The use of advanced technology will affect the

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development of airline industry. The use of advanced technology will affect the company's costs in the aviation industry and the way to be cost-effective. 2.3.1 Risk Management Framework 1 for Qantas By using the risk prioritization framework to rate risk, the impact of a risk event can be a key indicator of a company's potential loss. The possibility of predicting risk events and the framework is of great value to managers because it helps users rank according to the categories of potential risks and thus prioritize the range of risks facing the company Regulatory Risk: B Exchange Rate Risk: C Alternate Fuel Source Risk: A Competitive Risk: D 2.3.2 Reasoning and Most Urgent External Risk
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A: The risk of aviation safety stems from the imperfect real-time monitoring of air traffic, and the irresponsible human resources. Qantas is continually hiring competent employees and adopting new technologies to improve its physical system and reduce cost. Since Qantas is an airline, there is no guarantee of security if there is no high- tech demand. B: The risk of alternative transportation is that in addition to aircraft travel, many consumers now choose more energy-saving and environmentally friendly modes of travel. In addition to choosing a plane for business trips, there are many tourists who choose to travel by cruise. Since Qantas is an airline, when consumers have a need for other methods, it will have a negative impact on the business. C: Since the Australian dollar is a floating exchange rate, the Australian dollar is likely to generate currency fluctuations. However, this will not have a major impact on traffic, especially the aviation industry, and will cause negative fluctuations. D: Competitors will not pose any new major threat to Qantas, as Qantas is currently one of the largest and most reputable companies in Australia, and is well received at home and abroad. Since Qantas has established high capital costs and extreme economies in the industry, the probability of competitors is small. 2.4 Recommended Risk Management Strategy In order to enable Qantas to actively manage information systems and develop new technologies to ensure safety, continuous research on renewable energy sources will reduce production costs in technology. If opportunities arise, Qantas should invest in more intelligence management and data monitoring development to expand its product portfolio and increase brand trust(Stewart & Mueller, 2008).It is wise to maintain current operations. In order to attract more consumers, Qantas can also launch more services to further train employees, improve services and improve customer satisfaction. 2.5 Summary and Conclusion
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This report points out the company is facing huge internal risks caused by normal operations. On the basis of the risk management framework 1, it is found that the biggest external risks for Qantas is being environment-friendly and safety, while competition ranks the smaller risks. It is recommended that Qantas should handle this
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