CORPORATE RISK MANAGEMENT Presented by Mahdi Alhamami

08:42 PM November, 26 2016

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مقالات سودانيزاونلاين-phoenix Arizona USA
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Subject
RISK MANAGEMENT SEQUENCE AND RISKS RELATED TO
INCREASE IN THE VELOCITY OF AN AUTOMOBILE FROM 70 TO 80 MILES ON UK MOTOR

Introduction
Risk Identification Risk Measurement Risk Analysis
Risk Decisions
Risk Implementations Risk Monitoring
Risk Policies Conclusion References
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Contents
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Introduction
To analyse and determine the risk related to the increase in the speed of motor vehicles that escalate from 70mph to 80mph on central highways for the speeding transportation in England and Wales is the main purpose of this article. It has been stressed by the government of UK that the market of the state will be excelled by depositing pounds in reserve for consumption in the future by the rise in the speed. Investigating the effects of hazards arising from the elevation in the speed on the life, health, economy and environments of the individuals is the aim of this composition. This paper contemplates the instant and long lasting hazards caused by increasing the speed on a highway and also ponders on the assessments and resolutions that can be implemented to diminish those dangers. This article will also consider the decision made by the people as well as the role of the government of UK and similar organizations. The risk management procedure, which is applied to scrutinize the hazards, is based on seven stages which are mentioned as follows:
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Risk Identification
It has been revealed by the studies that the danger of fatalities and impairments linked to crashes can multiply with the increase in the speed of the automobiles. The survivors undergo not only corporal inability, but also emotional disorder. The government of the UK will have to donate more to deliver crisis assistance as the resources of the government will be drained faster by the treatment of lasting disabilities.
Another disadvantage of high speed is the extraordinary depletion of petrol. The UK government would have to suffer a huge expenditure and losses of millions of pounds if the utilization of petrol goes higher as petrol is an irreplaceable resource. Even more wealth would be consumed and losses incurred would escalate to millions of pounds as the increase in speed on highways would also cause a great deal of air and sound contamination that would require sorting out.
Risk Measurement
The results of numerous supervised reports have verified that more fatalities and mortalities have been caused on the highways due to high speeds. The possibility of mishap and fatalities magnifies if you raise the speed to 65kmph (1 mile= 1.60km) in a zone where 60kmph is the limit, according to a latest analysis by Kloeden et al. (1997).
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The probability of a fatality upsurges from 5 to 10% with a rise of 10 mph as proclaimed by a survey organized by “Brake”, a road protection charitable foundation, concentrating on the UK (BBC, 2011). The director of an important organization based in UK, Professor Stephen Glaister asserts that the speed is not the reason of collisions and the resulting damages, but the increase in the speed is (BBC, 2011).
According to a study, high speed is the main reason behind 31% of the total accidents that occur in United States. The National Highway Traffic security management (a non-profit establishment) states that the financial system of the United States is charged a shocking US$ 40 billion by these kinds of mishaps every year (IIHS, 2011).
Death is not the only consequence of the escalation of speed, but the survivors suffer a psychological stress too. The costs incurred by the government are observed to instinctively mount whilst dealing with the fatalities of the crashes. Apart from the elevated number of crashes caused by the rise in speed, a hold up of traffic on the roads is also caused; hence, the more the collisions, the more will be the traffic holdups.
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Increased Pollution
Numerous casualties are caused by pollution too and it has been estimated that Europe bears witness to around 36,000-129,000 inhabitants expiring per annum because of the pollution that is produced by the mounting traffic (Dora et al., 2001, p.23). Thus, an automobile will exhaust an additional 20% of both petrol and CO2, if the speed constraint is crossed (BBC, 2011). Consequently, carbon-monoxide and nitrogen dioxide in the environment will also intensify and cause pollution. Numerous diseases like cancer, bronchial asthma and cardiovascular ailments can also be triggered by these contaminants (Dora et al., 2001, p. 19-21). The upsurge in the quantity of carbon-monoxide will not be beneficial for our previously damaged ozone layer either. The significance of the ozone layer is a very common knowledge as it shields us from the dangerous ultraviolet rays that causes cancer.
