Business Risk Management: Analysis of Fukushima Nuclear Disaster

Running head: BUSINESS RISK MANAGEMENT
Business Risk Management
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Author Note

1BUSINESS RISK MANAGEMENT
Executive Summary
The main aim of this assignment was to analyse the risk that had occurred in the Nuclear
Disaster in Fukushima in the year 2011. The report also focussed on the impact of the disaster
on the overall economy of Japan and the consequence of the risk on the economy,
environment and on health and safety of the humans. The main aim of the report was to
analyse the case study that was related to Fukushima Nuclear Disaster that took place in
Japan in the year 2011. Accordingly, by assessing the risk in the power plant with the help of
different stages of the crisis management, the Fukushima power plant implemented the
various policies and standards of the IAEA, so that it could prevent the risk in the near
future.. Apart from this, the report also focussed on the standards of the IAEA and compared
it with the nuclear power plant of Fukushima. In order to mitigate the risk in the future
aspect, the Tokyo Electric Power Plant that operates the Nuclear Power Plant in Fukushima
incorporated certain measures in order to minimise those risk. Apart from that
recommendation also provided so that the nuclear power plant could operate and monitor
their work by implementing safety standards.

2BUSINESS RISK MANAGEMENT
Table of Contents
Introduction....................................................................................................................3
Case Study......................................................................................................................3
Risks Related to the Fukushima Nuclear Disaster.........................................................4
Standard Regulations that should be used by Nuclear Power Plant...............................7
Compare and Contrast....................................................................................................7
Recommendation............................................................................................................8
Conclusion......................................................................................................................9
References....................................................................................................................10

3BUSINESS RISK MANAGEMENT
Introduction
The importance of the Business Risk Management is to identify and analyse the risk
that has occurred or likely to take place within the business organization in order to minimize
it. Risks in business can lurk out at any point of time, sometimes the risks are predictable and
can be controlled, but most of the cases risks are unpredictable and are not possible to control
(Hillson and Webster 2017). In case of the Fukushima Daiichi Nuclear Disaster, the accident
took place during the year 2011 in Northern Japan, is considered as one of the biggest nuclear
disaster in the world, after the Chernobyl disaster. The Nuclear power plant of the Fukushima
was mainly operated by the Tokyo Electric Power Point, (TEPCO), and the disaster was
mainly caused because of their negligence. However, it was said that the nuclear power plant
was mainly made up of six boiling water reactor, but at the time of the disaster, only 1-3
reactors were in operation. The nuclear disaster had severely affected the power plant, and it
cause major damaged to the environment and also to the lives of many people. The disaster
was mainly considered as man-made disaster, as it provided major risk to the country. Apart
from that, as the workers of the power plant continued to cool the reactors, it was said that
there was increase in the radiation level in foods (Sadgrove 2016). It has also been noted that
many species were affected from the increase level of radiation and human beings were also
suffered from cancer and other severe diseases. The Fukushima disaster caused severe risk to
the whole economy, and it resulted to economic risk, environmental risk and healthy and
safety risk. However, in order to deal with the risk, the power plant implemented different
risk management strategies such as it has applied varied standards and policies.
In this assignment, the report elucidates on the Fukushima Daiichi Nuclear Disaster
and would identify the major risk related to this case study. Furthermore, the paper would
also sheds light on the major polices and rules that would help the organization to maximize
their risk and accordingly recommendations would be provided in order to minimize the risk
within the organization.
Case Study
The Fukushima Daiichi Nuclear Disaster in Japan is considered as one of the
biggest disaster after the Chernobyl disaster in the year 1986. The nuclear disaster that took
place in the year 2011, cause a major damage to the power plant by leaking large amount of