Risk Management
Wikipedia defines the term risk management as follows: "Risk management is the activity of dealing with risks. This includes all measures to identify, analyze, evaluate, monitor, manage and control risks."
The Gabler Wirtschaftslexikon describes the term risk management as follows: "All activities involved in dealing with risks, often now including opportunities; mostly of a company (risk)..."
Today every company is exposed to economic, legal and financial risks. The challenges facing leading entrepreneurs and managers are becoming more complex every day as a result of globalization, competition and cost pressure.
Today, management tasks and the associated responsibility are not only to be seen in operative controlling and the strategic orientation of a company. Rather, the demands on corporate management within the framework of corporate governance and compliance guidelines to comply with the statutory and corporate law tasks are increasing. In order to get a grip on this complex business activity and the associated risks, the company management needs suitable support systems.
By implementing the professional control systems the following goals can be achieved:
- improve the productivity of employees in dealing with contracts, documents, investments, decisions and their analysis and evaluation,
- offer the same information and timeliness to all stakeholders,
- significantly reduce financial risks
- experience no loss of important information and documents
- ensure compliance with legal and operational requirements and deadlines,
- ensure transparent approval and release processes and
- offer support for accounting and auditing security.
The goal of risk management systemfor the company concerned is to identify and evaluate opportunities and risks and actively manage the remaining risk. It is also possible to increase the productivity of employees significantly through the use of knowledge from contracts, contract-related documentation, participations and decisions.
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