Organizations of all types and sizes face external and internal factors and influences that make it uncertain whether they will achieve their objectives. Managing risk is iterative and assists organizations in setting strategy, achieving objectives and making informed decisions.
Managing risk is part of governance and leadership; particularly fundamental as to how the organization is managed at all levels. It contributes to the improvement of management systems, and is part of all activities associated with an organization, including everyone associated with the organization; from employees to customers to even those outside of the organization that can be affected by its actions, whether physical or financial.
In order to properly manage risk, considerations must be given to the external and internal context of the organization, including human behavior and cultural factors so that managing risk is efficient, effective and consistent.
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