The different mitigation strategies that might be undertaken by the organization after the identification of the issues are based on the utilization of the effects of the change in the systems of the business. This section of the report will be focusing on the identification of the recommended actions that might be undertaken by the Commonwealth bank as per the different relevant frameworks for improving the structures and the processes of the business.
The organization also faced issues relating to data theft, money laundering and fraudulent activities, which might be protected through application of security checks and implementation of the latest technologies in the systems. It will be helping the organization in adhering to the interest of the customers as per the specific needs of the same (Singh, 2012). On the other hand, the organization might undertake a market analysis, which will be enabling the business to identify the different pros and cons. It will be facilitating the organization with the formulation of different strategies that will be helping the business top bring in changes in the operations of the business (Gershengorn, Kocher & Factor, 2014). The identification of the market size and the economic structure of the nations will be helping the organization in investing as per the competitive gains in the various market structures. In order to, reduce the risks of facing economic fluctuations the organization must take steps to conduct an extensive study of the different market conditions as per the demographic and psychographic relativity. It will be helping the organization in maintaining the different modifications in the processes of the business.
2.3 Decision making systems that are adhered by the business
The organization might follow the Rational decision making model which will be enabling the organization to undertake efficient decision making considering the common objectives of the business. The model will be helping the organization in identifying the issues that are faced by the same while operating in the international market scenario (Schiuma, 2012). The definition of the issues and prioritization of the decisions as per the goals of the organization will be helping he organization in optimizing the standards of the operations. As per the case, Commonwealth Bank faced with an issue relating to the usage of outdated technology, which has affected the goodwill of the business. Therefore, the organization will be identifying the issue as its first step and thereby might formulate strategies of implementing modernized machinery to bring forth changes in the present situation of the business. Allocation of the project needs as per the criteria and weights of the decision will be helping Commonwealth bank to identify the costs that will be required to assist the change in the systems of the business.
Figure 1: Rational decision making model
(Source: Schmit & Chao, 2013)
The development of the alternative decisions that might be considered by the organization while undertaking the modification in the processes. The alternatives will be helping the organization in choosing from among the alternatives that is best suited as per the norms of the business. The modifications that are fostered by the organization has helped in maintaining the different modifications in the systems of the business (Goetsch & Davis, 2014). The evaluation of the available alternatives will be helping the organization in balancing the processes that are planned by the business. The selection of the best alternative will be helping the organization in undertaking the suitable decisions as per the issues that are faced by the business. The selection of the best alternative will be helping the Commonwealth bank, Australia, will be helping the same in mitigating of the issues. The application of the model on the proceedings of the business will be fostering the same with continuous improvements in the situation of the business firm.
Therefore, the issues that are faced by the organization, Commonwealth Bank, while operating in the international market structures. The identification of the issues that are faced by the organization through the analysis of the external environments will be fostering the growth of the organization through the prioritization of change. On the other hand, the different recommended actions that might be undertaken by the organization to bring forth changes in the processes of the business are supported through the enumeration of porter’s generic tools. It will be helping the organization in mitigating the issues and thereby optimize the performance of the same.
The decision making system that might be adhered by the organization is the rational decision making model. It will be providing the business with an opportunity to choose from among the different alternatives through the consideration of the change and the manner in which the change will be affecting the present situation of the business. The report enumerated the strategies that will be helpful for the organization in optimizing the situation of the business while operating in the international market structure. The modifications in the systems of the business will be facilitated through the formulation of different strategies that will be helping to improve the situation as per the ethics of the business are concerned.
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