Conclusions
The most of the recent transformations in organizations’
business environment are associated with external
pressures. External pressures are understood as pressures
for change, associated with a number of global phenomena.
External pressures are most usually experienced
through activity of stakeholder groups. There exist plenty
of methods to identify the stakeholders of an organization,
their influence and level of leverage; still the most significant
message to organizations is that impact of and to
stakeholders should be managed.
The traditional approaches to risk should be rethought,
as global businesses need to adopt more comprehensive
risk strategies. Various sources and magnitude of risk have
impact on long-term survival of organizations; therefore
organizations should take a holistic approach to risk.
To address specific emerging compliance issues organizations
should commit themselves to appropriate,
timely and comprehensive compliance risk management,
referring to compliance both as to legal-regulatory and
unofficial one. Because risks are so complex and interrelated,
organizations need to collaborate and engage with
their stakeholders to effect changes, to assess, manage and
share risks. A strategic approach to managing mega risk is
essential to ensuring sustainable development.
In order to be successful in the future knowledgebased
environment, companies will need to implement
triple-bottom line strategies for simultaneously creating
economic, social and environmental values.
Total quality management philosophy needs to be rethought
in the context of recent transformations. The most
likely and reasonable developments for contemporary total
quality management should be made by incorporating approaches
of sustainability and strategy to the concept of
total quality management.