Question

Please explain

Operational risk can sneak up on an organization that is not vigilant. What looks like an opportunity can become a risk. Success with an operational process today can quickly become a failure tomorrow. From a global perspective find an event that occurred in the last ten years that illustrates the negative effects on an organization that did not properly plan for operational risk. Be sure to name the business involved, describe the event, and explain how it could have been avoided or mitigated.

Answer 1

This is an extremely decent inquiry, and taking a shot at this inquiry will give you a smart thought of how not appropriately making arrangements for an operational hazard can result in the association closing down.

The most prominent model which strikes a chord would be that of Kodak. Here we have an association which was doing great amid its time in the field of photography. Regardless of whether it was about the photograph studios, fabricating cameras, or about the film based prints, Kodak was one of the market chiefs amid the time that it existed.

In any case, Koda neglected to note one noteworthy change in the business by then - digitization of the photography business. In those days, individuals were at first depending on physical prints of photographs, and this is the place dominant part of the cash was made. Anyway this was seeing a structural move with the appearance of increasingly computerized methods of catching and devouring photos. Kodak neglected to take note of the way that on the off chance that it doesn't change its method of activities to accommodate for this move towards advanced, it could fall.

Kodak tragically assumed that since it is the market chief in its field as of now, there is no exceptional change which can occur in this field. Be that as it may, as individuals got hold of computerized methods of catching photos, for example, the advanced camera and the cell phone, individuals began keeping away from the "film". It was never again required to print a photo any longer. Kodak totally ignored this real hazard.

It could have been maintained a strategic distance from if the tasks group and the advertising group together had the foreknowledge to realize that their plan of action needed to change - they needed to grasp producing either computerized cameras or increase the value of advanced photography. This is the place what's to come was. They required a legitimate hazard relief plan and a finish of life investigation for the majority of their items. This was unmistakably absent. Had they put enough in ensuring that the adjustment in the organization's methodology obliged for assembling either computerized cameras, or guaranteeing that their outlets servied the advanced needs of shoppers, they could have likely kept being the market chiefs even today.