How can a business embrace change

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Businesses must be able to benefit from change. We explore the importance of adapting to change in a business. What are the benefits of change in the workplace. Changes in business can be necessary due to external and internal business risk factors. Not all change has to be major. Small incremental changes, combined, can be more effective and beneficial to your business than giant leaps. Constant major changes can also be counterproductive.

  • What are the negative effects of change in business?
  • What are the positive effects of change in business?
  • Learn how to embrace change and innovation in your company.

Today’s organisation’s must embrace change to survive and prosper. Ensure your business has a culture of looking at change as an opportunity to improve not something to fear or resist. Explain the importance of accepting change positively to your employees and customers.

  • Employees will develop new skills which will make them more valuable to you but also more valuable in the marketplace.
  • Employees will have new opportunities to be more creative in alignment with new business objectives so both can navigate choppy market conditions.
  • Employees will become more engaged with and committed to your business as their ideas will help grow the business and their role within the business.

Sell the benefits of a constantly changing business to your employees so they can help you not run away from your business.

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We look at why change is important. Explain the importance of accepting change positively. Not forgetting both the negative and positive effects of change in the workplace. Control the negative effects of change while enhancing the positive effects of change.

Embracing change means embracing failure. Not all changes will be successful. However if employees feel that their ideas and failure of ideas will be accepted without recrimination and even rewarded, you will find the gems in the rough that will boost your business development.

You need and plan and a process to filter the ideas. Your plan needs to engage all levels of your organisation not just the management team.

Embracing change will help your business find and develop new ideas and opportunities to grow faster. Change in business is inevitable so why not embrace it positively at all times to get the best out of it and mitigate anything bad about change. Embracing change is essential for the future success and growth of your business so adopting a culture and a habit of embracing change will supercharge your growth. Change will no longer threaten your survival in business.

What are the benefits to customers when a business changes?

Adapt your business and embrace change to benefit old and new customers. A culture of embracing change and a process for managing risks of change will lead to more satisfied customers as well as more engaged workforce.

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Much innovation is born out of necessity – for example during times of war. The COVID period maybe our time of war. It as certainly led to the worst economic period for several hundred years including from two world wars. What we can learn from Abandoned Engineering on Yesterday Channel is that our forefathers have invested incredible amounts of money and energy in ideas that failed for various different reasons. If you want your business to be resilience regardless of the economic environment you need to adopt the right risk management strategy to give your business the best chance of surviving in all economic weather. We may think we have been unlucky. However, all previous generations have had their challenges. Our challenge is to be innovative, creative and resilient no matter what is thrown at us.

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10 Fundamentals Of Corporate Risk Management Guide

In today’s dynamic business landscape, organisations face numerous challenges and uncertainties that can impact their success. To navigate these complex waters, companies need to develop robust risk management strategies. Effective risk management enables businesses to identify, assess, and mitigate potential risks, protecting their assets, reputation, and bottom line. In this comprehensive guide, BusinessRiskTV provides invaluable insights into corporate risk management, highlighting key principles, methodologies, and best practices to help organisations stay resilient and thrive in the face of uncertainty.

Understanding Risk Management
To effectively manage risks, it is essential to have a clear understanding of what risk management entails. Risk management is a proactive process that involves identifying, assessing, prioritising, and mitigating potential threats and opportunities that can impact an organisation’s objectives. By embracing risk management, businesses can make informed decisions, optimise opportunities, and protect themselves from potential harm.

The Importance of Risk Culture
Risk management is not solely the responsibility of a dedicated department but should be embedded within an organisation’s culture. Establishing a risk-aware culture ensures that risk management becomes an integral part of everyday operations. By fostering a culture that encourages open communication, accountability, and continuous learning, companies can create an environment where risks are identified, discussed, and managed effectively at all levels.