Other ailments, like hearing difficulties, may also be faced by the individuals by the rise in the speed of traffic on the highway too. Subsequently, the government would require additional wealth to secure the atmosphere by confronting the air and noise contamination.
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Increased Fuel Consumption
The rise in the velocity will certainly save time, ultimately leading the state to conserve millions in its financial system (BBC, 2011). But the negative aspect is the increase in the expenditure of the fuel, where diesel consumption rises by nearly 15% and 20% with the rise in speed from 70 mph to 80 mph rise (Guardian, 2011).
As more petrol expenditure is resulted with the rise in speed, more fuel will have to be acquired and traded in by the government which would badly affect the financial position as fuel is a major part of the imports made by the UK. In November 2011, due to the rise in the demand of the fuel, the UK market was faced with a shortage of £9.81 billion (Bloomberg, 2011).
The cost of petrol is mounting and is predicted to exceed in 2013, from US$101 per barrel (WSJ, 2011) to approximately $130 a barrel (Reuters, 2011). Thus, the amplification in the utilization of petrol in the time to come would prove to be very expensive which would add to the deteriorating financial system of the UK. The operating expenses of all organizations will climb due to the intensified petroleum prices. Hence, the government of UK, which is already striving to pull through the lasting impacts of the recession, will undergo even more financial problems.
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Risk Analysis
It is expected that the number of mishaps will escalate with the rise in speed which is bound to be the reason behind numerous fatalities, some also leading to loss of lives. Tending to the effected would place stress on the outflow, adding more to the expenses. The ailments triggered by the increase in contamination because of the rise in speed will require the National Health services (NHS) to put in a great deal of struggle to tackle them.
The expenses of the government will be amplified to reduce the chances of crashes as more cameras would be needed, combined with a huge amount of workers for supervision.
The government of the UK is already facing a massive glitch produced by the trade in of petroleum. There is expected to be a climb in the utilization of fuel as the speed constraint is intensified. This will require greater imports of petroleum, further adding to the shortage of the exchange. The situation is not made any easier with the fact that the cost of fuel is likely to amplify.
The government has to spend even more to clear out the infested atmosphere left behind by the air and noise pollution.
Risk Decision
It is vital to distinguish the components that provoke dangers to form resolutions that allow the least probability of hazards. A few of the key components are mentioned below:
The deficiency of another course to replace the automobiles moving with high speed is the first hazard triggering component. Guardian (2009) specifies that the German nation is supplied with effective, widespread and fast moving trains that travel with a speed of 150 mph. When the community is not provided by substituent means to travel, they will have no other choice but to use the roads. Similarly, the UK does not support operational and competent intercity roads that can assist people.
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The second component is the unawareness of the people. Individuals are observed to not be concerned with the dangers they are subjected to whilst over-speeding on the highways. The high utilization of petrol and the contamination caused as the result are the disadvantages of over- speeding that are not paid any heed. The probability of mishap multiplies if alongside over- speeding, the driver is either driving drunk, has taken drugs, is using a cell phone or is not sporting a seatbelt.
The class of the raw material applied while assembling the highways is the third aspect. If the building matter is of superior quality, the threat of mishaps can be decreased. This diminishes the possibilities of crashes, lessens the expenditure and also reduces the noise pollution. The quality of the matter used to compose the roads also outlines the constraint level of speed of the automobiles, like the material used to construct the roads inside the city is suitable to support the velocity of 70 mph while the highway is appropriate to tolerate a speed of 80 mph. A greater probability of mishaps is expected in case the driver does not obey the fixed constraint of a specific highway.
To diminish the hazard of crashes, the UK government should make these below mentioned resolutions:
The government of the UK is recommended to construct a speedy rail service inside the main cities which will prove to be time-saving for the travellers. It was suggested by the Telegraph (2011) that the UK needed to put up speedy rail tracks connecting London to Birmingham and other main cities. Actions are required to be taken by the government to increase the quantity of buses so the people are compelled to take the public transport instead of using private vehicles to travel.
