
334 Operational Risk Control
Tools like market research and analysis help to decrease product risk by foreseeing
the economic future of one’s products. Through R&D a firm may develop new and
better products, and hold its share in an expanding market. To minimize product risk,
management must answer, in an effective manner, the questions: when, what, and
how.
䊏 When, what, and how are crucial queries for an economy to expand and improve,
but still more is required in a post-industrial economy.
䊏 This ‘more’ is rigorous risk control because the New Economy prospers by taking
major risks, and by managing change.
All societies change, but change in pre-industrial ...