Chapter–79 : Organizational Risk Management & Governance

 

Chapter–79 : Organizational Risk Management & Governance

(সংগঠনগত জোখিম ব্যৱস্থাপনা আৰু শাসন ব্যৱস্থা)

এই অধ্যায়ৰ উদ্দেশ্য হৈছে শিক্ষাৰ্থীসকলে risk management frameworks, governance structures, compliance practices, and strategic mitigation techniques শিকি professional environment-ত organizational stability, resilience, আৰু long-term sustainability নিশ্চিত কৰিব পৰা যায়।

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79.1 Organizational Risk Management কি?

Definition:
Organizational Risk Management (ORM) = systematic process of identifying, assessing, prioritizing, and mitigating risks that could impact the achievement of organizational objectives.

Importance:

• Protects assets, reputation, and resources

• Ensures regulatory compliance

• Enhances decision-making and strategic planning

• Promotes operational resilience and continuity

• Supports long-term sustainability

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79.2 Types of Organizational Risks

Risk Type	Description	Example
Strategic Risks	Risks affecting long-term goals	Market disruption, competitor innovations
Operational Risks	Risks in daily operations	Equipment failure, supply chain disruption
Financial Risks	Risks affecting financial health	Currency fluctuations, credit risk
Compliance & Legal Risks	Risks of regulatory non-compliance	GDPR violations, labor law breaches
Reputational Risks	Risks affecting brand image	Negative publicity, social media backlash
Technological Risks	Risks from IT failures or cyber threats	Data breaches, system outages

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79.3 Risk Management Process

Step	Description	Example
1. Risk Identification	Identify potential risks across organization	SWOT analysis, risk workshops
2. Risk Assessment	Evaluate probability and impact	Risk matrix, scoring systems
3. Risk Prioritization	Rank risks based on severity and likelihood	High-impact, high-probability risks first
4. Risk Mitigation & Control	Plan actions to reduce risk impact	Preventive measures, contingency plans
5. Monitoring & Review	Track risk status and update mitigation plans	Regular audits, KPI tracking
6. Reporting & Communication	Inform stakeholders about risks and controls	Risk dashboards, executive reports

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79.4 Governance in Organizations

Definition:
Corporate Governance = framework of rules, practices, and processes by which an organization is directed and controlled to ensure accountability, transparency, and ethical behavior.

Key Components:

1. Board of Directors / Leadership Oversight

   • Ensure strategy alignment and compliance

2. Policies & Procedures

   • Standard operating procedures, codes of conduct

3. Internal Controls & Audits

   • Risk monitoring, financial audits, compliance checks

4. Transparency & Reporting

   • Accurate disclosure of financial and operational performance

5. Stakeholder Engagement

   • Balance interests of shareholders, employees, customers, and regulators

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79.5 Integration of Risk Management & Governance

• Governance provides the framework for risk identification and control

• Risk management ensures proactive mitigation and decision-making

• Together, they create a resilient, compliant, and strategic organization

Best Practices:

• Implement enterprise-wide risk management framework (ERM)

• Align risk appetite with strategic goals

• Regularly review governance policies and risk metrics

• Use technology for risk monitoring and reporting

• Promote a risk-aware culture among employees

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79.6 Tools & Frameworks

Tool / Framework	Purpose	Example
COSO ERM Framework	Enterprise risk management guidance	Risk assessment, internal controls
ISO 31000	International risk management standard	Risk identification, mitigation planning
GRC Platforms	Governance, risk, and compliance management	SAP GRC, MetricStream
Risk Dashboards	Visual tracking of risks	Tableau, Power BI
Internal Audit Tools	Compliance and control monitoring	ACL Analytics, AuditBoard

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79.7 Exercises

A. Risk Identification Workshop

• Identify top 10 risks in your organization

• Categorize them by type and severity

B. Risk Mitigation Planning

• Choose one high-priority risk

• Develop a detailed mitigation and contingency plan

C. Governance Assessment

• Evaluate the organization’s governance framework

• Identify gaps in policies, reporting, or compliance

D. Case Study Analysis

• Study an organization that faced a major risk

• Analyze how governance and risk management mitigated the impact

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79.8 Common Mistakes

❌ Ignoring low-probability but high-impact risks
❌ Focusing only on compliance, not strategic risks
❌ Lack of integration between risk management and governance
❌ Infrequent monitoring and reporting of risks
❌ Not fostering a risk-aware organizational culture

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79.9 Chapter Summary

✔ Organizational risk management identifies, assesses, and mitigates risks threatening strategic objectives
✔ Governance ensures accountability, transparency, ethical behavior, and compliance
✔ Integration of risk management and governance creates resilient, efficient, and sustainable organizations
✔ Tools like ERM frameworks, ISO 31000, GRC platforms, dashboards, and audit software support systematic risk control
✔ Best practices include enterprise-wide risk culture, continuous monitoring, and alignment with strategic goals