The COSO Framework for Internal Control
February 12, 2025
Insurance companies are very different from other companies. Other companies have to pay upfront for buying raw materials. They get paid later when they finally sell the product. Also, the difference between their selling price and their buying price is termed as profit which they have to pay taxes upon. On the other hand, insurance […]
The business landscape of the 21st century is characterized by rapid change brought about due to technological, economic, political and social changes. It is no longer the case that the managers and employees of firms in this decade can look forward to more of the same every year. In fact, the pace of change is […]
Why is Change Resisted ? Any change anywhere, be it among nations, organizations, societies, or even families is hard to actualize given the human tendency to not step out of the “comfort zone” and hence, resist new ways of doing things and instead, cling on to the status quo. The change is harder in those […]
In the present competitive scenario, modern organizations are faced with several challenges from the external environment which are political, social and economic in nature. Along with the pressures of such factors, the organizations have to compete by coping up with the challenges posed due to globalization, technological innovation, changes in the preferences/lifestyle changes, acute skill […]
Change is an important and an indispensable part of the organizational life. It is all pervasive and hence comes the question of paying attention to the importance of building the coping and adaptive mechanisms of an organization for being current and competitive in the contemporary scenario. The phrase “Resistance to Change” is discussed hand to […]
A risk management plan can never be perfect. However, the degree of its success depends upon risk analysis, management policies, planning and activities.
A well-defined management plan can be successful only if risks are properly accessed. And if not, the main objective of risk management plan itself is defeated.
Critical evaluation of a risk management plan at every stage is very necessary especially at an early stage. It will allow companies to discover the flaws before it gets into the action.
Once you’re through the process, you can address the issues and then introduce it.
The below mentioned steps can help in analyzing and evaluating a risk management plan:
Evaluating a risk management plan sometimes can be very frustrating. It is definitely a time consuming process and also requires more of human efforts. Therefore, it is always better to analyze and evaluate a plan at every stage otherwise it will result in wastage of time, finances and efforts. In order to keep a check on it, specialized teams of risk managers can be appointed. The whole event can be outsourced to a risk management firm. The professionals at the firm can help you design, develop, implement and evaluate a risk management plan for your company.
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