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A risk appetite of Heathrow group would be their plan to expand by building a 3rd runway and opening a new terminal. In this ace, the business is operating as risk tolerance and being risk taker as they are willing to put huge capital into developing and expanding. This could be costly due to Brexit and if economy in the future collapses and they don’t have enough cash to operate at full capacity. But by being in between risk tolerance, they are willing to take risk and they are hoping that their expansion proves successful.
Heathrow has a low tax risk appetite as it ensures that both tax and tax risks are managed to provide sustainable outcomes. The approach is to mitigate any risk by taking reasonable care whilst also considering Heathrow’s brand, reputation and the wider airport community. The risk matrix shows the level of risk and the impact it has. The risk in this case is market with a X and it represents an inherent risk of security such as- terrorism. Terrorism is global issue and a major issue for airports and airlines. To mitigate and control this risk, Heathrow have adopted and rigorous policies and procedures which are supported by professional training. They also have plans and are investing in latest security technology. Another way Heathrow are dealing with these threats is by working closely with the police, government agencies and the airlines to establish joint accountabilities for the airport security. You can only reduce the likelihood of these risks from happening to a tolerable level, but you can’t exterminate them.
One of the key risks that organisation such as Heathrow face are related to security particularly cyber-attacks, which can lead to massive disruption for any business. These disruptions can be due to systems not working therefore creating interruption to services. in an event of cyber-attack, business’ system would be impacted so the flights would be cancelled or delayed for long periods. This would result in financial loss and business having its reputation damaged. To have a better management fore this risk, the business needs to make sure that they have the latest software and technology installed but also ensuring that they have trained their employees to use the latest software and they know what procedures to follow in case of a cyber-attack.
The costs of countering the threat of cyber-attack would be having latest technology installed which could be very expensive when you consider the scope of operations of Heathrow. The cost would be additionally raised because having latest technology and software means the need to train employees to be able to use it.
The benefit of implementing these strategies to reduce risk of cyber-attack would be that in case of a cyber-attack, the business would be able to resume its operations quickly and efficiently. The reputation of the business wouldn’t be that impacted since they would be able to respond quickly to these situations. Competitors in the similar market as Heathrow would also be investing in latest software and technology to get ahead of its rivals. Having a reliable technology would mean there is less chance of suffering financial loss due to disruptions.
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