The Risk Management Process
A structured risk management process is crucial for systematic and effective risk mitigation. This section outlines the key steps involved in the risk management process:

a. Risk Identification: Identify potential risks that could impact the organisation’s objectives. This involves analysing internal and external factors, conducting risk assessments, and seeking input from various stakeholders.

b. Risk Assessment: Evaluate the likelihood and potential impact of identified risks. This step involves quantifying risks, considering their interdependencies, and prioritising them based on their significance.

c. Risk Mitigation: Develop strategies and action plans to manage and mitigate identified risks. This may involve implementing preventive measures, transferring risks through insurance, or creating contingency plans to minimise the potential impact.

d. Risk Monitoring and Review: Continuously monitor and review the effectiveness of risk management strategies. Regular evaluations help identify emerging risks, reassess existing risks, and ensure the implemented measures remain relevant.

Types of Risks in Corporate Environments
Businesses face a wide range of risks across different aspects of their operations. Understanding these risks is essential for effective risk management. Here are some key types of risks commonly encountered in corporate environments:

a. Strategic Risks: Risks associated with the organisation’s strategic decisions, such as market volatility, changing consumer preferences, or technological disruptions.

b. Operational Risks: Risks arising from internal processes, systems, or human errors, including supply chain disruptions, equipment failures, or cybersecurity breaches.

c. Financial Risks: Risks related to financial management, including market fluctuations, liquidity issues, credit risks, or non-compliance with regulatory requirements.

d. Compliance Risks: Risks associated with non-compliance with laws, regulations, or industry standards, potentially leading to legal consequences, reputational damage, or financial penalties.

e. Reputational Risks: Risks that can harm an organization’s reputation, such as negative publicity, customer dissatisfaction, or unethical behaviour.

f. Environmental and Social Risks: Risks associated with environmental sustainability, social responsibility, and stakeholder expectations. These risks can include climate change impacts, community relations, or labour issues.

Risk Assessment Techniques
To effectively manage risks, organisations employ various techniques to assess and prioritise potential threats. Some commonly used risk assessment techniques include:

a. Qualitative Risk Assessment: Involves evaluating risks based on subjective criteria, such as likelihood and impact, using qualitative scales or matrices. This method provides a qualitative understanding of risks but does not involve precise numerical calculations.

b. Quantitative Risk Assessment: Utilises quantitative data and statistical analysis to assess risks. This involves assigning numerical values to likelihood and impact, calculating risk scores, and prioritising risks based on their quantitative measures. Techniques such as Monte Carlo simulations and sensitivity analysis can be employed for more accurate assessments.

c. Scenario Analysis: Involves developing hypothetical scenarios to evaluate risks and their potential impacts. By exploring different scenarios, organisations can assess the likelihood and consequences of specific events or situations and develop appropriate risk response strategies.

d. SWOT Analysis: A strategic planning tool that assesses an organisation’s strengths, weaknesses, opportunities, and threats. This analysis helps identify risks arising from internal factors (strengths and weaknesses) and external factors (opportunities and threats), allowing companies to develop targeted risk mitigation strategies.

e. Delphi Technique: A structured method that involves obtaining input from multiple experts or stakeholders anonymously. The experts provide their opinions on potential risks, and the responses are collated and analysed to identify areas of consensus and disagreement. This technique helps capture diverse perspectives and improve risk assessments.

Risk Mitigation Strategies
Once risks are identified and assessed, organisations need to develop appropriate risk mitigation strategies. Here are some common strategies employed in corporate risk management:

a. Risk Avoidance: Involves eliminating activities or situations that pose significant risks. This strategy may include discontinuing certain products or services, exiting high-risk markets, or terminating partnerships with unreliable entities.

b. Risk Reduction: Focuses on minimizing the likelihood or impact of risks. This can be achieved through implementing control measures, improving operational processes, enhancing security systems, or implementing redundancy plans.

c. Risk Transfer: Involves transferring the financial burden of risks to external parties. This can be done through insurance policies, contracts, or outsourcing certain activities to specialised service providers who assume responsibility for specific risks.

d. Risk Acceptance: Sometimes, organizations may choose to accept certain risks if the cost of mitigation outweighs the potential impact. However, even in such cases, organisations need to closely monitor and manage accepted risks to minimise adverse outcomes.

e. Risk Diversification: Spreading risks across different markets, products, or business lines can help reduce the concentration of risks. Diversification provides a buffer against the impact of specific risks and ensures that the organisation is not overly exposed to a single threat.

f. Crisis Management Planning: Developing robust crisis management plans enables organizations to respond effectively to unforeseen events. This involves outlining clear roles and responsibilities, establishing communication protocols, and conducting regular drills to test the plan’s efficacy.

