Case Study: Flydubai

Risk committee should give due emphasis to these risks. This strategy should follow the principles of risk management as mentioned above. In addition, industry benchmarks and strategies of other airlines should be referred to. Real world examples and case studies should be included codes and regulations to make things clearer and easily understood for their employees and the suppliers. Moreover, they need to have more training on their employee on the codes and regulations to ensure that they always make the right decision whenever risk occurs. At same time, sufficient communication with supplier regarding the anti-bribery policy should be contacted regularly. Apart from these, flydubai should improve the risk awareness of both supplier and employees through risk communication. For example, risk committee of flydubai can organize the regular meetings with both suppliers and their procurement staff, and share with them the potential and realistic risks, and providing them with more efficient solutions to these kind of risks. So they will be prepared the risks that may occur in the future. Finally, they have to establish a solid evaluation system which can deliver valid assessment results. There are lots of tools their can used for the evaluation which include problem analysis, to records all the activities and events of a risk management plan. And

Risk management is the process of prioritizing various risks to determine a the best course of action to take given set resources, importance, or abilities. Risk is determined by a simple mathematical function.

Risk Management is an internal IT strategy used to align the IT risk management plans with the business strategic initiatives to reduce the IT threats. Incorporating this process will ensure IT risks are managed, and the impacts are identified and monitored effectively.

Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,

Risk is defined as the probability that a company will become insolvent and will not be able to meet its obligations when they become due for payment. The profitability versus

Risk refers to a likelihood, probability, a chance that a loss may occur in a given organization. Most of the times, there is a high risk when there is vulnerability. In this case, vulnerability refers to a weakness that the organization has. Risk assessment refers to the process of identification of potential hazards and proper analysis of the expected losses if those hazards occur (Homeland Security, n.d.). Risk assessment as a way of profiling risk according to impact to the organization. Some organizations have business impact analysis exercises geared towards determination of potential hazards based risk assessment approaches. Organizations’ risk differ depending on the size and the type of business they are doing. The disparity in organizations’ risk call for different adaptation of risk assessment approaches. Even with the disparities of the businesses, proper risk management not only ranks the risks according to the seriousness but also identifies the best methods to control risks in an organization.

Background- In its most basic sense, risk management identifies, allows assessment, and prioritizes risks that are associated and central to an individual project or organization. Risk management allows the organization to be proactive in preventing or mitigating risks, for improving certain processes within the organization, and with the hope of preventing fiscal exposure. However, in almost every organization there are risks individuals are unique and do not always perform at a high level of safety; mechanical or design failures exist, construction projects have supply or labor issues, there are uncertainties in computer or data modification, of course natural disasters, and even deliberate attacks from competitors, etc. Because this is such a common occurrence, national and even international standards have been developed in conjunction with the insurance and regulatory institutions to at least provide basic guidelines to minimize risks risk (International Organization for Standardization, 2009).

A company's risk management strategy is largely governed by the degree to which company leadership emphasizes its importance.

According to Freeney & Murphy ( 2013) risk management is a process of risk identification, response development, risk evaluation, continuous observing and appraisal in order to reduce the risk of injury to patients, staff and visitors. Risk has been defined as “the chance of something happening that will have an impact on the achievement of organisational stated objectives,” HSE (2008) or “the effect of uncertainty on the objectives” ISO 31000 : 2009.

Facts about Emirates Airline: 1st founded in 1985, and started its operation on 25-10-1985, 2nd Largest Airline in Middle East, 3rd It operates 3300 flights per week with 66725 Employees, 4th in 2017 Emirates mark esteem grows 17% to achieve US$7.7 billion, 5th Emirates aim to have over 320 aircraft by 2018.

Definition: A Risk is an unwanted situation which might arise in an organization which might lead to negative impact on the desired result. Risk management plans involves the analyzing, managing and evaluating the projects risk and threats. It involves layout of the entire project i.e from the beginning during and after results of the project.

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

risk management operations of the company, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is

Risk Management—Contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.