Risk Management: What is the goal

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A recent study has shown that many companies have not yet properly implement such a program, but most companies recognize the need level good risk management program. An even greater number have said that they were developing a program while more than half of the companies polled in the study said they had taken up a system to take risk into account. However, these actions are far from enough and had actually stopped altogether in some cases, according to the follow-up study. Only a third of the companies participating in this study have been implemented a system and had a staff well trained to deal with risk issues, this is a two percent decrease from the previous year.

There is more than a little difficult to understand how anyone could not follow through on such an important aspect of protecting their company against such threats to not implement fully developed risk management program, given the large number of unpredictable variables and risk factors now plaguing the economy and the corporate sector as well as the recent crackdown on corporate governance and fraud practiced by the government agencies.Though most suggested that it should be executive-level officer, the exact allocation of duty ends there, and part of this here seems to be disagreement about each responsible for develop and maintain such a program should fall.Human venture capital, strategic risk, compliance risk, enterprise risk and credit / market risk is also contributes to various departments and causes of risk that seems to complicate matters.

Unfortunately, to have any chance of success, it is precisely these challenges that will face risk management program, companies should begin to create this program with this in mind. Develop a basic understanding of the various risks facing organization and insight to assess the level and potential of these threats is, at its core, the basic mission of any risk management program. This will require well-trained and dedicated group of employees to take it effectively this is a big job for any company to make. Also, these programs are full-time and not something that can be set up and then check in every now and then and this is one of the biggest issues that many companies fail to recognize when placing áhà | ttustýringarkerfi value is. On the contrary, changing compliance regulations, incidents of corporate fraud and a number of other circumstances, to be truly effective, risk management team will be working all the time to keep track of new threats that may arise from the chaotic world market.

So, while there are numerous factors to take into account and assured, this is no excuse for companies failing to develop and implement a risk management program, but the question of disposal of responsibility is one of the company’s management will work by themselves.Admittedly, itís not an easy task to develop a strong plan, one that can stand up to all the various types of threats facing companies regularly, although it is necessary one if companies do not want to find themselves caught off guard when such problems arise.

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