Risks Of A Risk Management Process

1208 WordsNov 25, 20155 Pages
Every day businesses face the challenge of being exposed to potential risks. Whether these risks are internal to the company financially, damaged caused to the interior or exterior of the building itself, or lawsuits due to liability losses, businesses have a responsibility to be prepared. There are numerous ways for businesses to protect themselves from possible risks resulting from a loss. Risks may also vary depending on the type of business and operations it conducts. Not all companies will be faced with the same challenges of protection for losses, which is why it is important to consider a risk management process. Risk management is the identification, assessment, and prioritization of risks, followed by coordinated and economical…show more content…
Insurance policies will not only help businesses financially, but also personally, being reliable to their employees as well as keeping a strong customer base. A good example of a business that does this is Kohl’s Department Store. With a variety of different merchandise, low prices, and quality service, Kohl’s delivers to its customers with exceeding expectation. To see how Kohl’s has successfully made it to the top, a brief history of the company and achievements will provide a foundation for the types of policies needed in order to maintain such success. According to the Kohl’s Fact Book, quarter ending in May 2010, the history and background of the company has had major impact on why they are still successful today. Beginning in 1962, the first Kohl’s Department Store was opened in Brookfield, Wisconsin. The store was originally designed as a grocery store, and soon expanded into retail. Since then, Kohl’s has opened approximately 1,200 stores in the United States. In the mid 1980’s, Kohl’s had been expanding tremendously being ranked 8th in Wisconsin’s top 100 privately owned companies for their brand named merchandise and carrying high quality products at lower prices than many other retail stores. In the mid 1980’s to the beginning of 1990, Kohl’s experienced sales increases from $300 million to $1 billion, and has sense skyrocketed to over $10 billion In net sales (Fact Book, 4). By 2001, the company builds Kohls.com where
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