Podcast
Questions and Answers
What is the first step in risk management according to the text?
What is the first step in risk management according to the text?
What is recognized as one of the most important competencies needed by the board of directors of modern organizations?
What is recognized as one of the most important competencies needed by the board of directors of modern organizations?
Why has the level of risk faced by business firms increased according to the text?
Why has the level of risk faced by business firms increased according to the text?
In traditional concept, what were considered as risks according to the text?
In traditional concept, what were considered as risks according to the text?
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What do better risk management techniques provide according to the text?
What do better risk management techniques provide according to the text?
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Study Notes
Risk Management Fundamentals
- The first step in risk management is to identify risks.
Important Competencies for the Board of Directors
- One of the most important competencies needed by the board of directors of modern organizations is risk management.
Increase in Risk Faced by Business Firms
- The level of risk faced by business firms has increased due to factors such as globalization, deregulation, and advancement in technology.
Traditional Concept of Risks
- In the traditional concept, risks were considered as fire, theft, and accidental damage to property.
Benefits of Better Risk Management Techniques
- Better risk management techniques provide a more systematic and integrated approach to managing risks, enabling organizations to make informed decisions and prioritize their efforts.
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Description
Test your knowledge on the importance of risk management in corporate governance and its significance for modern organizations. Explore the impact of globalization, modern technology, and corporate scandals on risk levels faced by business firms.
