Effect of Multiple Events on A Risk Management Strategy
In many risk programs, risks are managed individually. A robust risk program, however, considers the cumulative effect of all risks. Assess the following scenario and identify the effect of multiple events on a risk management strategy:
- When the Titanic struck the iceberg, the weather was bad, the lookouts were not properly equipped, the radio operator was not monitoring other ship traffic in the area, and the ship design had a major flaw in the construction of the hull’s “watertight” compartments.