The preoccupation with risk assessment and risk management has gone...

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QuestionQuestion

The preoccupation with risk assessment and risk management has gone too far. Everything in life has risks attached. Being overly anxious about risk simply leads to risk aversion and stifles the innovation or creativity that organisations need to be adaptive and successful. Critique this statement.

It is not your views on the chosen subject that will be marked but your critical analysis of the literature, the clarity with which key points are argued, and the relationship between the conclusions you reach and the theoretical information and the evidence on which they are based.

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Introduction
The balance between having the capacity to take risks in a business willingly and the extent to which a firm can comfortably absorb threats determines the nature of uncertainties that companies would take at any given time. Highly innovative and creative companies may devote a huge portion of their investment in pursuing risky and advanced procedures, but delivering projects may not have the same leverage. Assessing and managing risks have become an integral part of the business approach with companies holding back from exposing their corporations to losses through risky approaches. Accordingly, firms have established some benchmarks to avoid uncertainties including the determination that the degree of risk control needs to be proportional to the exposure. Amongst many similar approaches, such determination shows that companies are unwilling to pursue risks that may impose significant costs in the long term. Deciding not to take or fund risky programs through risk assessment determinants has triggered some degree of risk aversion while the corresponding anxiety has stifled innovation. Holding that some of the approaches towards risk management stifle innovation and productivity, this paper seeks to explore the literature affirming that successful risk management should take an adaptive form.

Risk Assessment
Risk management, and especially the assessment aspect, is one of the core components that define governance in the top tier management in organizations. Both the public and private organizations have embraced the business strategy of using the risk assessment tools before authorizing the implementation of any given project (Schürmann, Frey & Pleskac, 2018). Embracing the risk assessment measures is beneficial as it provides clear value for money on projects. This is particularly so as it would be implausible to fund entities that would increase exposure to losses for public or private funds. Most modern businesses have developed or considered different approaches of managing risks to optimize the usefulness of the available scarce resources while ensuring that there are returns for investment on all capital-intensive projects....

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