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How would you explain the inability of traditional risk management systems risks in dealing with the emergent social and environmental risks associated with sustainability?

Companies are likely to have engaged in various sustainable approaches that are more likely to establish the stakeholders for long term agreement. In the view point of Courtney et al. (1997), the risk management practices are no longer adequate to deal with the threats that the companies are facing in the recent time. Factors like intense competition, huge dependency on fossil fuel and others pose a new level of threat to the companies. Compared to the traditional risk management system, today’s risks are managed in a more standard way. For instance, the finance department monitors and manages the credit risk, the relationship department manages overseas reputational risk and the facility management supervises the physical risks (Bernstein 1996). This specialization has automatically helped to manage the risk to a greater extent whether the risks are associated with social or environmental sustainability. Environment is virtually impossible to predict and the adverse situation can range over such situation, that it might become difficult to overcome the situation. The leaders and executives should have the responsibility towards this changing environment and contribute towards sustainability of environment.

As stated by Nohria and Stewart (2006), the importance of dealing with sustainability in the recent time has increased by large extent and the organizations have to be responsible enough in order to combat against the degrading condition of nature and the uncertainty of mother world. It should be the prime responsibility of the leaders to consider sustainability as the prime responsibility for them. Predicting the future and being precise enough to develop strategies that would contribute towards sustainability should always be the primary goal of the leaders in the recent scenario. The value of strategy also depends on the competitor’s strategy as well; which means the best possible business strategy is always rewarded and appreciated. In this respect, Nohria and Stewart (2006) commented that the strategy of a company depends on the technological innovation of the organization as well and the overall profitability depends on how well the same thing is attributed towards the environment. Focus should be made on building up sustainability by considering the future situation.

References:

Bernstein, P.L., 1996. The new religion of risk management. Harvard Business Review, 74(2), p.47.

Courtney, H., Kirkland, J. and Viguerie, P., 1997. Strategy under uncertainty. Harvard business review, 75(6), pp.67-79.

Nohria, N. and Stewart, T.A., 2006. Risk, uncertainty, and doubt.

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