Premium Essay

Integrating Rm&Pm

In: Business and Management

Submitted By dahdouh08
Words 1115
Pages 5
"Sometimes it is the things you don't see that really matter."

Starting with this kind of vision, the notion of risk management has been taken as one of business keys success. Any possible source of uncertainty is now treated as a risk that might need managing.

However, risk management isn't that new, there were always Uncertainty, Priorities and even Practicalities. More than that, it's evolving.

In fact, there are ones that defines risk management as "a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives", others find it as "the process of understanding and managing the risks that the organization is inevitably subject to in attempting to achieve its corporate objectives.

Both definitions have a major point in common, that the achievement of corporate objectives is ensured by risk management.

Risk management has focused more on operational issues than strategic ones; therefore strategic risks have been managed reactively rather than proactively.
Managers should be aware of the inter-linked risks relatively to inter-linked operations activities by developing an UP thinking which facilitates the comprehension of an inter-relationship.

In the other hand, we shouldn't neglect the importance of a performance management consisting of a set of management and analytic processes, supported by technology, that enable businesses to define strategic goals and then measure and manage performance against those goals. Core business performance management processes include financial planning, operational planning, business modeling, consolidation and reporting, analysis, and monitoring…...

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