Innovation and Risk Management Module

Question: Discuss innovation and risk management module? Answer: The task that involve in an innovative company: There are different types of task that involves in the innovative industry that helps the industry for the growth in the future. The five task's that considered as the important task for an innovative industry. They are: Drivers of Globalization: This helps the industry to spread the finance and the capital and also helps in distribution of new information and communication technologies. Environmental scanning: In this task, an industry analyzes the risk and makes the strategic investment policies. Political Intelligence: This task helps the industry to stay politically stable, and also helps in knowing the taxation policies that may be possible by making the relationship between the private and public sector. Economic Intelligence: This task helps the industry to forecast the economic growth and also help to understand the policies that are required for economic growth. This task is important for an industry as it can help to make the strategy for the growth. Social Intelligence: During this task, an industry can provide a training and development program to the employees of an industry, which helps them to grow their skills and knowledge (Savina, 2014). The Research Process: In the research process, the researcher finds the benefits and advantages of risk management in the innovation like; the risk management process can help the industry to the continuous process of innovation (Khan, Rathnayaka and Ahmed, 2015). During the time of innovation the risk management process gear it up for the success. From the financial point of view, the innovation in risk management process gives a relaxed approach. Risk management is not the direct opposite of innovation it gives the concentration to the innovation. Whenever an industry goes for the innovation of something new, the risk management process, help to accelerate the innovation process. If an industry, identify the risk for innovation, then it won't be hard for an industry to minimize the risk in the innovation process. As per (Halkos and Kitsos, 2012) for any innovation the risk management give the core competency. The risk management process in the innovation creates the ability to identify the risk and analyze the risk, which will help an industry to eliminate the risk in the innovation. The risk management is also not considered as the safety procedures but at the same time it considered as the learning procedures for an industry. Techniques of the Research work which will highlight the personal challenges and the benefits: Mainly there may be three techniques for this research work, for example; a) risk management is not the opposite of innovation, but it can give the concentration for innovation, b) Risk management is also not involve to brake, but play the role of accelerator in the innovation, c) The proper management of risk can be the comfortable approach for the financials (Birat, 2014). The personal challenges may be come in the form of identifying the exact risk and analyzing the risk, to minimize the risk for the growth of the organization. The systematical approach of risk management can eliminate the risk, which can be benefited for an industry. References Birat, J. (2014). Scientific research takes place in silos. Matriaux Techniques, 102(5), p.501. Halkos, G. and Kitsos, C. (2012). Relative Risk and Innovation Activities: The case of Greece. Innovation: Management, Policy Practice, pp.194-203. Khan, F., Rathnayaka, S. and Ahmed, S. (2015). Methods and models in process safety and risk management: Past, present and future. Process Safety and Environmental Protection, 98, pp.116-147. Savina, S. (2014). Functions, Models, and Forms of the Innovative Development of a Company. RAJ, 29(3).