Objectives And Objectives Of Strategic Risk Essay examples

1236 Words Dec 18th, 2015 5 Pages
Apart from WHS, there are several other risk factors which are required to be managed and taken into consideration. Strategic risk: As we know that a prosperous business needs an all-round, well established business plan. But furthermore, it is also a fact that things twist and our good plans can regularly come to look outdated. This is an integral risk that our company’s practice/strategy becomes ineffective and the company struggles to achieve its goals and objectives. The reason can be technological changes, a powerful competitor entering the market, change in preferences, hike in cost of raw material or other significant changes.

To overcome this kind of risk, we are utilizing policymaking as the highest level tool and well organised stakeholder involvement. The risk spread fast, our decision making procedure need to be more efficient. The organisations move forward, technological changes help us protect from hazards. The change in technology supports in increasing specialisation and results in the organisation of production and consumption on a bigger scale. Laws, administrative measures, legal compliances and technical regulations guides the corporate behaviour. The regulatory terminology and legal information provides tools for well organised thinking about the future and for dealing with such uncertainties mentioned above. The implementation of risk management in our organisation, or in a regulatory authority, gives the management, decision making tools to enable…

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