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Posted: October 15th, 2022
Computer Sciences and Information Technology
Performing Risk Assessment
In recent past, organizations have had to deal with the challenges of uncertainties brought about by hard economic times and a changing technology landscape. While it was often easy for companies to operate smoothly through the help of projections and forecast, today it is increasingly becoming difficult to make such accurate projections or forecasts because of the risks involved. As such, most organizations are now turning their attention to enhancing their risks management measures.
Some studies have suggested that uncertainties in most organizations are caused by emerging internal and external risks. As such, companies have to identify and manage these risks early enough before they can affect their business. Well managed risks helps organizations to operate with confidence especially when it comes to making future business decisions. Understanding the risks that an organization is facing is important because it helps it deal with the potential problems.
Today most companies have established risk management departments to assess and identify the risks faced by their businesses. The risk management departments are primary established to identify the risks and come up with strategies on how to deal with them. Larger organizations tend to face more risks which mean that they have to apply more sophisticated strategies to handle the risks compared to smaller firms. By adopting risk management, firms are able to take only the risks that will help them achieve their objectives while controlling unnecessary risks.
The fact that most organizations are now focusing on risk management has seen a rise in risk management courses and careers as it’s an area of demand in the market. Today risk management professional has a very important role to play in any organization, which means that such jobs have become very rewarding. However, in some cases, these jobs can be very challenging especially in a situation where there are turbulent risks affecting an organization. Nevertheless risk management remains an important aspect of any organization which explains why the professional of risk management is likely to grow exponentially going into the future.
References
Jakubiec, M. (2019). The Importance Of Internal Communication For Management Of An Organisation. Scientific Papers of Silesian University of Technology. Organization and Management Series, 2019(134), 47–62. doi: 10.29119/1641-3466.2019.134.4
Mayall, S. J., & Banerjee, A. K. (2014). The commercial importance of risk management and risk-sharing schemes. Therapeutic Risk Management of Medicines, 359–370. doi: 10.1533/9781908818270.4.359
Munro, A. (2017). Identifying Business Risk: How Resilient is the Organisation? Practical Succession Management, 122–162. doi: 10.4324/9781315246215-6
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