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Today we see a number of risks associated with companies of all sizes, ranging from identity theft, embezzlement, natural disasters, assault, fraud, vendor failure, taxation, finance and much more. Due to the increasing number and type of entrepreneurial risk, Companies have to make some important changes in education policies, management and strategy. If you compete with some risks, you can see, it is imperative that every company with a solid plan for the protection and success.
One of the most important aspects of the strategy is to ensure sound risk management team. These individuals should take responsibility not only potential risk, but also to create a sound and processes, techniques, technologies, or for the prevention and / or correction. The risk management team is not in isolation but together with other important actors, such as department manager and the executive team. With a victory strategy is risk to your business the foundation for building a strong, competitive companies, but also a company employee and customer trust.
What is the key to creating such a risk strategy? For one thing you want to transfer, but not productive, fast decisions. Unfortunately, we have seen many larger companies that have the "quick fixes" in the situation, only to end it with a laundry list of new problems. Yes, it is important that a good plan to be developed as quickly as possible, but make sure that the plans should be considered not only short-term fixes, but will be beneficial long term. While a risk-management team may be potential risk events, the team must be read in conjunction with the organization, so that strategies are in line with business objectives. In essence, the best risk strategy is a component of the overall strategy of the company.
In addition, your company inside and out and from top to bottom to determine where risks lie. For instance, the payment of taxes can be a very costly mistake that is sometimes more than 10,000 U.S. Dollar or more. In this case there are a number of things to consider. Is the individual tax position of the Department qualified? What kind of tracking system is used? If the department short-hand? Is the person in the post office delivers mail on time? These and other possibilities, where a risk management team would. Once the problem or potential risk is isolated, it could be.
Another factor which, unfortunately, sometimes overlooked, is the customer. Of course, if you have a profitable business, you need satisfied customers. Perhaps there are areas of the service or product, if customers are not satisfied, but because no means of communication or input is available, you have no idea. Therefore, you can also consider customer surveys, to try all the weaknesses that need to be strengthened. It is imperative that you know that your customers and the customers are so satisfied with what you offer, so they do not anywhere else.
Things in the company and unfortunately, many large companies, since the defect in the context of risk management and / or strategy. Enron is just one of many examples in which a failure to manage risk or even risk ruining a company. Another often-cited example is the Barings Bank was one of the most respected merchant banks in the United Kingdom. The company held $ 900 million in capital has been bankrupted by the actions of one trader. The losses and the subsequent bankruptcy could have been avoided if the internal controls were in place. There are countless other examples of the global impact of risk areas events.
While federal regulations such as Sarbanes-Oxley have the task of corporate governance and control of risks is simply good business. Identification of risk and the formulation of strategies will enable the organization, its goals successfully.
Richard A. Hall is founder and president / CEO of LexTech, Inc., a legal information consulting company. Mr. Hall has a unique breadth of experience that enabled him to meld technology and sophisticated statistical analysis, a technology driven analytical model of the practice of law. As the process employed civilian lawyer, he was responsible for designing and implementing a LAN-based process database and fully automated document production for a medium-sized enterprises civil. He developed a task billing model based on extensive statistical analysis of hundreds of litigated civil matters. In 1994, Mr. Hall invented linguistic modeling software which automatically reads, applies budget codes, budget codes and analyzes legal bill content. He also served as California Director and lecturer for a nationwide bar review. Mr. Hall continues to practice law and perform pro bono services for several Northern California judicial districts.
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