.

How to Write a Critical Analysis: Easy Steps

When wondering how to write a critical analysis essay, remember that it can be a challenging but rewarding process. Crafting a critical analysis example requires a careful and thoughtful examination of a text or artwork to assess its strengths and weaknesses and broader implications. The key to success is to approach the task in a systematic and organized manner, breaking it down into two distinct steps: critical reading and critical writing. Here are some tips for each step of the process to help you write a critical essay.

Step 1: Critical Reading

Here are some tips for critical reading that can help you with your critical analysis paper:

• Read actively : Don't just read the text passively, but actively engage with it by highlighting or underlining important points, taking notes, and asking questions.
• Identify the author's main argument: Figure out what the author is trying to say and what evidence they use to support their argument.
• Evaluate the evidence: Determine whether the evidence is reliable, relevant, and sufficient to support the author's argument.
• Analyze the author's tone and style: Consider the author's tone and style and how it affects the reader's interpretation of the text.
• Identify assumptions: Identify any underlying assumptions the author makes and consider whether they are valid or questionable.
• Consider alternative perspectives: Consider alternative perspectives or interpretations of the text and consider how they might affect the author's argument.
• Assess the author's credibility : Evaluate the author's credibility by considering their expertise, biases, and motivations.
• Consider the context: Consider the historical, social, cultural, and political context in which the text was written and how it affects its meaning.
• Pay attention to language: Pay attention to the author's language, including metaphors, symbolism, and other literary devices.
• Synthesize your analysis: Use your analysis of the text to develop a well-supported argument in your critical analysis essay.

Step 2: Critical Analysis Writing

Here are some tips for critical analysis writing, with examples:

• Start with a strong thesis statement: A strong critical analysis thesis is the foundation of any critical analysis essay. It should clearly state your argument or interpretation of the text. You can also consult us on how to write a thesis statement . Meanwhile, here is a clear example:
• Weak thesis statement: 'The author of this article is wrong.'
• Strong thesis statement: 'In this article, the author's argument fails to consider the socio-economic factors that contributed to the issue, rendering their analysis incomplete.'
• Use evidence to support your argument: Use evidence from the text to support your thesis statement, and make sure to explain how the evidence supports your argument. For example:
• Weak argument: 'The author of this article is biased.'
• Strong argument: 'The author's use of emotional language and selective evidence suggests a bias towards one particular viewpoint, as they fail to consider counterarguments and present a balanced analysis.'
• Analyze the evidence : Analyze the evidence you use by considering its relevance, reliability, and sufficiency. For example:
• Weak analysis: 'The author mentions statistics in their argument.'
• Strong analysis: 'The author uses statistics to support their argument, but it is important to note that these statistics are outdated and do not take into account recent developments in the field.'
• Use quotes and paraphrases effectively: Use quotes and paraphrases to support your argument and properly cite your sources. For example:
• Weak use of quotes: 'The author said, 'This is important.'
• Strong use of quotes: 'As the author points out, 'This issue is of utmost importance in shaping our understanding of the problem' (p. 25).'
• Use clear and concise language: Use clear and concise language to make your argument easy to understand, and avoid jargon or overly complicated language. For example:
• Weak language: 'The author's rhetorical devices obfuscate the issue.'
• Strong language: 'The author's use of rhetorical devices such as metaphor and hyperbole obscures the key issues at play.'
• Address counterarguments: Address potential counterarguments to your argument and explain why your interpretation is more convincing. For example:
• Weak argument: 'The author is wrong because they did not consider X.'
• Strong argument: 'While the author's analysis is thorough, it overlooks the role of X in shaping the issue. However, by considering this factor, a more nuanced understanding of the problem emerges.'
• Consider the audience: Consider your audience during your writing process. Your language and tone should be appropriate for your audience and should reflect the level of knowledge they have about the topic. For example:
• Weak language: 'As any knowledgeable reader can see, the author's argument is flawed.'
• Strong language: 'Through a critical analysis of the author's argument, it becomes clear that there are gaps in their analysis that require further consideration.'

Master the art of critical analysis with EssayPro . Our team is ready to guide you in dissecting texts, theories, or artworks with depth and sophistication. Let us help you deliver a critical analysis essay that showcases your analytical prowess.

