This Is a Summary on the Risk Management Case Study of Air...

REPORT ON RISK MANGEMENT OF AIR CANADA SUBMITTED TO : MRS.VANDANA MEHROTRA SUBMITTED BY: KUNAL KOTHARI MOHITA AGARWAL SAIMA AHMED APURV SHARMA NAINA SINGH SONAKSHI RATHI AIR CANADA- RISK MANAGEMENT INTRODUCTION: Colin Rovinescu, the Chief Executive Officer (CEO), for Air Canada was reviewing the Risk Management program of the company because the scheduled board meeting was approaching soon. He needed to deliver a comprehensive presentation in front of the board members. CHALLENGES FACED BY THE AIRLINE INDUSTRY: An Airline is a business providing a system of scheduled air transport. Also called airway. Airline industry is the business of transporting paying passengers and freight by air along regularly scheduled†¦show more content†¦Fostering a culture of change- During this time, the operating losses had turned into income and the primary reason was an increase in demand. The demand of premium cabin was near about half the $256million increase in sales. THE BOARD: The board consisted of the leaders of their own fields. It included physicians, lawyers, politicians and some of the former CEOs of airline industry. The board was relatively new and the most severe member had been there for four years. The risk management was the major issue which attracted most attention of the board and they dedicated more time on attention n risk management since the financial collapse. TYPES OF RISK: Risk management is a much broader process in aviation industry. It includes basically solutions to the various risk factors. They are as follows: * Catastrophic Risk: Despite flying being the safest form of traveling, catastrophic risk is attached with the aviation industry because if any unforeseen circumstances take place then major monitory damages happen. It lies in the LOW FREQUENY-HIGH SEVERITY zone. This type of risk is usually transferred to the third party through insurance. The entire commercial aircraft is insured in about $100 million to $250 million. * Operational Risk: It includes all the major and minor processes taking place in the company. It included: trained Human Resources, strong IT Infrastructure, management and repair of equipments. The risk involved has lowShow MoreRelatedEssay on Is Nuclear Energy Worth the Risk?1511 Words   |  7 PagesIs Nuclear Energy Worth the Risk? The capability for nuclear energy has always existed. However, not until December 2, 1942, at the University of Chicago, did nuclear energy surface. Enrico Fermi made that discovery by making a chain reaction in a pile of uranium. How a nuclear reaction works is that a neutron is â€Å"shot† through a gram of uranium, which creates fission. This causes a chain reaction, thus creating a nuclear reaction or nuclear energy. 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