Risk Management Report Business & Marketing Research Paper

RISK MANAGEMENT REPORT
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Risk management of the World Mobile Congress
Risk management is a process by which a firm or an association evaluates and explores its risk concerning the corporate world. It then forges other ways to minimize and mitigate the identified risks. A risk can be either internal or external and involves expected monitoring results subject to the type of risks foreseen. World Mobil Congress is an organization seeking to assess its risks and plan for solutions to its problems. This paper explores the organization's background, its risks, analyses its situation according to SWOT and PESTLE schemes, identifies the dangers of these risks, and recommends proper solutions to the organization.
History of the World Mobile Congress
The Mobile World Congress is a technology event organized by Global System for Mobile (GSM) Association, mainly for the mobile and telecommunication industry. The conference features prominent executive representatives of universal phone operators, technology providers, vendors, manufacturers, and content owners(Godfrey et al. 2009, p. 425). The event gives major telecommunications companies a chance to showcase their new and unique merchandise. Journalists, company executive directors, brand ambassadors, and technical analysts are allowed to test the latest products. GSM is an association of all mobile manufacturers and operators that was launched in 1982 to enhance mobile standards. About five years later, GSM changed its name to 3GSM as they switched to a faster and reliable 3G network. Later on, the company decided to settle for one name, WMC, to avoid periodic name changing when new technologies emerge (Tüfekçioğlu et al., 2017 p. 169). The show is usually set in either early spring, either late February or early March.
SWOT and PESTLE analysis
SWOT and PESTLE analyses are crucial business tools necessary for the evaluation of either an existing business or a business idea. The two features help in identifying potential factors that can positively or negatively affect a business and, thus, are useful in decision making. SWOT analysis scrutinizes four zones within a corporate setting, the strengths, weaknesses, opportunities, and threats (Tsangas et al., 2019, p 791). On the other hand, PESTLE analysis examines the external aspects that affect the business as political factors, economic, social, technological factors, legal policies, and the business environment. The two tools enable the corporate owners to examine the effect of individual decisions before execution, categorize probable threats within an organization and also, identify the pros and cons of choices, and after the event. The pandemic is a crisis whose ending is quite unpredictable (Dietz et al., 2020). The only clear impact of covid-19 to human beings is already tragic, and corporate managers have to take immediate action to protect its employees while addressing possible business challenges and risks to help reduce the outbreak in as many ways as possible.
PESTE analysis and its effects on WMC
PESTLE Analysis is a mnemonic word for external environmental factors like political, economic, social-cultural,...