Creating a Detailed Critical Analysis Essay Outline

Creating a detailed outline is essential when writing a critical analysis essay. It helps you organize your thoughts and arguments, ensuring your essay flows logically and coherently. Here is a detailed critical analysis outline from our dissertation writers :

I. Introduction

A. Background information about the text and its author

B. Brief summary of the text

C. Thesis statement that clearly states your argument

II. Analysis of the Text

A. Overview of the text's main themes and ideas

B. Examination of the author's writing style and techniques

C. Analysis of the text's structure and organization

III. Evaluation of the Text

A. Evaluation of the author's argument and evidence

B. Analysis of the author's use of language and rhetorical strategies

C. Assessment of the text's effectiveness and relevance to the topic

IV. Discussion of the Context

A. Exploration of the historical, cultural, and social context of the text

B. Examination of the text's influence on its audience and society

C. Analysis of the text's significance and relevance to the present day

V. Counter Arguments and Responses

A. Identification of potential counterarguments to your argument

B. Refutation of counterarguments and defense of your position

C. Acknowledgement of the limitations and weaknesses of your argument

VI. Conclusion

A. Recap of your argument and main points

B. Evaluation of the text's significance and relevance

C. Final thoughts and recommendations for further research or analysis.

This outline can be adjusted to fit the specific requirements of your essay. Still, it should give you a solid foundation for creating a detailed and well-organized critical analysis essay.

Useful Techniques Used in Literary Criticism

There are several techniques used in literary criticism to analyze and evaluate a work of literature. Here are some of the most common techniques:

• Close reading: This technique involves carefully analyzing a text to identify its literary devices, themes, and meanings.
• Historical and cultural context: This technique involves examining the historical and cultural context of a work of literature to understand the social, political, and cultural influences that shaped it.
• Structural analysis: This technique involves analyzing the structure of a text, including its plot, characters, and narrative techniques, to identify patterns and themes.
• Formalism: This technique focuses on the literary elements of a text, such as its language, imagery, and symbolism, to analyze its meaning and significance.
• Psychological analysis: This technique examines the psychological and emotional aspects of a text, including the motivations and desires of its characters, to understand the deeper meanings and themes.
• Feminist and gender analysis: This technique focuses on the representation of gender and sexuality in a text, including how gender roles and stereotypes are reinforced or challenged.
• Marxist and social analysis: This technique examines the social and economic structures portrayed in a text, including issues of class, power, and inequality.

By using these and other techniques, literary critics can offer insightful and nuanced analyses of works of literature, helping readers to understand and appreciate the complexity and richness of the texts.

Sample Critical Analysis Essay

Now that you know how to write a critical analysis, take a look at the critical analysis essay sample provided by our research paper writers and better understand this kind of paper!

Final Words

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If you need help with any of the STEPS ABOVE

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What Type Of Language Should Be Used In A Critical Analysis Essay?

How to write a critical analysis essay, what is a critical analysis essay, related articles.

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What Is Risk Management & Why Is It Important?

• 24 Oct 2023

Businesses can’t operate without risk. Economic, technological, environmental, and competitive factors introduce obstacles that companies must not only manage but overcome.

According to PwC’s Global Risk Survey , organizations that embrace strategic risk management are five times more likely to deliver stakeholder confidence and better business outcomes and two times more likely to expect faster revenue growth.

If you want to enhance your job performance and identify and mitigate risk more effectively, here’s a breakdown of what risk management is and why it’s important.

Access your free e-book today.

What Is Risk Management?

Risk management is the systematic process of identifying, assessing, and mitigating threats or uncertainties that can affect your organization. It involves analyzing risks’ likelihood and impact, developing strategies to minimize harm, and monitoring measures’ effectiveness.

“Competing successfully in any industry involves some level of risk,” says Harvard Business School Professor Robert Simons, who teaches the online course Strategy Execution . “But high-performing businesses with high-pressure cultures are especially vulnerable. As a manager, you need to know how and why these risks arise and how to avoid them.”

According to Strategy Execution , strategic risk has three main causes:

• Pressures due to growth: This is often caused by an accelerated rate of expansion that makes staffing or industry knowledge gaps more harmful to your business.
• Pressures due to culture: While entrepreneurial risk-taking can come with rewards, executive resistance and internal competition can cause problems.
• Pressures due to information management: Since information is key to effective leadership , gaps in performance measures can result in decentralized decision-making.

These pressures can lead to several types of risk that you must manage or mitigate to avoid reputational, financial, or strategic failures. However, risks aren’t always obvious.

“I think one of the challenges firms face is the ability to properly identify their risks,” says HBS Professor Eugene Soltes in Strategy Execution .

Therefore, it’s crucial to pinpoint unexpected events or conditions that could significantly impede your organization’s business strategy .

Related: Business Strategy vs. Strategy Execution: Which Course Is Right for Me?

According to Strategy Execution , strategic risk comprises:

• Operations risk: This occurs when internal operational errors interrupt your products or services’ flow. For example, shipping tainted products can negatively affect food distribution companies.
• Asset impairment risk: When your company’s assets lose a significant portion of their current value because of a decreased likelihood of receiving future cash flows . For instance, losing property assets, like a manufacturing plant, due to a natural disaster.
• Competitive risk: Changes in the competitive environment can interrupt your organization’s ability to create value and differentiate its offerings—eventually leading to a significant loss in revenue.
• Franchise risk: When your organization’s value erodes because stakeholders lose confidence in its objectives. This primarily results from failing to control any of the strategic risk sources listed above.