12-18% of gas is prevented from being spent by only decreasing the speed of an automobile from 120kmph to 110kmph (1 mile = 1.60 km) as specified by a survey conducted by European Environment Agency (EEA, 2011). Hence, the community needs to be alerted regarding the advantages of maintaining the speed limit of 70 mph with the help of written compositions,
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broadcasting and by coaching the individuals. Also, the automobiles that are battered, depleted and utilizing gas which is more than necessary should be forbidden from being operated.
Knowledge must be distributed between the people of a community concerning the dangers linked with operating a cellular phone and not sporting a seat belt when over-speeding their automobiles, by the government and related establishments.
When trying to reduce the probability of crashes, the utilization of gas and the pollution caused as a result, the government of the UK should concentrate on the importance of good quality roads. To manage and improve the quality of construction material, suitable actions must be engaged in, such as utilizing asphalt can diminish the hazard of crashes, the expenditure of gas and contamination.
Risk Implementation
Ø Progressive strategies to launch substitute transportation schemes such as fast-moving railway structure and community bus facility which connects the main cities of the country should be introduced by the UK government.
Ø The UK government should be stricter in making sure that the laws and regulations initiated for protection like sporting seatbelts, not operating phones, and driving on highways after ingesting alcohol or drugs, are serving their purpose and are being observed by the public. Heavy fine must be imposed on the breach of any of these rules. Cameras should be installed in excess to keep a continuous watch on the speed of the automobiles.
Ø Emphasis was placed by Smith and Riley (2012, p. 103) on the concept that the citizens who are linked to the aspects that trigger road mishaps must be kept mindful of the issue so as to have planned outcomes. The citizens should repeatedly be instructed and informed so that they do not forget previous trainings.
Ø For erection of infrastructures and highways, good quality material should be deployed by the government like applying asphalt as it is appropriate for upholding the speed limit of 80 mph on the highways.
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Ø The rules and propositions made by government and related establishments concerning the amount of automobiles allowed on the highway should be obeyed by the individuals. To reduce the quantity of automobiles on highways, the individuals journeying in the same direction can share trips with one another.
Risk Monitoring
The application of the determined rules is expressively influenced by supervision and criticism. Heavy fines should be imposed on the breach of protection laws like ingesting alcohol or drugs before operating an automobile. To instruct citizens on the benefits of secure and cautious steering, the government and other related establishments should introduce awareness programs. The advantages of secure manoeuvring can only be appreciated when the rules formulated for the protection are respected and the community is constantly recapped and instructed.
Risk Policy
The policies that should be formed and implemented are mentioned below:
Ø Progress should be displayed by the UK government in situations of speedy means of
transport, like erecting fast railway scheme. The unit that is in charge of regulating the coordination of carriage should also increase the number of transporting vehicles linking the main cities.
Ø Government should also take serious measures against individuals driving drunk and enforce penalty for not observing the rules of the expressways.
Ø Additional cameras should be planted to inspect the speed of the automobiles travelling on the motorways.
Ø To advance and provide the required emergency assistance in the minimum duration, relevant measures should be incorporated.
Ø Economic support should be delivered to the people by the government of the UK to employ environment friendly automobiles as a substitute for operating battered and incapable ones.
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Conclusion
To summarize the details stated above, the probability of road crashes, more air and noise pollution and the ailments linked to the consumption of gas and fuel will also increase with the increase in speed of automobiles from 70mph to 80mph. Additional means of quick transportation should be multiplied by the government of the UK to make individuals reduce the dependence on their private automobiles. The motorists breaking the rules set for the protection of the people should be handed out stern penalties. The roads built should be outstanding to prevent the probability of accident. To aid the individuals involved in an accident, the crisis support facilities should be improved to diminish the time consumed to provide the required help. To diminish the threat of crashes, the individuals should be communicated information and consideration concerning risks connected to driving with high speed by the transportation departments and related non-charitable organizations.
