Risk Management - BP Gulf Oil Spill
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How might new environmental risk requirements impact business in the future? When reviewing risk, does one need to consider even remote risk if there is a potential high cost or negative ramification?
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Solution Summary
This excerpt explains how environmental risks can affect businesses in the future. It also explains how remote risk can have significant ramifications for projects such as the BP Gulf oil drill.
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According to dictionary.com, environmental risk is "actual or potential threat of adverse effects on living organisms and the environment by effluents, emissions, wastes, resource depletion, etc., arising out of an organization's activities."
I read an article about cars that run on compressed air. Although the cars were said to be good for the environment, they still had their issues and were only going to negatively impact the environment in a different way. The cars still needed to use large amounts of electricity and there was a high potential for them to explode upon impact if ever an accident occurred. Aside from the fact that the cars were said to be the ugliest cars ever, ...
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