Risk Management for Nokia

Research Paper (undergraduate) from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 1 (First) = 82 %, New College Durham, language: English, abstract: Tremendous events like 9/11, the huge property/ banking/ debt/ euro crises, failingprojects like Heathrow Terminal 5 or the instable political situation in many countries ofthe Middle East – just a few examples of events that have made people andorganisations more aware of risks and uncertainty. Therefore, risk management hasbeen gaining more and more in importance since the 1970s and is included in mostorganisations’ policy nowadays. (Merna & Al-Thani, 2008, p.40 [Online])However, even if the connotation of the word “risk” in our everyday language is quitenegative, risks do not just mean threats (also called “downside risks”) but they can alsoprovide opportunities (“upside risks”). (Woods, 2011, p.22)Consequently, “avoiding a risk may mean avoiding a potentially huge opportunity”(Frame, 2003, [Online]), which makes risk management a complex matter that isessential to be considered thoroughly by every organisation that is interested in longtermprofitability.