Risk Management for Nokia

Research Paper (undergraduate) from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 1 (First) = 82 %, New College Durham, language: English, abstract: Tremendous events like 9/11, the huge property/ banking/ debt/ euro crises, failing

projects like Heathrow Terminal 5 or the instable political situation in many countries of

the Middle East ¿ just a few examples of events that have made people and

organisations more aware of risks and uncertainty. Therefore, risk management has

been gaining more and more in importance since the 1970s and is included in most

organisations¿ policy nowadays. (Merna & Al-Thani, 2008, p.40 [Online])

However, even if the connotation of the word ¿risk¿ in our everyday language is quite

negative, risks do not just mean threats (also called ¿downside risks¿) but they can also

provide opportunities (¿upside risks¿). (Woods, 2011, p.22)

Consequently, ¿avoiding a risk may mean avoiding a potentially huge opportunity¿

(Frame, 2003, [Online]), which makes risk management a complex matter that is

essential to be considered thoroughly by every organisation that is interested in longterm

profitability.