Addressing enterprise risk in a global economy

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Courtesy of Lexicon Systems, LLC

Business today is global, on-demand, 24/7. Companies must be agile and quick to respond to changing markets and opportunities. They must be able to identify, assess and prioritize upside and downside risks across the enterprise. Quality, environment, health & safety (QEHS) areas represent potentially severe risks.

Companies need an integrated software solutions to manage internal and external requirements. They must quickly understand and have a system to manage their obligations. Then they implement a solution to collect, process and report appropriate information. The solution may also track regulatory and policy changes and their implications.

Companies are increasingly aware that they need systems to help manage all kinds of incidents and events—from off-specification products and first aid cases to industrial accidents and natural disasters—to ensure business continuity.Those with lean IT departments may seek commercial, rather than internally developed, software solutions.

Enterprise Risk Management must be strategic and holistic to add value. Risk Management and Compliance Management are different disciplines and should be conducted by different staff. Risk, Compliance and Audit functions form a system of checks and balances.

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