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Risk is an inescapable element of competing in a market economy. Organizations must be able to evaluate many types of risk — political, social, environmental, technological, economic, competitive, and financial — and incorporate the results into decisions regarding investments and operations, as well as into the systems used to monitor and evaluate the effectiveness of the actions taken.
This Management Accounting Guideline — Identifying, Measuring, and Managing Organizational Risks for Improved Performance provides a Risk Management Payoff Model that includes a selection of performance measures to properly identify, measure, manage, and report risks.
The model demonstrates that improved risk measurement and management not only helps the organization prevent loss, achieve performance and profitability targets, and increase shareholder value, but also produces organization-wide benefits, such as allocation of resources to the risks that really matter, enhanced working conditions, and sustained or improved corporate reputation.
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