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SUBJECT: MANAGEMENT
TOPIC: RISK MANAGEMENT – FOLLOW-UP
Risks are classified and ranked according to their impact or consequences. Consequences are grouped into five categories on the basis of how severe damage is caused by a risk, these include; insignificant, marginal, moderate, critical and catastrophic (Lam, 2014). In this document we are going to look at specifically the risks associated with business projects in Thailand or in other words what are the risks involved in carrying out business in Thailand.
To begin with business people operate under numerous business risks Thailand some of which have tangible impact to the business whereas some have a negligible effect.
Numerous health and safety concern possess a challenge to the region and the Foreign and Common wealth Office (FCO) advices against travel in different parts of the country. The travel advisories can be moderate or insignificant depending on how the business relies on travellers. If the business’s client is majorly travellers who rely on the FCO advices then that remains critical risk.
Secondly, bribery and corruption is a common thing in Thailand, it has been an issue in Thailand for many years and almost all business people in the region might have encountered the same. Even though corruption has a less effect on the business, it is therefore classified as an insignificant risk. The FCO advises businesses and companies in Thailand that they should not get involved in corruption.
Finally security risk is an issue in Thailand. Since 2004, the FCO has assessed that terrorism is more likely to be carried out in Thailand. The risk associated with terrorism is catastrophic and might completely ruin the existing business. The only way to manage terrorism is by putting in place security measures to be able to detect any terror related activity and prevent them from happening.
REFERENCES
Lam, J. (2014). Enterprise risk management: from incentives to controls. John Wiley &
Sons.
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Simon, M. (2016). Thailand Risks Assessment Control Guide. Retrieved 15 April 2018, from
Henry, A. (2015).Business Risk in Thailand. Retrieved 15 April 2018, from