Posted: July 21st, 2015

To what extent does risk management attempt to provide some certainty in an uncertain world? Please discuss with reference to a) how risk might be measured and b) cultural influences on risk managent

The concepts of ‘risk’ and ‘uncertainty’ should be explored, and there is need to identify how risk management might help organizations to plan for uncertainty. Thus, the question is inviting a presentation of some analysis in relation to the development of risk management (possibly through some analysis of the work of Beck and Power) and then to consider how organizations respond to uncertainty. This should at least involve some analysis of risk assessment /measurement and the problems that can be encountered in trying to identify and measure this concept. What is crucial to organizations is whether they can effectively manage risk. Some assessment might be made of the extent to which the measurement of risk and the culture of organizations can limit uncertainty.