Different Dimensions of Risk Management

Introduction

Every country runs on a set of objectives. They have well-defined short term and long term goals, and all the different sectors of the company work towards nation's upliftment. In spite of having all the norms related to the different sectors, there might be a situation that is uncertain for the nation to address. One such uncertain situation is called risk. Risk is defined as an uncertain situation that can prove to be harmful to any sector of the nation.

Therefore, every nation must have defined set of protocols to handle such risks. They must have a separate sector for risk management. There are different dimensions of risk management. Some of them are legal dimensions, ethical dimensions, and sustainability dimensions. Any standard risk management process will involve risk identification, analysis of the risk, and its potential impact, planning, and implementation of prevention and mitigation measures. In this essay, all these dimensions will be discussed in detail. In-depth analysis, including the need to include them, will also be performed.

Legal dimensions of risk management

There are certain legal dimensions of risk management. Every aspect of risk management is supported by a legal procedure. Any breach in the risk management protocol will call for legal actions taken against the doer. There are certain schemes related to the legal dimensions in tourism, health and event.

Legal risk management in tourism

Tourism involves welcoming foreign citizens to any country. It is one of the biggest contributors to the country's economy. Therefore it is important to ensure full safety to the tourist and the tourist must not also cause any harm to different aspects of the country. Legal protection must be provided to all tourists from thieves, dacoits, pickpocketers and other wrong-doers. The tourists must also be subjected to legal issues if they cause any damage to the national property. The tourists must also not carry arms or sharp objects when moving into the country.

Answer the following questions that relate to the Chapter 2, of the...