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Continuous Improvement Relationship to Risk Management: The Relationship Between Them
Abstract
In order for a company to economically survive, it needs to compete with a highly competitive market. The world is changing fast, adding different types of risks to companies. So, companies need to not only meet requirements but also exceed them. At the same time, companies are required to lower the level of risks they may encounter. As a result, continuous improvement and risk management should be key factors to insure company success. This study explores the relationship between the two concepts and gives examples where the interconnections between them exist. Also, the study explains the important key components of continuous improvement and the classifications of risk management. Finally, this article focuses on three aspects, managing complaints, developing strategy, and creating a suitable culture. These aspects are evaluated based on the relationship between continuous improvement and risk management.
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