One of the characteristics of an industry that develops and competes in the globalization era is that it is constantly changing internally, including organizational changes, the introduction of new key equipment, methods, and systems, among other things. Changes in regulatory standards, security levels, government policies, and other considerations are among the external variables.

Risk management is an important aspect of a company's business strategy when it comes to change management. It is intended that by identifying and analyzing potential dangers to the organization, as well as devising a control strategy, the impact of any bad occurrences or developments that could prove disastrous can be reduced. Change can be made without incident when risk management is implemented as part of a comprehensive Management of Change strategy. Before any changes are performed, a review process involving factors of safety, health, the environment, the authorization process, and documentation is essential.

The seamless operation of the company's business changes is aided by adequate risk management. Internally, this sends a positive message about the company's operations, builds employee trust in the company, and improves workplace safety, all of which boost employee morale. This demonstrates that the organization's business is stable and predictable, and that the corporation manages change effectively, if at all. [TQY]