chapter  7
24 Pages

Understanding the Value of Knowledge and Risk Management

For stage three and stage four companies, effective risk management is not only dependent upon a strong ethical framework; it is equally dependent upon a company’s ability to sense potential risk issues, to analyze the situation using the skills and expertise of its employees, and to respond in a measured and effective way. To do that, a company needs to marshal the information and knowledge that is available to it, both inside and outside company walls. That process is knowledge management.