Mitigating management risk involves several key strategies:
Effective Leadership: Ensuring that the management team possesses the necessary skills, experience, and vision to lead the company successfully. Robust Governance: Implementing strong corporate governance practices, including clear roles and responsibilities, oversight mechanisms, and ethical standards. Risk Management Framework: Establishing a comprehensive risk management framework to identify, assess, and mitigate risks systematically. Continuous Monitoring: Regularly monitoring management performance and strategic outcomes to identify and address issues promptly. Training and Development: Investing in ongoing training and development programs to enhance the skills and knowledge of the management team.