Similar to the SWOT analysis is the PESTLE analysis which allows for a more comprehensive study of the external elements affecting a business. Before any new strategy is developed a PESTLE analysis should always be performed. This technique focuses on the political, economic, social, technological, legal and environmental factors that may threaten to affect a business. It is a very useful concept that is used as a tool by organisations to assess the environment they are operating in or hoping to operate in as it gives a over arching view of the environment as a whole from many different perspectives. This framework is an important aspect of strategic management as it alerts the business to potential risks and can provide reassurance if
These risks will have material effect on the organisation 's ability to sustain its business and operational goals and objectives. Project and program risk These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines. Inter-Company risk Inter -company risk is a risk that relates to many companies and may oblige treatment by multiple organisations to be effective.
The types of threats change constantly, so management must sponsor, design, and implement business and technical processes to safeguard critical business assets. To create a more secure business environment the organization must: Assess business exposure and identify which assets to secure. Identify ways to reduce risk to an acceptable level. Design a plan for mitigating security risks. Monitor the efficiency of security mechanisms.
In today’s society and economy, businesses worldwide must be able to adapt to change and adapt successfully to sustain competitive advantage (Moore, 2009). Compa... ... middle of paper ... ...in my opinion I would have conducted an analysis of the origin of the barriers and confronted each barrier by the impact it has on the company. Managing barrier activities consist of an audit of rules and practices which exposes barriers that hinder the business from succeeding, rather than restructuring the organization performance systems (Rieger, 2011). Although removing barriers is a daunting task, once the barriers have been conquered it is a true sign of success (Rieger, 2011). Organizations in every industry face operational barriers at some level in order to obtain success.
Report of my presentation I believe my audiences has already understood some about audit through our presentation. This report will show the power points of auditing in my presentation, as well as show the reasons of why I choose an internal auditor as my career. The next section is going to explain what internal audit and internal auditor is. Internal auditors ordinarily work in companies and organisations to monitor and estimate how well risks are being managed, the business is being governed and internal processes are working. The range and nature of audits can vary importantly but the main priority of the work is to make sure any issues that affect the survival and prosperity of the business are dealt with.
It can further help the companies in achieving their optimum goals so that they can take corrective actions as and when required. The process controls in place and guide and provide the company with the required regulations of the company’s activities. Which can lead to the performance of the company, hence it will also help the organization in terms of monitoring and responding.
Also, such data can be used as an input for SWOT analysis which includes the assessment of strengths, weaknesses, opportunities and threats that the organization sustains with. • Mission, Vision and Value Alignment- Alignment is one of the most critical concepts of business planning. Every organization must have a clear picture of its stated mission and vision. It is also necessary for its owners to have an idea of why the business exists, what services it provides and who its clients are. With these in place and with the help of business planning, goals and objectives are aligned with the mission, vision and values of an organization.
This part of the process includes using systems and organizations for compliance techniques. Finally, the companies will use a problem solving approach to determine which solutions to implement into the compliance effort. The companies will begin to implement its enterprise risk management system by developing an appropriate internal control and corporate governance system. In the wake of high-profile corporate scandals and subsequent regulatory legislation, reporting internal controls has become a requirement. These requirements have led to organizations viewing risk management as an area of vital importance.
Assessing Corporate Social Responsibility from the IT perspective Whether you subscribe to the Drucker or the Friedman school of theory on Corporate Social Responsibility (CSR), the fact remains that society demands and expects the best level of responsibility from all organizations in terms of ethical guidance. In order to continue to grow in an extremely competitive market, a successful organization must possess the will and the power to continue to evolve in all elements of CSR. As with any other element of CSR, from environmental changes to information system challenges, an organization must learn to respond to the situation quickly and appropriately. Babin, Briggs, and Nicholson (2011) found that businesses that participates in “collaborative CSR initiatives create strong business value” (p. 28). This concept further builds the theory that a business relationship could be motivated by the idea of trust and empowerment.
The current state includes understanding variables and the relationships that the organization is comprised of, and the effect the changes will have on the organization. Part of determining the current state of a business is having an awareness of the processes and functions that make up the business, such as identifying internal and external conflicts, and trends that influence the business. An accurate assessment of the business is important to lay the groundwork for redesigning, or restructuring. To ensure the strategy remains aligned and on course, the business needs to review constantly and assess progress. It is essential to recognize situations that need addressing, and to manage the issues promptly and effectively.