Understanding these risks is essential to ensuring your organization’s long-term success. Here’s a deeper dive into why risk management is important.

4 Reasons Why Risk Management Is Important

1. protects organization’s reputation.

In many cases, effective risk management proactively protects your organization from incidents that can affect its reputation.

“Franchise risk is a concern for all businesses,“ Simons says in Strategy Execution . “However, it's especially pressing for businesses whose reputations depend on the trust of key constituents.”

For example, airlines are particularly susceptible to franchise risk because of unforeseen events, such as flight delays and cancellations caused by weather or mechanical failure. While such incidents are considered operational risks, they can be incredibly damaging.

In 2016, Delta Airlines experienced a national computer outage, resulting in over 2,000 flight cancellations. Delta not only lost an estimated $150 million but took a hit to its reputation as a reliable airline that prided itself on “canceling cancellations.”

While Delta bounced back, the incident illustrates how mitigating operational errors can make or break your organization.

2. Minimizes Losses

Most businesses create risk management teams to avoid major financial losses. Yet, various risks can still impact their bottom lines.

A Vault Platform study found that dealing with workplace misconduct cost U.S. businesses over $20 billion in 2021. In addition, Soltes says in Strategy Execution that corporate fines for misconduct have risen 40-fold in the U.S. over the last 20 years.

One way to mitigate financial losses related to employee misconduct is by implementing internal controls. According to Strategy Execution , internal controls are the policies and procedures designed to ensure reliable accounting information and safeguard company assets.

“Managers use internal controls to limit the opportunities employees have to expose the business to risk,” Simons says in the course.

One company that could have benefited from implementing internal controls is Volkswagen (VW). In 2015, VW whistle-blowers revealed that the company’s engineers deliberately manipulated diesel vehicles’ emissions data to make them appear more environmentally friendly.

This led to severe consequences, including regulatory penalties, expensive vehicle recalls, and legal settlements—all of which resulted in significant financial losses. By 2018, U.S. authorities had extracted $25 billion in fines, penalties, civil damages, and restitution from the company.

Had VW maintained more rigorous internal controls to ensure transparency, compliance, and proper oversight of its engineering practices, perhaps it could have detected—or even averted—the situation.

Related: What Are Business Ethics & Why Are They Important?

3. Encourages Innovation and Growth

Risk management isn’t just about avoiding negative outcomes. It can also be the catalyst that drives your organization’s innovation and growth.

“Risks may not be pleasant to think about, but they’re inevitable if you want to push your business to innovate and remain competitive,” Simons says in Strategy Execution .

According to PwC , 83 percent of companies’ business strategies focus on growth, despite risks and mixed economic signals. In Strategy Execution , Simons notes that competitive risk is a challenge you must constantly monitor and address.

“Any firm operating in a competitive market must focus its attention on changes in the external environment that could impair its ability to create value for its customers,” Simons says.

This requires incorporating boundary systems —explicit statements that define and communicate risks to avoid—to ensure internal controls don’t extinguish innovation.

“Boundary systems are essential levers in businesses to give people freedom,” Simons says. “In such circumstances, you don’t want to stifle innovation or entrepreneurial behavior by telling people how to do their jobs. And if you want to remain competitive, you’ll need to innovate and adapt.”

Netflix is an example of how risk management can inspire innovation. In the early 2000s, the company was primarily known for its DVD-by-mail rental service. With growing competition from video rental stores, Netflix went against the grain and introduced its streaming service. This changed the market, resulting in a booming industry nearly a decade later.

Netflix’s innovation didn’t stop there. Once the steaming services market became highly competitive, the company shifted once again to gain a competitive edge. It ventured into producing original content, which ultimately helped differentiate its platform and attract additional subscribers.

By offering more freedom within internal controls, you can encourage innovation and constant growth.

4. Enhances Decision-Making

Risk management also provides a structured framework for decision-making. This can be beneficial if your business is inclined toward risks that are difficult to manage.

By pulling data from existing control systems to develop hypothetical scenarios, you can discuss and debate strategies’ efficacy before executing them.

“Interactive control systems are the formal information systems managers use to personally involve themselves in the decision activities of subordinates,” Simons says in Strategy Execution . “Decision activities that relate to and impact strategic uncertainties.”

JPMorgan Chase, one of the most prominent financial institutions in the world, is particularly susceptible to cyber risks because it compiles vast amounts of sensitive customer data . According to PwC , cybersecurity is the number one business risk on managers’ minds, with 78 percent worried about more frequent or broader cyber attacks.

