Risk management and governance.

Risks are integral part of all sort of governance but that has to be managed,but before attempting so ,one need to identify the risks associated/visible or invisible/tangible or intangible .
The process of identification of risk also requires study of history and to draw lessons to avoid its repeat and further to identify newer forms of trap that may emerge now.
Some of the risks could be visualize but many form of risk cant be visualized for that reason risk assessment and tackling is continuous process ,it is not closed chapter as things,circumstances evolve one need to adapt ones strategy to mitigate risk effectively. 
The business environment is volatile and the objective of company are to be steered in such scene and the long term sustainability of a company rest on such practices to deliver 
 in both good and bad times.The risk management does not mean that risk are to be avoided as without risk no business and growth is there,it is about mitigating risk to achieve business objective,it is now the business of trust ,the corporate executives or other executives in government must keep it in mind,and if the business is having long legacy than there is much need of more proactive action to align the thinking/mindset of employees in proper direction.

There are some core values which are to be kept in mind like-superior performance,customer orientation,entrepreneurship,working together,integrity and respect for people.Risk management comprises vast areas ,it is based on management information system,more interpretation of data ,statistical and other ,analysis primarily, it is forward looking about the future ,what could be probable changes and what could be probable answers.how the problem existing or likely to arise could be addressed.The one issue is this that performance measurements and targets do not encourage excessive risky behavior and that effective control and check and balances are in place in high risk areas.
The determination of risk is no more intuitive process,it is a disciplined structural approach consistent with market leading practices.The annual operational plan must incorporate the aspect of risk that may arise in these plans.
 ERM enterprise risk management,the focus is on integrating risk management with existing management processes,identifying future events the ERM transform continuous value based focused and process driven activity. 

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