The Risk and Assurance Challenge Risk is an integral component of the business environment in New Europe. Businesses need to change the way in which risk is viewed so that it is not associated purely with the downside but is recognised as something, which if managed effectively, can bring significant reward. Controls that support quality, empower initiatives, avoid unnecessary costs and enable quick responses to changing conditions need to be established and maintained.
Risk is an integral component of the business environment in New Europe.
At a time of rapid and all-pervasive change, risk exposure is and will be occurring at a rate that is hard to manage efficiently. Taking too little risk or over managing risk may mean management failure too at a time when there will be a big premium on flexibility and operational agility. One part of this challenge, therefore, is to change the way in which risk is viewed so that it is not associated purely with the downside but is recognised as something, which if managed effectively, can bring significant reward. This change requires the application of knowledge and tools to minimise hazard and maximise opportunity. It also means embedding risk management attitudes and behaviours into the culture of the business.