Rethink your risk management assessment, systems and processes
Business leaders often poorly assess the risks to their business. Some business leaders are:
- Over optimistic on their ability to manage key business risks or are ignorant of what the key risks are that they should be focusing their limited resources on.
- Underestimate the impact of uncertainty on their business objectives.
- Perceive themselves to be invincible in business.
- Too risk averse. They take too little calculated risk to enable them to be successful in business. Or they take the wrong risks.
Business leaders need to do more to include incorporate risk in decisions about how the business is run, what to invest time and money into and prepare better for risk events that are in their control or are not within their control in terms of occurrence.
Unsurprisingly, risk events can turn fatal for a business when the risk event occurs at the worst time for a business. A risk event maybe insignificant if managed properly at any time, but a risk event occurring at the wrong time that is badly managed could become an existential threat to the survival of a business.
Allocate your limited resources of time and money to risk management most likely to help you survive and prosper whatever risk events occur whenever they happen. Protect your critical functions better. Seize opportunities to grab success from the mouth of defeat! Rethink how you perceive and manage business risks. Be better prepared by changing the way you discuss risk in your business. Instead of thinking a risk event may occur in next year ask yourself if it occur within next 25 years – extending your focus will not only help you to be better prepared for business risks but you will deploy business resources more cost effectively. Too often we think in terms of an insurance year and this creates inappropriate risk management spending and overspend.
The good news is that bad business decision making is the largest contributor to the failure of a business following a risk event! Improving your risk management decision making gives your business the best chance of survival and increased success in business.
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Adopting a more risk based approach to business decision making can improve your business performance. Reduce the impact of uncertainty on your business objectives. Mitigate threats. Seize and capitalise on new business development opportunities. Reduce the likelihood of unwelcome risk events or mitigate the impact on your business. Increase the chances of securing business growth and maximise the return of your investment of time and money.
Risk Management Think Tank
About Improve Risk Management Workshop Identifying and Improving Business Risks Workshop
Our first Risk Management Toolbox Talk explored Failure To Manage Enterprise Risks Vs Failure Of Risk Managers. All risk managers can fail to manage enterprise risks but that does not mean all risk managers are failures.
Assuming you have taken responsibility for managing your business risks you may now want to understand those business risks better? What would be ideal, would be to work further on identifying and improving your business risks so that your business is better protected and more able to grow faster with less uncertainty impacting on your business objectives.
Our ongoing workshops seek to identify common business problems and find quicker cheaper better ways to solve business problems. You will work with like minded people on country risks, industry risks or specific business risks common across the board.
Collectively we can be better at managing business risks? We can easily improve risk management as frankly our business risk management performance has left a lot to be desired. We even fail to learn from past mistakes to manage old risks never mind scan the horizon to proactively manage new business risks.
There is significant room for improvement at society level, at a business level and at an individual level. By sharing risk management knowledge and business intelligence we can help improve each others risk management capability. Improving risk management capability will build business resilience and improve business performance for faster business growth with less uncertainty.
This enterprise risk management toolbox talk focuses on identifying business problems that concern you
From there we will break out into focused risk management working parties to fully assess business risks and find better practical business risk management solutions all participants will be able to takeaway to embed in their own business. Future Risk Management Think Tank toolbox talks will be streamed into working groups focused on overcoming their barriers to better risk management in their specific areas of interest.
Learn how to make better business decisions to build business resilience and boost business performance. Because your time is so valuable we will complete Improve Risk Management Workshop in no more than 30 minutes. Those looking for innovative ways to solve business problems will have more opportunities at later online workshops.
Title: Improve Risk Management Workshop Identifying and Improving Business Risks
Date: Friday, xxth Xxx 2022
Time: 5:00-5:30 p.m. GMT
Host: Keith Lewis, BusinessRiskTV
In this enterprise risk management toolbox talk we will ask you to contribute fully to:
- Identify the key threats and opportunities facing businesses
- Describe the likelihood and impact of the threat or opportunity on a business
- Suggest possible risk management controls you wish to explore further
What would cause your key threats or opportunities to materialise? Why would this happen? What are the underlying causes which could trigger the unwelcome or desired risk event? If your worst fears or great expectations were to happen, what would be the consequences for your business or industry? What would be the effect on your business objectives in short and long term?
Save the date to improve your business risk management to boost your business resilience and performance.
Risk Management Think Tank and Keith Lewis is inviting you to our scheduled Zoom meeting.
Topic: Risk Management Think Tank Improve Risk Management Workshop
Time: Feb xx, 2022 05:00 PM GMT
To Join via Zoom App Meeting ID: xxx xxxx xxxx and Passcode: xxxxxx
Click on Join Now button up to 15 minutes before 5:00 pm on Friday xxth Xxx 2022 to access Zoom Improve Risk Management Workshop. Please note it is unlikely you will be able to join the meeting after 5:00 pm GMT so recommend you join the workshop early to avoid disappointment.
Business Risk Management Experts
Participants can also put themselves forward as business risk experts at future more advanced online workshop events to share your expert business knowledge and promote their business interests
Are you a risk management expert in your country, industry or specific risk topic? Get in touch with us if this is you.
BusinessRiskTV: [email protected]
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Improve Risk Management Workshop
Business risk management club