Organizations are not static; the market in which they compete, the goods and services they provide, the resources they use, and so on, all change over time. Consequently, the risks that organizations face are ever-evolving, and control systems must continuously adapt to remain efficient and effective. Risk management is, therefore, a perpetual process. Managers should routinely examine whether the organization’s strategic plan has changed. If so, the risks associated with the new control objectives need to be identified and assessed. Moreover, if the control objectives remain constant but the organization or its operating environment has not (e.g., the organization grew significantly in size or went public, ...
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