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Social Responsible Risk Management

What is the definition of socially responsible risk management? How would you go about enacting a more socially responsible risk management strategy in your current workplace? Brief explanation.

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All organizations encounter risk on a regular basis. The risk is the threats and vulnerabilities of a company, and risk management is the countermeasures, and controls that the organization puts in place to reduce or eliminate the amount of risk they face (Kytle & Ruggie, 2005). These risk management practices are put into place to protect the organization, its employees, and its shareholders. By limiting or eliminating the risks that the organization faces it ensures that the company will have a fighting chance at being successful. Organizations are used to facing the traditional types of risk which are economic, technological, and political (Kytle & Ruggie, 2005). These types of risks threaten organizations on a regular basis. The new emerging risks that many companies are now faced with overcoming is social risks.

The main areas that are associated with social risks ...