How can a business identify risk and manage business resources to manage business risks better? Undertake risk profile analysis to inform your business decision making. Practical enterprise risk management ERM tips advice training and consultancy.
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Identifying and managing business risks
Many risk events are possible. However how do you manage your resources cost effectively to control risks whilst boosting business performance?
When beginning the risk management process identify risks that could impact on your business objectives. Look at the whole business at once rather than individual silos functions or departments.
Do not make assumptions at the beginning about the level of risk or effectiveness of risk control measures. Assume that what you currently do risk management wise will not work or not work well enough to control risks.
Consult experts within your business at all levels and experts outside of your business who may have an understanding of your risks. Focus your attention on key internal and external drivers of risk that may have significant impact on your business objectives.
Your business risk exposure needs to be right for your risk management culture. What is your appetite for risk? How much risk can your business tolerate? Getting the balance right is key for sustainable business success.
Reduce or eliminate threats as soon as they appear on the horizon. Seize new business opportunities before your competitors do. Anticipate and plan for future risks. React quickly to current or unexpected risk events.
Risk analysis and Holistic Enterprise Wide Risk Management Approach Will Improve Your Business Decision Making To Boost Business Performance
Manage risks better. Minimise the impact of risk on your business plans. Manage potential problems easier quicker and less expensively. Stop the undermining of key business initiatives or projects by risk events. Explore possible future threats.
Identify business opportunities for growth. Back the best ones to maximise return in investment of time and money. Boost the profit from the best new ideas. Manage opportunities for greater success better.
Create the right risk management framework and enterprise wide risk assessment process for your business
The source of your business risks can be wide and varied. Often they are specific to your business. Sometimes the affect just your industry or geographic location. Occasionally they affect most of the world like the financial crisis of 2008 or global pandemic like 2020.
The impact on your business maybe life giving like if your business is a deep cleaning business or face mask manufacturer in coronavirus outbreak. Or risk events can destroy your business and it may never recover. Your risk management assessment and approach to risk control needs to be tailored to your business.
Not all risks are bad and bad risk events can be good for your specific business in so many different ways. For example the coronavirus tragically will kill thousands of people. In addition many businesses will fail including many of your competitors. Out of the flames the phoenixes will rise. The challenge is to make sure your business and your people survive and prosper no matter what risks are thrown at your business.
Put your great ideas into action with more confidence. Continue to be optimistic about your future. The way your business could and perhaps should change forever not just to get through coronavirus. Learn the lessons from horrifically tragic risk events. Seize the opportunities coming from the 4th industrial revolution. Survive and prosper today tomorrow and then next day no matter what risks you face no matter where you do business and no matter what industry you are in.
Some risks hit you like a ton of bricks. Other risks are more subtle. They creep up on you. You do not know that you are at risk until it can be too late. Enterprise wide risk management means continuous tweaking and adjustment. What is right today may not work tomorrow. The key is to review what has happened but keep your eye on the horizon to ensure you are prepared. Whether you produce the risks internally or have external risks imposed upon your business know what to do when to do it and get to where you want to be regardless.
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