Answer to Question #65750 in Finance for Abdul
The report, published by the Economist Intelligence Units highlighted an, claims that an area of concern for companies is the increasing intricacy of global business where risk tolerance can vary greatly. A business unit may find a risk acceptable; however, the company as a whole may not. CROs need to balance risks and inventory decisions to obtain an optimum level for stakeholders. They should be cautious when using their expertise in risk management to avoid being estranged from other managers. Their goal should be to communicate, coordinate and administer policy for risks, but the final responsibility should be the job of managers and employees.
In the future, priorities for risk management will remain steady in regard to regulatory compliance; however, some believe the importance of communication to the board of directors will be less demanding later. New product development and the risks associated with this type of business are expected to become increasingly important. The continuing use of global markets for these products will create the need for more strategic roles for CROs in the near future.
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