Risk Management & International Trade

Risk Management & International Trade

Application of Ten Critical steps for risk managers to prevent losses in the country

Political instability and an unrest situation in a country requires the organizations especially the managers of the organizations operating in those countries to develop a set of contingency plan that would serve as a proactive strategy for them to prevent the potential losses in the organization and the country. Bangladesh is one of those countries that are at risk of political unrest situation and the managers need to apply risk management strategies within the organization's management with respect to international trade and businesses in the country. The ten critical steps that are required to be implemented by the risk managers are discussed below.

The designing and restructuring of organizational culture and structures is a way to enhance the industrial position of Bangladesh in the situation of political risks. It would serve as a strategy to prevent losses emerged from the international trade and business.

An effective communication network is required to be considered and develop within the country that would lead towards the effective integration of the industries and authorities of Bangladesh and results in the risk less business approaches

The consideration and focus on the culture of the organization is an important tool to promote the development and growth within the organizations and it will ensure the prevention of losses and unforeseen risky situation in the industries. therefore, the organizational culture should be in line with the current political requirements of the country

Another step that needs to be taken by the manager involves the development of trust and loyalty within the organizational context that is likely to produce positive growth opportunities for the country and prevent it from losses

The risk managers could ask the top level management and authorities for their support so that together the individuals and companies of Bangladesh will achieve resilience in the organizational structures that would strengthen the economy and prevent it from losses.

A fair and active participation of the stakeholders of the different companies in Bangladesh could be enhanced by the risk managers in order to create an environment where there is not insider trading and an efficient market system is developed to support the economy of the country

An approach of proactively managing the external environmental conditions by the managers would prevent the potential losses for the country and help them in dealing with the same

Resources of a country are the most precious asset that determines the strength or weakness of an economy. More than the availability of resources, the utilization and allocation of resources is important to strengthen the economy. therefore, the managers must learn and disseminate to provide a proper mechanism of resource allocation that would prevent the possible losses to the country

The implementation of monitoring systems within the organizations would result in the management of risks and the risks of the industries will be overall reduced and managed.

Ethics and ethical practices by the management especially the risk managers is important to ...