Contents

• Introduction 2
• Importance of Risk Management in Corporate Business 2
• Result Analysis - Risk Management at Singapore Airlines 7
• Conclusion and Recommendations 11
• References 13

Description

Organizations have to implement an effective risk management process to reduce its operational costs and for its sustainability. A risk management process enables organizations to identify the risks in different areas of the business and analyze its impact and find a solution to mitigate the risks, which will enable organization to increase its efficiency and effectiveness (Lam, 2014, p.35). Risk management enables corporate to minimize the uncertainties in the business and take alternate approaches, which enables it to achieve competitive advantage (Hopkin, 2014, p.45). Risk identification and development of control measures should be a continuous process as organizations and staff new risks each day while adapting the changing market environment (Lam, 2014, p.55). This report discusses the importance of risk management in corporate business. The report analyzes the risk management process of Singapore Airlines, which is flag carrier of Singapore. Singapore airlines is a part of the Singapore airlines group, which has airline-related subsidiaries. The airline flies to 62 destinations in 32 countries and has strong presence in Southeast Asian region (Singapore Airlines, 2015). In the end the report provides recommendations for the airlines to further enhance its risk management process.