Cross-Functional Collaboration Effective And Efficient Risk Assessment

Effective And Efficient Risk Assessment
Effective And Efficient Risk Assessment

Jurisdictions and timetables are inevitable for companies with global operations while implementing new regulations. With the number of laws and regulations increasing day by day, it is very important for companies to have an updated framework to combat risks.

 

Limitations of traditional risk assessment process

In organizations with multiple guaranteed functions, frustration with existing risk assessment processes is common. The reasons are varied objectives, timing challenges, overlapping members, and more. The other problem is that, data generated in isolated processes may be partial in scope, thus resulting in failure to recognize and alleviate risks broadly.

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