Using data science techniques like machine learning algorithms enables JPMorgan Chase’s leadership not only to detect and prevent cyber attacks but address and mitigate risk.

Start Managing Your Organization's Risk

Risk management is essential to business. While some risk is inevitable, your ability to identify and mitigate it can benefit your organization.

But you can’t plan for everything. According to the Harvard Business Review , some risks are so remote that no one could have imagined them. Some result from a perfect storm of incidents, while others materialize rapidly and on enormous scales.

By taking an online strategy course , you can build the knowledge and skills to identify strategic risks and ensure they don’t undermine your business. For example, through an interactive learning experience, Strategy Execution enables you to draw insights from real-world business examples and better understand how to approach risk management.

Do you want to mitigate your organization’s risks? Explore Strategy Execution —one of our online strategy courses —and download our free strategy e-book to gain the insights to build a successful strategy.

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Risk Analysis - Free Guide for Students + Essay Examples

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All businesses are exposed to risks that impact their internal and external environment. Hence, risk analysis is vital in developing and strengthening organizations and creating strategies to avoid potential dangers. Today, we will review the risk analysis definition, methods, categories, and steps necessary to apply it. Don’t miss the compilation of risk analysis research topics & essay examples below!

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Companies face many threats in their everyday operations. These risks can be related to investments , succession planning, outsourcing, mergers and acquisitions, and other business situations. In order to survive and thrive, organizations should develop actionable risk management strategies. This is where risk analysis comes into play: it helps companies identify potential risks and classify them according to their severity levels.

What Is Risk Analysis?

Risk analysis is an assessment process that identifies the possibility of any harmful events that could damage the business or the environment. This approach is vital in risk management since it determines the relevance of detected risk factors. Also, risk analysis enables companies to rank dangers and develop a plan for their mitigation. Firms and governments often apply this method to decide whether to start a project, approve a financial offer, or prevent unfavorable future impacts.

Risk Analysis Benefits

Risk analysis has many benefits for companies:

• Workplace consciousness. Risk assessment increases awareness of potential workplace hazards . As a result, the company can take the required safety measures to prevent them.
• Legal compliance. Risk analysis can ensure that the business follows all the legal regulations applicable to its industry.
• Company’s reputation. Since risk evaluation promotes workplace safety and legal compliance, it protects the company against events that can hurt its reputation.
• Proactive response. Using the findings from the risk analysis, the organization can develop risk management plans for each department before a threat emerges.
• Money saving. Risk analysis is an effective tool for saving money since it allows companies to spend fewer resources on solving issues.

Risk Analysis Limitations

The limitation of the risk assessment stems from the ambiguity and lack of accurate data. There are no standard methods to calculate threats. Therefore, nobody can determine the exact level of risk exposure at any particular time. As a result, underestimating the likelihood of the risk occurrence might result in significant financial losses.

Since risks are an inherent component of all businesses, companies have to evaluate risks to prevent or mitigate potential damages. There are 2 main categories of risk analysis: quantitative and qualitative.

Quantitative Approach

Quantitative risk analysis involves creating a risk model with the help of simulation or deterministic statistics to quantify risks. The model produces various outcomes that are analyzed with graphs, scenarios, or sensitivity analysis . These results aid in making decisions or creating a strategic plan to avoid potential risks.

Qualitative Approach

In contrast, qualitative risk analysis does not evaluate risk with numbers. Instead, it provides a written characterization of the risks, an assessment of the intensity of their impact, and solutions to potential problems. Qualitative risk analysis can be conducted using the SWOT framework , cause and effect diagrams, or a decision matrix. Its outcomes can prevent the company from potential income loss and other adverse impacts.

Selecting the appropriate risk analysis method is crucial since it affects the organization’s success. You can choose from 5 common approaches:

• Decision tree. Companies using this method look at a particular decision’s potential consequences and likelihood. The decision tree effectively determines the best way for the company to avoid dangerous situations.
• Bow tie. In this method, one divides a particular risk into two categories: causes and consequences . Then, develops a plan to address the risk factors and a strategy for mitigating its impact.
• SWIFT analysis. SWIFT, or Structured What If Technique , is a team-based approach to risk analysis. It uses brainstorming to identify the safety of a particular method or the potential consequences of changes to existing organizational processes. It is usually used in safety-critical industries , such as healthcare or offshore construction.
• Delphi method. This technique involves a brainstorming session with professional risk analysts and experts. Potential threats discovered during this analysis are later used to create a risk management strategy.
• Probability and consequence matrix. The method requires organizational teams to rank the identified threats and vulnerabilities depending on the severity of their potential impact. This approach helps companies determine the primary contributing factors to all risks and develop an effective mitigation strategy .

