Risk Management Report Business & Marketing Research Paper

RISK MANAGEMENT REPORT
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Risk management of the World Mobile Congress
Risk management is a process by which a firm or an association evaluates and explores its risk concerning the corporate world. It then forges other ways to minimize and mitigate the identified risks. A risk can be either internal or external and involves expected monitoring results subject to the type of risks foreseen. World Mobil Congress is an organization seeking to assess its risks and plan for solutions to its problems. This paper explores the organization's background, its risks, analyses its situation according to SWOT and PESTLE schemes, identifies the dangers of these risks, and recommends proper solutions to the organization.
History of the World Mobile Congress
The Mobile World Congress is a technology event organized by Global System for Mobile (GSM) Association, mainly for the mobile and telecommunication industry. The conference features prominent executive representatives of universal phone operators, technology providers, vendors, manufacturers, and content owners(Godfrey et al. 2009, p. 425). The event gives major telecommunications companies a chance to showcase their new and unique merchandise. Journalists, company executive directors, brand ambassadors, and technical analysts are allowed to test the latest products. GSM is an association of all mobile manufacturers and operators that was launched in 1982 to enhance mobile standards. About five years later, GSM changed its name to 3GSM as they switched to a faster and reliable 3G network. Later on, the company decided to settle for one name, WMC, to avoid periodic name changing when new technologies emerge (Tüfekçioğlu et al., 2017 p. 169). The show is usually set in either early spring, either late February or early March.
SWOT and PESTLE analysis
SWOT and PESTLE analyses are crucial business tools necessary for the evaluation of either an existing business or a business idea. The two features help in identifying potential factors that can positively or negatively affect a business and, thus, are useful in decision making. SWOT analysis scrutinizes four zones within a corporate setting, the strengths, weaknesses, opportunities, and threats (Tsangas et al., 2019, p 791). On the other hand, PESTLE analysis examines the external aspects that affect the business as political factors, economic, social, technological factors, legal policies, and the business environment. The two tools enable the corporate owners to examine the effect of individual decisions before execution, categorize probable threats within an organization and also, identify the pros and cons of choices, and after the event. The pandemic is a crisis whose ending is quite unpredictable (Dietz et al., 2020). The only clear impact of covid-19 to human beings is already tragic, and corporate managers have to take immediate action to protect its employees while addressing possible business challenges and risks to help reduce the outbreak in as many ways as possible.
PESTE analysis and its effects on WMC
PESTLE Analysis is a mnemonic word for external environmental factors like political, economic, social-cultural, technological, legal, and environmental (Tsangas et al., 2019, p 791). In light of the coronavirus Pandemic, the PESTLE analysis can be used to examine the prevailing situation for the World Mobile Congress and therefore make a decision that will ensure maximum benefit of the human race.
The annual trade show and conferences held, work to bring together mobile exhibitors and the companies to showcase their products. The Mobile World Congress 2020 that was to be held in Barcelona between 24th and 27th February has been recalled due to the threat of the Coronavirus outbreak. The exhibitors and the companies had started pulling out of the MWC, forcing the GSM Association, which had organized it to cancel the whole event. According to the GSM CEO, John Hoffman, the corona Virus outbreak has made it difficult to hold the event(Yang et al., 2020, p102434). These imply that there are very many risks bound to be experienced if they went ahead with the event. The Coronavirus that initially originated from Wuhan China has paralyzed operations of everything in the world over (Godfrey et al., 2009, p 425). Many business normalcies have been broken, and employees sent home, a strategy to reduce the spread of it. The virus causes death in extreme cases, and the unfortunate part is that as of now, it has no vaccine and no cure found. This virus is easily transmitted through sneezing and coughing by an infected person. In light of these, gatherings of people have been prohibited from reducing the risk of the spreads. GSM association had to cancel the World Mobile Congress event that they were organizing due to the outbreak.
Following the PESTLE analysis, the company faces risks and will be affected in very many ways due to the coronavirus pandemic outbreak (Yang et al., 2020, p. 102). The following factors will affect the company, and it does not control it. The Corona Virus has destabilized the economic environment of the world where the company seeks its customers (Dietz et al., 2020). This happens as the exhibitor already pulled off from the show following the threat of the pandemic. The political environment, which is responsible for the security of any area, is not fit for the business. The political side reinforces the legal policies made. There is no healthy environment for business as the virus is everywhere, and the politicians encourage the people to stay far away and to keep their social distances to flatten the curve of the spread of the Coronavirus.
The lockdown and self-quarantine measures policies made to curb the spread of the virus affect the social-cultural environment (Ansari & Garud 2009, p. 382). A system such as social-distancing of the people has been established to limits the hosting of events such as any gatherings that have been prohibited for safety purposes. These affect the business as they are forced to hold stop holding events (Yang et al., 2020, p. 134). It may seem like a waste of finances since the potential clients may not attend.
The legal, environmental factor is concerned with making the policies affecting the country. Following the pandemic, the legal environment is hostile to business (Ansari & Garud 2009, p 382). The plans made by the government include the lockdown of all companies and for people to work from home. For the World Mobile Congress to happen, traditionally, it is required for people to be able to meet and congregate. The legal policies of the host organization do not allow free movement of the people hence affecting the h...