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References
- BBC (2011) Ministers to consult on 80mph motorway speed limit. [Online] Cited on 29/9/2011. Available at: http://www.bbc.co.uk/news/uk-politics-15116064 [Accessed: 26 November, 2014]. ___
- BBC (2011) Who, what, why: Would raising the motorway speed limit make pile-ups worse؟ [Online] Cited on 7/11/2011. Available at: http://www.bbc.co.uk/news/magazine-15620146 [Accessed: 26 November, 2014]. ___
- Bloomberg (2011) U.K. trade deficit widens to record as import surge 3.8%. [Online] Cited on 9/9/2011. Available at: http://www.bloomberg.com/news/2011-11-09/u-khttp://www.bloomberg.com/news/2011-11-09/u-k- trade-deficitwidens- to-record-as-imports-surge-3-8-.html [Accessed: 26 November, 2014]. ___
- Dora, C., Phillips, M., World health Organization and Regional office for Europe (2001) Transport, Environment and Health: 89. WHO regional office for Europe, illustrated edition. ___ - EEA (2011) Do lower speed limit on motorways reduce fuel consumption and pollutant emission؟ [Online] Cited on 3/4/2011. Available at: http://www.eea.europa.eu/themes/transport/speed-limits [Accessed: 25 November, 2014]. ___
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- Guardian (2011) Speed limit rise would increase deaths and pollution, admits government. [Online] Cited on 30/9/2011. Available at: http://www.guardian.co.uk/environment/2011/sep/30/speed-limit-rise-deathshttp://www.guardian.co.uk/environment/2011/sep/30/speed-limit-rise-deaths- pollution [Accessed: 25 November, 2014]. ___
- Highways (2011) The role of the highways agency in local air quality management. [Online] Available at: http://www.highways.gov.uk/knowledge/10885.htm [Accessed: 26 November 2014]. ___
- IIHS (2011) Speed and speed limits. http://www.iihs.org/research/qanda/speed_limits.html [Accessed: 26 November, 2014]. ___
- Kloeden, C.N., McLean, AJ, Moore, V.M. and Ponte G. (1997) Travelling speed and the risk of crash involvement. [Online] Available at: http://casr.adelaide.edu.au/speed/SPEEDV1http://casr.adelaide.edu.au/speed/SPEEDV1. PDF [Accessed: 26 November, 2014]. ___
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- Makewealthhistory (2011) Why 80mph speed limits won’t help the economy. [Online] Cited on 4/10/2011. Available at: http://makewealthhistory.org/2011/10/04/why-80- mphspeed-limits- wont-help-the-economy/ [Accessed:28 November, 2014]. ___
- Reuters (2011) Goldman sees brent at $130/bbl in 2013. [Online] Cited on 1/12/2011. Available at: http://in.reuters.com/article/2011/12/01/crude-goldman-research- idINDEE7B009220111201 [Accessed: 28 November, 2014]. ___
- RTA (2011) Crash risk. [Online] Available at: http://www.rta.nsw.gov.au/roadsafety/speedandspeedcameras/speedingresearch.html [Accessed: 28 November, 2014]. ___
- Smith, L. and Riley, D. (2010) The Business of School Leadership: A Practical guide for Managing the Business Dimensions of Schools. Australian council for Educational. ___
- WSJ (2011) Market data. [Online] Available at: http://online.wsj.com/mdc/public/page/mdc_commodities.html؟mod=mdc_topnav_2_3002_eurohttp://online.wsj.com/mdc/public/page/mdc_commodities.html؟m...c_topnav_2_3002_euro pe [Accessed: 28 November, 2014]. ___
-Telegraph (2011) £8.5 billion "black hole" from HS2 high-speed rail link – report. [Online] Cited on 3/12/2011. Available at: http://www.telegraph.co.uk/news/uknews/road-andhttp://www.telegraph.co.uk/news/uknews/road-and- railtransport/ 8933742/8.5-billion- black-hole-from-HS2-high-speed-rail-link-report.html [Accessed: 28 November, 2014].
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