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Organizations need to maintain a sound and well-grounded risk management and corporate governance strategy. Risk management and corporate governance strategy are essential for mitigating the adverse impact of any emergency occurrence and enhancing the authenticity and reliability of the organization. Corporate governance strategy incorporates all the processes and structures that need to be adopted by an organization for conducting its business operations. On the other hand, risk management strategy is defined as the process of identification, assessment and prioritizing the risks faced by an organization. Thus, implementing and adopting both the strategies are critical for an organization success for its sustainable growth and development. In this context, the present essay provides a critical evaluation of the implications, benefits and costs that an organization faces in implementing and adopting a risk management and corporate governance strategy.
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