Criteria for Risk Management
Minimizing the risk factor for current stakeholders and future generations is important. In this regard, the necessities for improvement with risk management will be analysed. The analysis will help in addressing the issues that might rise in different part of the business.
The employees of an organization have the rights to be in a risk-nullified system. In this case, Walmart needs to think from the workers end. The management has to make proper kind of approach in order to address the risk factors. In this context, the company has to select certain measures that are potent enough to minimize the risk factors. The workers are highly vulnerable to work place violence and accidents. Company has to make a protocol in which any kind of discrimination will be treated strictly. The discrimination faced by employees often turn into major violence. A proper policy can minimize the risk in a drastic manner. Apart from that, the managers have to take care of accident-prone jobs and proper machinery have to be introduced in those segments. These kinds of approaches will decrease the level of risk faced by an employee.
The risk management policies have to focus more on the needs of the society. Retail industry often promotes such kind of activities, which can alter the thinking pattern of a section of a society. One of the prime examples is promoting modern garments in regions that are still orthodox in case of selecting cloths. This kind of ventures gives rise to the thinking of societal damage among the people. The company has to think in this segment. In this regard, they have to make sure that they are making proficient approach because any kind of irrelevant approach can have negative impact on the company reputation.
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