Why are internal control and risk management important to an organization? Describe three approaches organizations may take to manage risk.

Strategic planning is the most important step in an organisation as it helps an organisation to run successfully without confusion which saves a lot of time. Internal control helps in executing these plans and rectify mistakes . When internal work is managed everything gets completed as per plan and the scope of faults is low. During th eprocess of planning we identify many risks associated with the project it will be easy to find the solutions for those risks. We can plan how to eliminate risks during the time of planning itself or we can let the risk come and then we can find a solution in the problem .We can even include risk management in daily process os that risks can be eliminated before they even arise. This is not always possible so generally organisations preplan the steps to be taken to manage risks and proceed accordingly when a risk arises. Risk management is very important for an organisation because it helps in successful completion of the project and also saves cost and time for the organisation.

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