External And Strategic Management Audit - 1145 Words

External strategic management audit, also known as external audit, is the identification and evaluation of events that cannot be controlled by the organization. For example, population shift, increased domestic and foreign competition, the revolution of technology and computer information, etc. To perform an external audit, it a difficult process to do so, because it covers a lot of information to analyze. The external audit shows the important opportunity and threats the company might face, which leads the management of the organization to create appropriate strategies. By doing so, the organizations can gain from those opportunities and can avoid any threats. There are five important external key factors that plays an important role in the external audit. The following are the five main factors of the external audit: †¢ Economic forces †¢ Social, demographic, cultural and environmental forces †¢ Political, legal and governmental forces †¢ Technological forces †¢ Competitive forces. All the mentioned above forces are events that influence the organization, its products, and its services. The external forces can affect the consumer demand of consumers themselves, and the industrial products services, suppliers and distributors. Market segmentation can also be influenced by the external forces. When an organization identifies and evaluates the external opportunities and threats, it allows the organization to have a clear mission, to create strategies that will complete long termShow MoreRelatedDescription Of The Implementation Plan Essay1021 Words   |  5 Pagesfive risks, which are compliance risk, strategic risk, credit risk, operational risk, and financial risk. The corporation has established risk management committees to assess and manage the corporation’s exposure to the above risks. Then, the committees will prioritize these risks and establish guidelines for risk management processes. 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