The process of risk analysis includes 5 practical steps that you have to take to achieve an excellent result:

• Identify and document potential threats and vulnerabilities. First, determine the risks faced by employees and the organization. You should examine the workplace to identify what processes or actions could be harmful. Examples include workplace accidents , natural disasters, disruptions in the supply chain, or chemical hazards.
• Assess current security measures. Determining what safety procedures are already in place is the next step. This information will help identify vulnerabilities and weaknesses of the existing safety plans. Check each element of the security system and notice areas for improvement.
• Evaluate the risks and decide on the precautions. Further, you should assess the likelihood of the hazard and the severity of its potential effects. This assessment will help you prioritize risks. In addition, you should develop a strategy that includes the issues you’ve discovered, the individuals that might be affected, and the intended measures to mitigate the risks.
• Record your findings and implement them. To see the big picture, you have to record the outcomes of your risk analysis and use them in practice. After implementing the results, evaluate whether the chosen risk management strategy works.
• Review and update your assessment if necessary. The threats to the business are constantly changing. New risks can stem from innovations, new procedures, or personnel. Review and update your risk assessment procedure regularly to address emerging risks beforehand.
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Critical Analysis of Crisis Management Theory and Frameworks Essay

Crisis is defined as any critical or decisive or influential point or situation. Crisis is basically unstable conditions in political, social, or economic affairs linking an awaiting unexpected or crucial change. Crisis is also considered as an affecting worrying event or shocking change in a person’s life. It is an event that can create or that is expected to lead to an unbalanced and unsafe situation that can affect an individual, group, group of people or it can be whole society. They are believed to be an unconstructive changes in the security, economic, political, social or environmental affairs when they occur unexpectedly, with small or no caution. Crisis has many defining traits but the three main traits are that the event is

• Creates uncertainty/risk
• Is seen as a threat to important goals.

If the event of September 11, 2001 is recalled then one would realize that the events of September 11, 2001 were an overwhelming reminder of the need to be prepared for crises. They are not often as enormous and terrible as the attacks of September 11, but there is a need of constant cautions and readiness because of the possibility of crises. Companies should have the proper resources and pliability to continuous operations because being prepared for a crisis involves more than the ability to manage the crisis itself. The organizations that were impacted by the event of September 11, 2001 were best able to recover if they:

• Took punctual, important actions to deal with the immediate crisis and start again their operations and communicate punctually and honestly with the employees, with customers, with suppliers, and with other important stakeholders and as well as with the media and established sensible sympathy for the injured, scared and bereaved.
• Were prepared – not for such an unbelievable event but for the more ordinary and unsurprising problems of business permanence. If they had alternative computers, communications systems and proper backup of important records like contact information.
• Had strong financial statements (balance sheet, positive cash flows and good cost control) and had all kind of resources to take in the effects of the crisis and return to normal position.

Research has shown this that one of the key elements of good governance is avoiding and being prepared for the crises. Efficient organizations are less expected to have crises and are superior at solving them.

Types of crisis

It is very important to identify the type of crisis because without identifying the type one can’t make the crisis management process. Identify the type is necessary because every crisis require the use of different crisis management strategies (Davidson, 1999). Potential crises are the ones who have big impacts, but such crises can be carefully clustered to the outside world from the organization. There are many sources of crises and some of which are common to all organizations. And some of the types of the crises are specific to certain industries. Now based on the harshness, occurrences and timing of the crises, crises are fit into the three groups.

Operational crises

These types of crises are daily basis and small/negligible crises of running the organization and satisfying or providing services to individual customers. These types of the crises can easily be avoided or quickly resolved with the good management.

Sudden crises

These types of crises are the events that occur unpredictably and have a main effect on the organization. These crises include natural disasters, damages of vital services such as power, water or computers. In order to protect from these kinds of crises companies should do the proper planning and make the crises management process and it is also better to test their plans through realistic scenario- based simulations.

Potential crises

These types of crises are the serious problems that rise bigger over time and if they are not properly addressed it will become very dangerous for the organization. They include financial difficulties, investigations by the regulators, failure to respond to new completion, decline in share prices, profits decline and declining in the sales revenue (Friedman, 2001).

The groups of the crises that have been discussed above also have a close relationship or links with each other’s. For example, the signs of the potential crises can be the operational crises. And sudden crises can be build or blow up because of the operational crises. An organization can be deteriorating because of the operational crises to the point that it can’t cope with a sudden crises.

There are also different types of crises are:

Crisis of management misconduct

Technology crises, natural disaster, financial crises, confrontation, energy crises.

Let’s have a little description of all these types.

These types of crisis occur “because of the skewed values and deception but deliberate amorality and illegality” (Barton, 2007, p.2).