The Role of Technology in Risk Management
Technology plays a vital role in modern risk management practices. Innovative tools and technologies enable organisations to enhance their risk management processes in several ways:

a. Data Analytics: Advanced data analytics techniques allow organisations to extract meaningful insights from vast amounts of data. By analyzing historical and real-time data, organizations can identify patterns, detect emerging risks, and make informed decisions.

b. Risk Monitoring and Early Warning Systems: Real-time monitoring systems powered by artificial intelligence and machine learning can identify potential risks and alert organizations to take timely action. These systems provide early warnings, enabling proactive risk management.

c. Cybersecurity Measures: With the increasing prevalence of cyber threats, robust cybersecurity measures are critical for protecting sensitive data and systems. Implementing firewalls, encryption techniques, and intrusion detection systems helps mitigate cybersecurity risks.

d. Automation and Robotics: Automation technologies streamline risk management processes, reducing human errors and improving efficiency. Robotic process automation (RPA) can handle repetitive tasks, data entry, and report generation, freeing up valuable human resources for more strategic risk management activities.

e. Cloud Computing: Cloud-based solutions provide organisations with secure storage, easy access to data, and enhanced collaboration capabilities. Cloud computing enables real-time data sharing, facilitates remote work, and improves business continuity in the event of a crisis.

f. Predictive Analytics: Predictive modeling techniques leverage historical data and algorithms to forecast future risks and trends. By analysing past patterns and behaviours, organisations can proactively identify potential risks and take preventive measures.

Integrated Risk Management
Integrated risk management (IRM) is an approach that combines all aspects of risk management into a unified framework. IRM breaks down silos and fosters collaboration among different risk management functions within an organization. By integrating various risk disciplines, such as operational risk, financial risk, and compliance risk, organisations can gain a comprehensive view of risks and their interdependencies.

IRM promotes a holistic understanding of risks, enabling organisations to make well-informed decisions that consider the broader impact on multiple areas of the business. It encourages a shared language and consistent methodologies for risk assessment, allowing for more effective communication and coordination.

Furthermore, IRM encourages the alignment of risk management with strategic objectives. By integrating risk considerations into strategic planning processes, organisations can identify and address risks that could hinder the achievement of their goals. This proactive approach ensures that risk management becomes an integral part of decision-making at all levels of the organisation.

Continuous Improvement and Adaptation
Risk management is not a one-time exercise but an ongoing process. As the business landscape evolves, new risks emerge, and existing risks change in nature. Therefore, organisations must continuously review and adapt their risk management strategies to remain effective.

Regular risk assessments and monitoring mechanisms help identify emerging risks and allow for timely adjustments to risk mitigation strategies. Additionally, organisations should foster a culture of learning and improvement, encouraging employees to report near-misses, share lessons learned, and propose enhancements to existing risk management practices.

In today’s volatile business environment, effective corporate risk management is essential for organisations to survive and thrive. By understanding the principles, methodologies, and best practices outlined in this BusinessRiskTV Guide, businesses can develop robust risk management strategies that protect their assets, reputation, and bottom line.

Remember, risk management is a proactive and integrated process that requires a risk-aware culture, structured methodologies, and the effective use of technology. By identifying and assessing risks, developing appropriate mitigation strategies, and continuously monitoring and adapting, organizations can navigate uncertainties with confidence and seize opportunities for growth.

Stay informed, stay vigilant, and make risk management a priority to ensure the long-term success of your organisation in an ever-changing business landscape.

