Communication and Consultation in Risk Management

Communication and Consultation in Risk Management

Introduction

Bartercard was established in 1991, since then it is transforming the traditional form of bartering into modern and flexible business tool with the combination of global network of members and technology in order to meet the demands of business of today's age. It enables its members to exchange services and goods with the other members without utilizing any valuable cash or being involved in the direct two-way exchange of services and/pr goods.

A transaction card with an account number is issued to the members of the Bartercard. They have an interest free line of credit and also have access to the online and printed business directory which offers a new world of trading opportunities to its members.

Theses transaction cards are used to trade anything of various kinds such as from real estate to the stationary products and all these are facilitated by the global transaction technology of Bartercard. The services of Bartercard specifically provide benefits to the small and medium enterprises (SMEs) who often face variance in the cashflow, high business financing rates and slow sales growth. This service particularly benefits the world's largest business sector - small and medium enterprises (SMEs) - which are often faced with fluctuating cashflow, slow sales growth and high business financing rates.

With the increase in business and its integration with advanced technologies, opportunities for employment and business along with the active participation are increased (Leiss and Krewski, 1989). These increased opportunities also expose the operations of Bartercard to different kind of risks that must be managed and understood at every level.

Discussion

The management of risks, which are considered possible measures to mitigate or reduce the risks identified; compare the risks of different alternatives, and assesses the technical and socio-economic implications for the decision more adequate. Risk communication in establishing the ways of interaction and exchange of information between the different groups involved and develop a strategy for report risks and actions taken (Leiss and Krewski, 1989). The diagram above shows the six phases of risk management used in this report to represent the process of risk management. For each of the six phases, you will find: a summary (Overview phase), a detailed presentation (Detail of the phase). In summary, the six phases of the risk management is done in turn throughout of a project.

Communication and Consultation

An integral part of risk mamangement is communicating the risk to the stake holders which is also called risk communication and consultation. It is a process in which the views and information regarding the plan is provided to the risk managers, assessors and other stakeholders. It is important to be clear from the beginning of the process communication, and indeed from the start of the risk analysis process, who are the partners and understand their concerns. The partners can be grouped into three categories: The official sector, the beneficiaries of the import and the risk receivers. Addressing the general public and various stakeholders is necessary to analyze the ...