These types of crises are caused “by human application of science and technology. We have observed this that most of the time when technology becomes complex and coupled then the technological accidents inevitably occur. Technological crises can also be occurring because of the human error which causes the disruptions” (Borodzicz, 2005, p.5).

Natural disaster or natural crises considered “as acts of God like earthquakes, volcanic eruptions, flooding, tsunamis that create negative effects on the life, property and on the environment” (Ferdman, 2002, p. 44). Like 2004 Indian ocean earthquake (tsunami).

When major portion of value of an organization’s asset is unexpectedly lost, such situation is named as financial crisis. During 19 th century as well as 20 th many banks faced crisis situation. Crash of Stock market, fluctuations in exchange rate are also the part of financial crises. Because of the financial crises people and companies tend to lose huge monetary amounts.

Sometime “it happens that individuals or groups fight against business , governments and various groups to win their acceptance of their demands and expectations so it create the confrontation crises” (Barton, 2007, p.4). It includes boycotts, sit-ins, disobeying police, and occupation of buildings ultimatums to those in authority (Ferdman, 2002).

Energy crisis occurs because of the shortage of supply of the energy. It is no secret that supply of energy resources is vital to an economy. As we know that the “demand of the energy in the global market is increasing day by day because of the industrial development and population growth and supply of the energy is therefore, far less than the actual demand” (Ferdman, 2002, p.44).

Crisis management

In order to protect the organization from the harm effect of the crises company should have proper crisis management process. Crisis management is basically “the way through which the organization deals with the important events that threatens to harm the organization, its stakeholders, or the general public. There is a difference between the risk management and crisis management. In the risk management companies are basically assessing the potential risks and finding the best way to avoid those risks and to minimize risks, but on the other hand in the crisis management companies are dealing with the threats after they have occurred” (Borodzicz, 2005, p. 5).

It is one of the fields of the management that involves “skills and techniques, expertise to identify, predict, assess and understand the serious situations especially from the moment it first occurs to the point that recovery procedures start” (James and James, 2008, p. 12).

Crisis management is basically the new field of management. It includes the forecasting of the possible crises and planning how to deal with them. For an organization it would be better that a crisis finds them prepared with time and resources prior to the beginning of the crisis.

Crisis management is the over-arching procedure through which the organization provides the suitable leadership, decision making and management of the impact of a crisis (James and James, 2008).

Crisis management process

Crisis management process is a process that includes the guidelines resources, investigation, communication and decision making that go away from a single organizational function.

Conditions that produce a crisis are normally uncontrolled and spontaneous; however steps can be taken to mitigate the effects of the crisis by:

• Predicting area of concern
• Set up the response rules to these perceived concerns
• Take action in a timely and prepared manner.

The process of crisis management has been divided into three different stages

Pre crisis stage

• Crisis response stage
• Post crisis stage

This phase is all about the prevention and preparation. In this phase the company is looking for to decrease the identified risks that might lead to a crisis. This is the first stage of an organization’s risk management program. It is during this stage that an organization, or a company, prepares the crisis management plan. It is during this stage that the company chooses and trains management team which will deal with the crisis and conducts simulations to test the management plan and crisis management team. Organizations should update their crisis management plan annually in order to have better ability to handle the crises. Organizations should also have excellent and nominated crisis management team.

What is crisis management plan?

Basically speaking the crisis management plan is not even a plan, but a tool managers use to overcome crisis situations. CMP offers important contact information and reminds what should be done in crisis situations. Besides this it contains other significant documents as well. Most of the CMP pre assign some tasks that save too much time. Pre-assigning tasks to a group means “that there is a designated crisis team and that team members should be communicated the tasks and responsibilities they have to perform during the crises” (Davidson, 1999, p. 23).

Crisis management team

As far as crisis management team is concern it must include members from all the departments of the organization. Barton in 2007 said that “crisis management team comprises of people belonging from different departments like legal, operations, finance, public relations and human resource” (2007, p. 5).

However their composition would vary from company to company and from one situation to other. Scholars have stressed on training team members to make decisions in crisis conditions because every decision is different in a crisis. Coombs in 2007 concluded that practice could improve the decision making skills of a team.

Crisis Response

Whatever the management team does and says about a crisis situation after that crisis has hit the organization, “it is called the process of crisis response. In responding to the crisis public relations are very important. They do play a critical role and help develop the messages that are sent to various publics” (Pauly and Hutchison, 2005, p. 4). There are two main components of the crisis response.

• The early crisis reaction
• Reputation repairs and behavioral intentions.

Mainly, the initial crisis response guidelines focus around three main areas. These areas, or points, are the following:

• Be unswerving

It is also proved by the research that there is a need of repair the reputational damage a crisis imposes on an organization.

