In today's information age, organizations have judiciously expanded their definition of risk by examining a multitude of new threats, exposures and potential circumstances that could compromise strategic objectives and business continuity, erode shareholder value and jeopardize trusted brand-names. Complex risk management systems and technical architectures that help gauge and assess risk have found their way into corporate governance agendas as IT has finally been brought to the forefront of risk management (RM).
An effective RM system will support corporate governance initiatives by establishing an infrastructure to effectively take stock of and control risk; organizations will be better equipped to educate employees about risk and delegate its management. With one central repository to track, gauge and report risk, substantial policies that address and quantize its consequences can be generated on both a departmental and corporate-wide level. A prudent and well-planned culture of risk management and aversion as well as methods for identifying plausible perils are more handily promoted throughout the enterprise so that directors and managers can be proactive and not reactive.
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