Risk Management: Principles, Processes and Outcomes

This guide provides an overview of the principles, processes and outcomes of risk management. It covers the importance of environmental assessment, stakeholder management and issues management. It also explores the social impacts, programmes and policies of risk management. The guide is relevant to students studying risk management, business and technology courses.

Running head: RISK MANAGEMENT
Risk Management
Name of Student
Name of University
Author Note

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RISK MANAGEMENT
Table of Contents
The Principles.............................................................................................................................2
Principle of Institutional Legitimacy......................................................................................2
Principle of public responsibility............................................................................................2
Principle of managerial discretion..........................................................................................2
The Processes.............................................................................................................................3
Environmental assessment......................................................................................................3
Stakeholder management........................................................................................................3
Issues management.................................................................................................................3
The Outcomes............................................................................................................................4
Social impacts.........................................................................................................................4
Social programmes.................................................................................................................4
Social policies.........................................................................................................................4
Conclusion..................................................................................................................................5
Bibliography...............................................................................................................................6

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The Principles
Principle of Institutional Legitimacy
The technology developed will be accepted in the society as in the modern world
technology plays an important role. Every organisation, business and individuals depend
upon technology for success. Therefore, the product developed can be legitimate and can help
the people to maintain its effectiveness in the business. However, initially the society may
shun the use of the technology due to perception that it may be complex and provide excess
risk while implementing the resource.
Principle of public responsibility
The benefit is greater than the risk as the risks can be mitigated within a short period.
However, the benefit can be permanent as technology is used in every field and this provides
an advantage for progress in the society. At the same time, the technology can be modified
and updated so that it meets the requirements of the people. The risk involved in the
application of the risk may provide people with an opportunity to mitigate it and in turn help
in modifying the technology.
Principle of managerial discretion
The work behaviour undertaken is ethical and responsible for the development of the
society. The managerial discretion that needs to be maintained involves the ethical
consideration of the society. The technology need not to be aimed at a particular class of
people in the society. The diversity of the technological application can provide the society
with an opportunity to develop. Therefore, the ethical and social responsibility is maintained
properly.

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RISK MANAGEMENT
The Processes
Environmental assessment
The questions that have been asked are correct, as the environmental assessment,
regarding the development of the technology is important. The internal as well as the external
environmental analysis can arise from the licensing of products, breach of security and
hazards; whereas the internal environment analysis can be in the form of finance (Schwartz
2017). Therefore, the environmental assessment has helped in the successful development of
the technology.
Stakeholder management
The stakeholders are important for the success of an organisation as support is
required for its popularity in the society and its growth. Similarly, the stakeholders involved
in the development of the technology also require the assistance from the stakeholders. The
questions asked have been correctly asked to the right people as the support of the
stakeholders can help in the success of the technology.
Issues management
The development of the technology needed a bit more analysis before commencing.
This is mainly because preparation for the development of the idea needed proper analysis of
every risk factor such as external and internal factors. (Tai and Chuang 2014) The fact that
financial the development of the technology and the manner in which it can be promoted in
the society require extensive effort and money is one of the most important aspects that
needed to be considered. Hence, proper preparation was required for the development of the
project.

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The Outcomes
Social impacts
The software or service provided can help in the development of a company or
society. As stated earlier, technology plays an important role for the development of a society
as well as reduces the workload in a company. The society can be developed as the people in
it can understand the latest technology and apply the knowledge gained to work up in a
company. This in turn can improve the productivity of a company and ensure that people in a
society progress.
Social programmes
The development takes into consideration certain laws and principles that are required
for the maintaining the legal application of the technology. Legal laws in the form of
customer services, ethical consideration and environmental safety need to be maintained so
that the development of the technology can be legalised. The legislations that are required to
be maintained need to follow the Australian Constitution and comply with the laws of the
country.
Social policies
The knowledge developed can be taken in the community and help in its growth. The
society in which the company works can benefit, as the technically advanced people can
enrich the employability and resources of the company. Therefore, it can be said that the
social policies related to the development of the technology can assist the company as well as
the society in which the company exists.

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Conclusion
Therefore, it can be concluded that development of a technology can help in the
progress of a society as well as the company in which it is applied. The risks involved in the
development of the technology can vary depending upon the perception and the risk
mitigation technique that is adopted by the company or society.

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Bibliography
Schwartz, M.S., 2017. Corporate social responsibility. Routledge.
Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility. Ibusiness, 6(03), p.117.