Post- crisis stage

This phase is then the organization returns to business as usual, or at least it thinks to do so. This is the stage where management’s attention on the crisis lowers. They tend to think that the worst is over by now. Nevertheless, during this phase there is much need for a proper follow-up communication situation. In this post crisis stage, a promise should be made by the crisis manager to give further information.

It is time now for the crisis manger and his team to provide additional information regarding the cause and effects of the crisis. The idea behind this is to regain public trust that may have been lost during the crisis. Organizations need “to communicate and update about the recovery process, corrective actions analysis of the whole crisis” (Seeger, Sellnow & Ulmer, 1998, p. 26). It is very necessary that crisis manger must agree that a crisis should be learning experience and there is also requirement of proper evaluation of crisis management process. A crisis should be a learning experience for the team as well as for the organization.

Theories and models associated with crisis management

In order to properly successfully pass through a crisis, the organization and its management team needs to understand adequately the way a crisis should be handled. A good example of this situation is the four phase model of crisis management prepared by Gonzalez-Herrero and Pratt in 1995. This is a model which includes; issues management, planning-prevention, the crisis, and post-crisis.

Business continuity planning

A business continuity plan “can help minimize the commotion, when a crisis will certainly cause a significant commotion to an organization. Before this happens there must be identification of the critical functions and process that are necessary to keep the organization running” (Friedman, 2001, p. 3).

The next logical step is to have a separate contingency plan which addresses each of the critical function. Another requirement is to test each plan separately. This is done in order to be prepared in the event of an actual crisis.

Structural- functional systems theory

In order to have effective crisis management there “should be a proper and efficient structure to provide the information to the organization in the time of crisis. Structural functional systems theory talks about the details information networks along with levels of command making up organizational communication” (James, and James, 2008, p. 36).

Examples of organizations experienced crisis

Johnson & johnson and tylenol.

Sometime the situation is created which cannot be answerable on the company but the company finds out quickly that it takes an enormous amount of blame if it mishandles the ball in its response.

Crisis need not hit a company merely as a result of its own carelessness or misfortune. This is one of the classical stories of how a company responds to a crisis. In our case it is the Johnson & Johnson response to the Tylenol poisoning.

Story was that in 1982, 35 percent of the US market in painkiller section was captures by the Johnson & Johnson’s Tylenol tablets. This product of the Johnson &Johnson was representing something like 15 percent of the company’s total profit. Precisely at the moment when Tylenol was achieving a good market positioning and share, one person succeeded in lacing the drug with cyanide. Because of this action seven people died and an extensive panic developed about how extensive the infectivity might be. And its result was that everyone knew that Tylenol was linked with the panic. And its result was that market value of the company had reduced by $1 billion that influenced the financial position of the company negatively. The company acted immediately and recalled back its Tylenol product from every outlet. They decide that it is their duty to provide better product protection. Tylenol would not be reestablished on the shelves. Johnson & Johnson created tamperproof covering making it harder for such events to happen again.

Analysis of the crisis

As far as the cost of the above crisis is concern, that was too high. Johnson &Johnson has lost its share price because of this crisis and it has also created the loss in the production and because of the recall the goods was destroyed. But on the other hand the company’s quick and suitable action was also remarkable. Because of that crisis competitors have tried their best to become prominent in the market and capture the market. Because of this fast reaction consumer anxiety, Johnson and Johnson achieved the status of consumer champion. Johnson & Johnson was succeeding to recover the 70% of its market share within the 5 months of the disaster. One of the key victories was that it preserved the long term value of the brand. And as a result many of the customers changed from painkillers to Tylenol.

Learning behind this crisis

The techniques that made Johnson & Johnson management of the crisis in a positive manner included the following:

Company acted very quickly with the complete directness about what had happened and without delay hunted to eliminate any source of danger based on the worst case scenario. They were not waiting for the proof to see whether the infectivity might be more extensive. Johnson & Johnson also wanted to make sure that all the actions that they have taken would prevent and protect themselves as far as possible a reappearance of the problem. They demonstrated that for them consumer safety is essential.

Odwalla and the E-coli outbreak

Odwalla is a juice company that emphasizes a lot on offering health conscious juices. The company started with Greg Steltenpohl, Gerry Percy and Bonnie Bassett offering fresh oranges on a $200 juicer. Company recorded good growth with 30% annual increase. Company was able to create a good brand image in the market and create several loyal customers. However all this changed on 30, October 1996 everything was altered. The State of Washington informed the company about the connection found between the cases of Ecoli 0157:h7 and Odwalla fresh juice. The connection got verified on November 5. There were more than 60 people died in Western US and after sometime people in Canada also got sick after having these juices.

