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The Increasing Importance of Risk Management in an Uncertain World

Summary: In order to respond to rapidly-changing business environments, an effective enterprise risk management (ERM) system is needed. A good ERM system must account for risk identification, strategic planning for prevention or mitigation, and recovery. Risk identification analyzes both internal risks, such as corporate climate, and external risks, such as cybersecurity. An effective ERM system should recognize the interplay between various risk factors and how those factors inform the identification of intelligent risk, or risks worth taking.

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  • Topics: Risk Management
  • Keywords: Risk management, Analysis, Failure, Planning, Scenario planning, Organizational culture, Performance management, Quality management system (QMS), Enterprise risk management (ERM)
  • Author: Kendall, Kay
  • Journal: Journal for Quality and Participation