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Risk management enhancement
There is scope for risk management scenario and the following are some of the methods suggested:
Bringing increased awareness of risks: Improving the awareness of risk and risk management, having a well-documented system, communicating the risk management plan and a continual review would bring all round development
Reporting: Risk Reporting should be more robust to enable stakeholders to have a good view
Specialised departments: Creating specialised departments ensures better monitoring, control and formalisation
Senior management involvement: Greater care of senior management through frequent reviews would enhance management of risks.
Risk alignment: Risk processes must be integrated with not only business functions but also with strategic planning
Business losses per defect that happens during operation Business interruption costs; costs of work-arounds Lost sales and lost goodwill Litigation costs resulting from de
Scenario Even ‘well run' organisations can fail to stay atop of their industries when they are challenged by certain market or technology change. Change is an imminent part of busi
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