Business Continuity Management - Risk Management Essay

Business Continuity Management - Risk Management - Essay Example There are generally two types of risks that businesses face, the first is the risk of natural calamities and the second is the entrepreneurial risk. Here we are going to discuss the second type of risk factors of Royal Bank of Scotland. The second risk is the risk associated with the business functions, operations and the strategic decisions of the management. The concept of enterprise risk management arises in this scenario. Enterprise risk management is the process that affects the board of directors and other top level management of the organisation (Sadgrove, 2005, p. 3). The enterprise risk management process includes identification of and management of the risks that arises within the organisation. Enterprise risk management has many significant benefits, but at the same time few limitations also exists. It is many depended on the judgment of the human resource (Casualty Actuarial Society, 2003). So this signifies that if the human resource that is the employees or the manageme nt commits errors, then that might affect the measures taken for risk measurement. Apart from this, clash of decisions or view points between two individuals might also result in overriding the decisions of the management (Committee of Sponsoring Organizations of the Treadway Commission, 2004, p.5). The Business continuity management strategies is the core business function of any organisation for understanding the risk and also for designing the risk assessment measures. Business Continuity management helps the management to identify the difference between the problems and the risks. Crisis management and crisis communication are also involved in business continuity management because the risk faced by the organisations is generally for sudden crisis situations. Crisis is basically the unstable situations that may take place related to political, economical or social affair. So crisis management deals with management of risk of uncertainties. Business continuity policies or plans i nvolve the utilisation of resources to eliminate or transfer the risk that the organisations face during crisis situations (Blyth, 2009, Crisis Management). The process of risk management should be continuous and effective. It is the function of the business continuity management process to address the risk factors and understand the type of risks or crisis that the organisation is facing or about to face. This study would also deal with organisational crisis situations of Royal Bank of Scotland (RBS). It is one of the renowned banks in the world. RBS had a strong culture for risk management and controlling the activities for financial strength. The RBS was literally brought to its knees by the top level management of the organisation. The report of the Financial Services Authorities (FSA) stated that the crisis of the organisation was due to the deficiencies of the management and the organisational environment and culture of RBS before the crisis. The policies were liberal and they were not even revised for the betterment of the organisation (Barkho, 2011, p. 44). Crisis Management and Crisis Communication Crisis management and crisis communication are often used as interchangeable words in organisations, but there is little distinction between these two events. The crisis management basically deals with the reality part of any crisis that occurs in the organisation, while crisis communicat

Individual Experience of Working at a Prestigious Bank Essay

Individual Experience of Working at a Prestigious Bank - Essay Example I had a partial English education and could converse in English without difficulty. Although she had a thick African accent and a way of speaking, which is, at best called â€Å"cart before the horse,† the unabashed African made herself clearly understood. Other two Asians, coming from different parts of Asia, found it an uphill task to hold an ordinary conversation. But I could see that they were learning fast. People took some time to understand our accented and rather hurried way of speaking and this was, at times, a huge embarrassment. In frustration sometimes, we blamed it on the racism prevalent in the UK, although we knew that we were being unfair. African had an aggressive ‘back home’ accent and was unexpectedly comfortable with it. We had initial problems to understand the original British English, and had always been nervous if someone spoke to us directly. Slowly we started understanding the British way of speaking and that problem was partially left be hind. It is fantastic that we know a common language, even though at varying degrees of fluency. â€Å"For many theorists within mainstream linguistics, the term discourse signifies a turning away from sentences as exemplars of usage in the abstract, that is examples of the way that language is structured as a system, to a concern with language in use.† Brown and Yule (1983, taken from Mills, 1997, p. 9). Discourse across race and regions has many colors and shades. Our discourse that has remained formal even to this day with the British also shows the delicate nature of our relationship. It took only a few days for the rest of us to be informal. With formal conversation, very often one hits a brick wall. â€Å"What I have said is not ‘what I think’ but often what I wonder whether it couldn’t be thought,† said Foucault (1979d. 58) (Taken from Mills, 1997, p. 14). Language and discourse are crucial in cross-cultural  interactions and mostly becomes the sole reason of hindrance in furthering a friendship.