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    Conclusion & Recommendation Honeywell

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    Henny Zahrany
    The new integrated risk management approach provides more benefits to companies by reducing costs while also creating consistency across risk management. It addresses both strategic risks and opportunities, filling gaps in the traditional approach which focused only on downsides. For these reasons, the document recommends that Honeywell adopt the new integrated risk management strategy. Key requirements for implementation include identifying strategic objectives affected by uncertainty, defining roles and responsibilities for risk management teams, and ensuring relationships between risk management levels using shared definitions and frameworks.

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    Conclusion & Recommendation Honeywell

    Uploaded by

    Henny Zahrany
    313 views2 pages
    The new integrated risk management approach provides more benefits to companies by reducing costs while also creating consistency across risk management. It addresses both strategic risks and opportunities, filling gaps in the traditional approach which focused only on downsides. For these reasons, the document recommends that Honeywell adopt the new integrated risk management strategy. Key requirements for implementation include identifying strategic objectives affected by uncertainty, defining roles and responsibilities for risk management teams, and ensuring relationships between risk management levels using shared definitions and frameworks.

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    Honeywell risk management case conclusion and recommendation

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    The new integrated risk management approach provides more benefits to companies by reducing costs while also creating consistency across risk management. It addresses both strategic risks and opportunities, filling gaps in the traditional approach which focused only on downsides. For these reasons, the document recommends that Honeywell adopt the new integrated risk management strategy. Key requirements for implementation include identifying strategic objectives affected by uncertainty, defining roles and responsibilities for risk management teams, and ensuring relationships between risk management levels using shared definitions and frameworks.

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    313 views2 pages

    Conclusion & Recommendation Honeywell

    Uploaded by

    Henny Zahrany
    The new integrated risk management approach provides more benefits to companies by reducing costs while also creating consistency across risk management. It addresses both strategic risks and opportunities, filling gaps in the traditional approach which focused only on downsides. For these reasons, the document recommends that Honeywell adopt the new integrated risk management strategy. Key requirements for implementation include identifying strategic objectives affected by uncertainty, defining roles and responsibilities for risk management teams, and ensuring relationships between risk management levels using shared definitions and frameworks.

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    Conclusion

    The new integrated risk management gives more benefit to the company, as it gives potential for further
    cost reduction/efficiencies while also forcing consistency and synergy in risk management in different
    segments of risks and addressing specific needs of different risks. Compared with the traditional, the
    existing strategy narrowly focuses on the downside and also restricted to the technical or operational
    field. The existing strategy address tactical threat more than strategic risks, this shortcoming can be
    overcome by widening the scope of risk management to encompass both strategic risks and upside
    opportunities, creating an integrated approach which can bridge the gap between strategy and tactics. So
    from these benefits our syndicate thinks that Honeywell should go with the new integrated risk
    management.
    Recommendation
    There are some requirements for implementing the new integrated risk management according to Hillson,
    David (2006):
    Identify the strategic objectives which might be affected by uncertainty, for example the benefits
    defined in the business case, or stakeholder needs, or corporate goals.
    Identification of roles & responsibilities for the new integrated risk management teams at an
    appropriate level. Where tactical risks might be managed by the project manager or a functional
    manager, strategic risks are the responsibility of senior management.
    Ensure a clear relationship between the different levels of the risk process. This requires use of
    shared definitions for risk, a common risk process framework and staff at all levels who are
    committed, competent and professional in their approach to risk management.

    Reference
    Hillson, Davis (2006), Integrated Risk Management As A Framework For Organisational Success
    (https://www.google.com/url?
    sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CCcQFjAA&url=https%3A%2F
    %2Frisk-doctor.com%2Fpdf-files
    %2Fadv13.pdf&ei=hyJBU9m1EKOFiAezrYFg&usg=AFQjCNEFgeymXWnlVh7wKrgmzjf2oSMXOQ
    &sig2=HhAsyVnaAQ9JwuFn42nxSQ&bvm=bv.64125504,d.aGc).

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