Risk Management in Nuclear Sector-Free-Samples for Students

Question: Discuss about the effectiveness of Governance in Risk Management in Nuclear Energy Sector. Answer: Introduction The term risk management is a coupled terminology in the business organizations which deals with the financial risk evaluation and anticipation along with providing some potential measures to circumvent and curtail its impact on the organizational development. Considering the following aspects, this report is undertaken to discuss the efficacy of governance on risk management in the nuclear energy sector. In order to present a vital discussion over the proposed topic, a case study of Emirates Nuclear Energy Corporation (ENEC) is integrated. The significance of risk management in the nuclear sector can be understood from the fact that it helps the majority of the country's population in meeting their electricity needs. Risk Management in Nuclear Sector Consideration of risk management becomes highly crucial for the organizations operating in the sector of nuclear reactions as various risks such as health, safety, financial and market risks are associated with it. The contemporary market of such firms experiences multidimensional risks for remaining competitive and commercial in the market. Thus, the managers of such firms are proposed to associate operational practices with some effective risk management strategies (Aven, 2016). The risk management policy of ENEC is centrally surrounded by 3 major aspects, which are production, financial and safety issues. Emirates Nuclear Energy Corporation ENEC is a UAE based nuclear energy organization which came into existence in the year 2009 with a visionary to deliver safe, clean, reliable and efficient nuclear energy services to the population of the nation. The government of Abu Dhabi also considers this organization as an important channel of investment due to ENECs contribution in designing the first nationally owned nuclear plant of UAE (Alameri, Alkaabi and Beeley, 2018). The orientation of the organization is strictly aligned to influence the upcoming supremacy and development of UAE through sustainable civil nuclear energy program. Corporate Governance for Risk Management Corporate governance of every organization is a vital segment to facilitate the attributes of risk management along with the functioning of the firm. It potentially administers the sustainable development of the organization by managing risk factors and accomplishing the proposed business goals. The prime factor, which gravely affects the business of an organization, is the consequences of the financial crisis. Therefore, besides the elimination of risk factors, concern about the risk mitigation measures for probable sources of risk is also crucial for the organizations (Calomiris and Carlson, 2016). Moreover, the functionalities of corporate governance and risk management are solely independent of the profit perspectives of the organization as they assist the long-term sustainable development policies. Conclusion On the basis of basis of facts and deliberations presented above, it can be concluded that risk management plays a significant role in the contemporary business-oriented organizations. The attributes of risk management aligned with corporate governance empower the competent and sustainable development. Therefore, a case study of ENEC is incorporated in this research report to justify the significance of governance on risk management in the nuclear energy sector. Overall, it can be inferred that all the aforementioned arguments and discussions potentially contributed to validating the objective and aim of this research report References Aven, T., 2016. Risk assessment and risk management: Review of recent advances on their foundation.European Journal of Operational Research,253(1), pp.1-13. Alameri, S.A., Alkaabi, A.K. and Beeley, P., 2018. UAE Experience in Nuclear Safety and Security Programmes. Calomiris, C.W. and Carlson, M., 2016. Corporate governance and risk management at unprotected banks: National banks in the 1890s.Journal of Financial Economics,119(3), pp.512-532.