In recent years risk management in United States has continually been used and advanced to curb any risks that might arise in the operations of different organization, through adequate analysis and inspection of probable risks and designing ways to prevent them.
Wal-Mart Company is a good example of a US company that deploys risk management in management of its risks given the fact it is a large company with over 2 million retailing (Bergdah, 2015). Achievement of risk management tactics at Wal-Mart is interconnected by well tactical execusitions by those employed at different level of the company.
Labor division at Wal-Mart is a key bridge that helps to reduce the risk of business failure. It ties all the organization strategies together in realizing the company’s goals. Aligns risk, drives performance, ensures accountability and increases business efficiency (Bergdahl, 2015). The act is a very important business strategy in management of business’ risks as retailing is a labor intensive kind of business (Kaplan, 2012). For instance, new employees (associates), particularly the managers (coaches) are presented through cultural orientation. The strategy ensures coaches are vast with morals. Wal-Mart standards ensure good customer relationship and high benefits to the company. It prevents the risk of bad customer welfare and fallout of its customers, reffered to as neighbors or friends at Wal-Mart (Gilkey, 2015).Wal-Mart uses expense control philosophy to curb the risk of exposure to a weak expense control when the price rise and generally appreciates the costs too.