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In today's rapidly changing and increasingly complex business
world, successful risk management is the key to survival and
success. Business leaders are increasingly facing different kinds
of risk, from those traditionally associated with the market-
project risks, competitive risks, and currency risks, to a set of
new, more hazardous threats. Businesses in the Twenty-First century
face a range of global risks. These are having an increasingly
large impact on the activities of individual firms. While ten or
fifteen years ago, risks flowing from civil unrest, climate change,
terrorism or pandemics had a very limited effect on business, this
is no longer the case. Risks beyond the control of the firm affect
businesses more than ever before. Risk is the business of business,
and the fundamental job of executives is to anticipate change and
manage it on the basis of an opinion about the future. Those who
don't take and manage risks properly lose ground and are eventually
driven out.
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R398
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