The Ways to Estimate the Direct and Indirect Costs and Benefits of the Key Risk Management Decisions Free Essay Example, 1500 words

In this age of competitiveness, reputation and sustainability are two essential requirements of an organization operating in domestic or entering a new market. This is because; it takes a huge time-span for an organization to develop its reputation and brand image within the minds of its target customers. But, it might get destroyed just within some minutes due to worse quality of products or high environmental impact. Therefore, in order to save the organization from such types of risks, high level of investment might be done in selecting the raw material suppliers and the ingredients used. Along with this, the organization might also invest high costs at the time of selecting inventive machines to reduce environmental impacts. This might prove effective in enhancing the corporate social responsibility (CSR) of the organization thereby amplifying its reputation and brand image as well in the foreign market. Side by side, due to high loyalty, the range of customers might get enhance d thereby reducing the fear of new entrants (Globe Business Publishing Ltd, 2013). Other than this, varied types of training programs might also be implemented within the organization, so as to enhance the inner skills and talents of the employees to invent new product lines. We will write a custom essay sample on The Ways to Estimate the Direct and Indirect Costs and Benefits of the Key Risk Management Decisions or any topic specifically for you Only $17.96 $11.86/page 78-89).