Risk leveling in business environments - A novel approach for macro risk management
Abstract: The purpose of this
study is to presents a structured risk management methodology for managing and
controlling the risks in the macro business environments. This paper emphasizes
to achieve risk settled environments for industry/ business growth.
Design/methodology/approach: In this paper, we present an approach called
‘Risk Leveling’ which signifies both a concept and a methodology; it helps to
manage risks in the macro business environments. Risk Leveling follows a
multi-tier approach towards divergent risks and focuses on balancing the risky
macro environs for better industry/ business settings. It recommends the
utilization of the available resources in a systematic and efficient way for
risk mitigation; such intent is pursued though a structured procedure which
urges to reduce the risks to match them with the risk tolerance of the
enterprises; it also attempts to diminish the mutual risk disparities giving
rise a context in which no risk is seen too big or too small comparative to the
others. The Risk Leveling process utilizes logical tools (e.g. AHP, ALARP etc.)
and mechanisms to reach the risk settled environments.
Findings: Risk Leveling procedure adopted in the study moves through the
standard risk management course and tends to pacify the macro risks to achieve
risk settled environments for the industry. It suggests exploiting the
mitigation efforts in a balanced and efficient way to conserve the resources.
Originality/value: The regimes can practice it to pacify and regulate the
macro risk forces in the designated industry/ market segments.
Author: Shahid Rasheed,
ChangFeng Wang, Faiza Yaqub, Suhail Memon
Journal Code: jptindustrigg150025
