Appropriate Risk Mitigation Strategies for Corporate Strategic Direction and Performance
Journal Title: Journal of Social Economics - Year 2016, Vol 3, Issue 3
Abstract
Strategic direction involves developing long-term vision of the firm’s intent. A long-term vision typically looks at least five to ten years in future. According to Prokesch (1997) the purpose and vision of an organization aligns the actions of people across the whole organization. For every corporate strategy adopted for higher performance, there are potential risk factors which entities must adequately consider. A real vision is very active and all the people in the organization understand and live it. The purpose of this paper therefore is to evaluate risk mitigation strategies appropriate to a company’s strategic direction and performance. The study is based on review of related literature on the topic. Data for the study were obtained mainly from secondary sources with basically qualitative and descriptive analysis of the data collected. Findings from the study led to the conclusion that risk mitigation strategies are tools and techniques used by risk management to overcome threats and vulnerabilities in order to attain desired results. Risk management means taking deliberate action to improve the odds of good outcome and reducing the odds of bad outcome. It also came to the fore that risk mitigation is a process which involves organizations methodically addressing the risks attached to their activities with the goal of achieving sustained benefit within each activity and across the portfolio of all activities.
Authors and Affiliations
Israel Kofi Nyarko
Keywords
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