This had a negative effect on the sales of the company and its stock price decreased by 34%. More than 20 personal injury cases were filed. The CEO of the company Stephen Williamson acted fast in recalling those products which contained apple and carrot juice. He apologized for this situation and promised to pay medical costs. This helped the company in improving customer satisfaction level. In order to achieve this CEO was involved in the process of daily interaction and communication with the staff. This enabled him to extract the important and more relevant information and the view points of the employees. In order to show that the company was considerate about the customers, the company launched a special website for the customers so that they can post their complaints and feedbacks over there. Apart from this the spokesperson of the company also communicated through press and media and provided information online. The management of the company ensured that correct information and data is made available for the people. After taking all requires measures for providing correct information and for collecting feedbacks and reviews of the customers and employees, the company started to solve the issue of the contagion. For this purpose the process of ‘flash pasteurization’ was initiated by the company. This process initiated by the company ensured that the harmful bacteria E-coli will be damaged and killed and the juice will be free from any infection. With the help of all these measures the company was able to improve the image and was able to implement the most efficient system of quality control.

This crisis management approach helped the company in the process of rapid recovery. All these steps and measures ensured that the company is able to retain the trust and confidence of the customers and improve the sales and profits of the business. This case provides good example of crisis management which could be followed and implemented by other companies. Whenever there is any such situation the first step should be to stop the production and supply of the product. The company should also take steps to inform the customers and at the same time should listen to their problems and feedbacks in order to win their confidence. This approach not only helps company in improving the reputation and image but also contributed towards the progress and growth of the business.

The Pepsi Corporation had a similar crisis as the above mentioned in 1993. During that time, syringes were reported to be found in the cans of diet Pepsi. Immediately the company opened an investigation but at that time it didn’t remove these products from the shelves. What they did was to air a video of the whole process of production to the public. This was done in order to demonstrate that such tempering was impossible within their factories.

The other video released showed that the man was arrested. Then another video was released showing a woman was found copying the tampering accident.

So the made public communication throughout the crisis and that was the main tool that Pepsi has adopted to solve the crisis. Then the company had also run the series of the special campaigns to thanks to the public in order to create good image of the company (The Pepsi Product Tampering Scandal of 1993)

Crisis management is all about the preparation, planning and handling of the crisis. But to plan for crises seems to be an inconsistency in itself because how can a company prepare for something that is unidentified? Whenever the crisis actually appears it can be a real life struggle for survival so there is a requirement of the logical and rational manager investments. Crises are unexpected but company should be prepared for different crises because through such situations, company can have critical head start and company act quickly and directly without being surrendered to fear like other non-prepared companies. Companies should include the crisis management in the overall strategic planning of the company.

It is true that it is hard to refine all that is identified about crisis management into one, brief entry. Nevertheless, a company can, and should, try to implement the best practices and lessons of crisis management. It is also true that effective crisis management can “minimize the damages and in some cases allow an organization to come out stronger than before the crisis. And no organization is protected from a crisis so all must do their best to prepare form one” (Seeger et al., 1999, p. 46).

Barton, L. 2007. Crisis leadership now: A real-world guide to preparing for threats, disaster, sabotage, and scandal . New York, NY: McGraw-Hill.

Borodzicz, P. 2005. Risk, Crisis and Security Management. West Sussex, England: John Wiley and Sons Ltd.

Coombs, W. 2007. Ongoing Crisis Communication: Planning, Managing, and Responding (2nd ed.), Thousand Oaks, CA: Sage.

Davidson, M. 1999. The value of being included: An examination of diversity change initiatives in organizations, Performance Improvement Quarterly, vol. 12, no. 1, pp. 164-180.

Davidson, M. 2001. Diversity and inclusion: What difference does it make? Industrial-Organizational Psychologist, vol. 39, no. 2, pp. 36–38.

Davidson, M. 2004. Here and There: A Conversation about Identity, Industrial-Organizational Psychologist, vol. 41, no. 3, pp. 47-53.

Ferdman, B. 2002. Drawing the line: Are some differences too different? Industrial-Organizational Psychologist , vol. 39, no. 3, pp. 43–46.

Friedman, R. 2001. Managing diversity and second-order conflict, Journal of Conflict Management , vol. 12, no. 2, pp. 132-153.

James, E. & James, H. 2008. Toward an Understanding of When Executives See Crisis as Opportunity, Journal of Applied Behavioral Science , Vol. 44, No. 1, pp. 94-115

Pauly, J. Hutchison, L. 2005, Moral fables of public relations practice: The Tylenol and Exxon Valdez cases, Journal of Mass Media Ethics , vol. 20, no. 4, pp. 231–249.

Seeger, M, Sellnow, T & Ulmer, R. 1998, Communication, organization and crisis, Communication Yearbook , vol. 21, pp. 231–275.

The Pepsi Product Tampering Scandal of 1993. Web.

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