Ally's Vision Statement

Some risks cannot be controlled or predicted, which is why it is important to have a risk management policy in policy and one that is active in order to predict and control the ones that can be predicted and controlled. Risk management is essential to ensure that organizations operations continue; all risks are not bad and all risks do not require treatment, but in order to determine which ones does require attention and the ones that do not the company needs to have a policy and committee in place (Brown, 2013). When choosing how to manage risks organization need to keep in mind of using a method that works best for the industry they are in in addition to their workplace culture (Fraser & Simkins, 2010). If a method is used that does not work best with their organizational culture if may be difficult getting the process to work or move forward.
General Motors was hit hard during the last economy crisis; they were on news outlets everyday about how their organization was failing; however as of today the company has made a successful comeback. The company focuses on the consumer wants and trends along with making key investments; this aligns with the organization’s strategy to earn lifetime customers (GM, 2016). To manage risks such as operational risks; AT&T has a risk management committee along with policies and a compliance team to ensure employees are not only taking and acknowledging the training but also adheres to the policies. To ensure that all departments comply random audits occur and there are no warnings given as to when and what department will be audited.
This assist in making sure employees are in compliance everyday not just when an audit is expected. These measures along with ensuring that they products, service, and customers service is the best allows them to continue to strive towards their mission are connecting their customers anytime and anywhere. Ally Financial was affected just like their parent company of General Motors by the economy and market decline in the last recession. The company also climbed their way back from bankruptcy and the government bailout. Ally’s vision statement is to be relentless for their customers financial needs along with being a leader in digital financial services; because as technology has evolved consumers are conducting almost everyday things online such as shopping for clothes, groceries, and banking (Ally, 2017). The company has created a risk management committee that focuses on creating and monitoring the company’s risk profile along with overseeing, reviewing, and monitoring compliance
risk. Taking this step allows the organization the ability to foresee warnings and risks in order to prevent and eliminate any risk that can control. During this can ensure they are making decisions that would allow for organizational longevity; in addition, they would be able to stand against the economy decline and crisis as that is something that the organization cannot control. The key is for organizations to pick methods and approaches that align with their business and ensure they have an active risk management program.