Could you assist me in answering the following:
(1) How might an organization's areas of risk vary in times of rapid change versus times of relative stability?
(2) Take time this week to study how others in your industry address risk during times of change.
(3) Identify and explain at least three lessons you can apply to your own organization.
MANAGING RISK DURING TIMES OF CHANGE
Certo (2000) defines changing an organization as the process of modifying an existing organization to increase organizational effectiveness or the extent to which it attains its objectives. While it may involve only one segment of the organization, it may affect other areas such as lines of authority, responsibility, structure, as well as nature and levels of communication.
While change is important to an organization as a way to adapt to changes in the environment, particularly customers, competitors, and government regulations; there are risks involved. The nature and degree of risks vary, depending on the business and industry concerned as well as the preparedness of the organization to the change.
Organization's areas of risk in times of rapid change versus times of relative stability.
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The solution discusses managing risk during times of change.