Effectiveness Of Risk Management And Business Development...

In the highly competitive global environment, organizations are facing more uncertainties and risks that any organization should pay more attention to risk management. According to an effective governance, organizations can take opportunities successfully, and a good risk management can be the fundamental security for effective governance. (reference1) This essay answers the question â€Å"how can risk management contribute to effective governance within organizations† and classifies the explains in three parts. Firstly, the system construction of risk management is the benefit for governance institution to control organizations’ situation comprehensively and make appropriate strategies and objectives. Secondly, education and publicity can†¦show more content†¦Summarising the results and feedback, organizations gain timely information and complete data about risk profile, and make risk-based decisions consequently. (reference2). Therefore, the support and information offered by risk management allow the organizations have an effective operation, that is, risk management is an important part of organization governance. Risk management provides the board significant information about risks, leads them to the effective governance, and supports organizations to achieve their goals. Base on this, the question how can risk management contribute to effective governance within organizations can be explained as follows. 2.1 System construction During the process of risk management, managers can establish management systems to administer risks comprehensively. A good risk management system increases the utility of internal control and further prompts the effective management of organizations’ risks. These systems are based on comprehensive risk management procedures that governance institution can recognise, evaluate, detect and control various risks timely, and make sure the critical risks of organizations can be managed scientifically and effectively. Firstly, the tool (or method) system helps to determine complete risk management policies and procedures, formulate risk management guidelines, design tools orShow MoreRelatedThe Field Of Banking And Finance934 Words   |  4 Pagesevery organizations are yet organized to deal with IT risk in an integrated way nor do all of them face the same levels of IT risk and or share similar risk side view. It is different to one another however, is compelling those are facing rising incident rates in the areas of security, availability, performance and compliance with noteworthy impact on revenue, reputation, productivity, and cost. 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