Corporate risk management Essay Example | Topics and Well Written Essays - 1750 words

Corporate risk management - Essay Example It also aims at keeping exposure to an acceptable level in a cost-effective way. As the nature of risk is highly varying in nature depending upon the context and corporate environment, the case study of any important disaster and the risk management strategies followed before the happening of such incident may be of high relevance. This will certainly through a light on best alternate risk management measures which would have minimized the exposure to the risk. Keeping these points in view, Chernobyl disaster which devastated several millions of human lives has been selected for the case study. Attempt has been made to find out the causes and consequences of disaster, risk management measures taken and lessons learnt from this incident. One of the major objectives of the study is to remember the tragedy of Chernobyl and to make risk management plan in order to improve security of all nuclear power plants all over the world and this horror and pain are not to be repeated. The biggest disaster experienced in nuclear power plant situated in Chernobyl on 25th April, 1986 is named as Chernobyl disaster. It happened due to ill made technology and resulted in killing of several thousands of people. The Chernobyl power station is located near the Belarus-Ukraine border and four kilometres away from the town of Pripyat, which was built especially for the power station employees. At the time of the accident, 45 000 people were housed there. The accident took place in reactor no. 4 at the Chernobyl nuclear power during a test. The operating staff wanted to test whether the turbines could produce sufficient energy to keep the coolant pumps running in the event of a loss of power until the emergency diesel generator was activated. The safety systems were intentionally switched off to prevent the test run of the reactor being interrupted. For conducting the test, the reactor had to be powered down to