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The UK will enjoy massive investment over the next 5 years if the politicians are not liars! The UK can now after nearly 4 years of paralysis boost its economic growth. UK business leaders must be more innovative to seize the opportunities coming their way.

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Manage Risks Better

Sometimes we have to accept the risks our businesses face to achieve our goals. Taking no action to control the risks does not mean you have not managed the risk. It means you have identified and assessed it and proactively choose to accept it as the risk is within your risk tolerance and appetite for risk.

The other extreme is that you avoid the risk identified. The risk is beyond your risk tolerance and appetite for risk to pursuance of your business objectives.

Developing a balanced risk management action plan is not easy but it should be simple to work well.

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Failure Of Governance

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Managing Business Rules

There are several techniques that can be useful for managing business rules in an organisation. Here are some recommendations:

Documenting business rules: One of the most important techniques for managing business rules is to document them in a clear and concise manner. This can include using a variety of formats such as decision tables, flowcharts, and natural language descriptions.

Centralising business rules: To avoid inconsistencies and duplication of effort, it is advisable to centralise the management of business rules. This can be done using a dedicated software tool or a repository that stores the rules and makes them accessible to relevant stakeholders.

Version control: It is crucial to keep track of changes to business rules over time, especially when multiple stakeholders are involved. Version control techniques such as branching and merging can help in managing changes to business rules.

Testing and validation: Business rules should be tested and validated thoroughly to ensure their accuracy and effectiveness. This can be done using a variety of techniques such as unit testing, integration testing, and user acceptance testing.

Auditing and monitoring: Regular auditing and monitoring of business rules can help to identify any potential issues or areas for improvement. This can be done using automated tools or through manual reviews.

Governance and ownership: Establishing clear governance and ownership of business rules is essential to ensure that they are being managed effectively. This can include assigning ownership to specific individuals or teams and establishing processes for reviewing and approving changes to business rules.

By following these techniques, organisations can effectively manage their business rules and ensure that they are aligned with their business objectives and regulatory requirements.

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BusinessRiskTV on promoting a more positive safety management culture in the UK. Good safety management practices can improve business performance. Understanding how to manage safety risks better will help business leaders understand how their business is working in areas that are not safety related.

Benefits Of A Positive Health and Safety Culture

Successful businesses have positive risk management cultures including positive safety management systems procedures and processes. Good businesses tend to have good safety management systems.

Promoting good health and safety culture is about changing attitudes at all levels of the organisation from the top down. Changing behaviour begins with changing attitudes to risk and everyone has to take responsibility for safer working environment.

Just as managers and co workers can facilitate or encourage poor safety practices, managers and co workers can promote better safety management practices.

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How To Prepare For Emerging and Trending Risks
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Emerging Risks and Trending Risks In Focus Now

How can CEOs senior management teams risk managers business owners and entrepreneurs make the right decisions more often? Find out whats on the horizon. Understand better the business risks acting on your business right now.

Better Business Decision Making Faster Business Growth More Corporate Enterprise Success
Find ways to grow faster and protect your business better

How do business enterprise key decision makers use limited resources more cost effectively and more successfully?

The pace of business change is increasing. How many people will drive for a living in the next decade? How many people will work in warehouses in next 10 years? What new risks are emerging for businesses when the dramatic changes of 4th Industrial Revolution expected soon are commonly in place?

Cyber crime or error is just one of the threats. How should a business like Amazon react if they are threatened by a cyber criminals who say they have the capability to shut down its warehouse and distribution drones! They presumably have not but even if it was never possible how would Amazons share price react? What will this mean for Amazon’s ability to borrow to invest in its future?

Cyber Risk Management Forum BusinessRiskTV Cyber Forum

Like Amazon every business has its own most threatening risks and most exciting opportunities to grow.

Both the threats and the opportunities mean rapid changes are afoot for most businesses in the coming decade. With limited resources, what should your business focus on?

Do you have the time and energy to cope especially with information overload disrupting your ability to pick the right key risks to manage and which to accept or avoid.

Corporate Risk Spotlight

Change does not mean bad disruption to the norms change can bring good disruption for your business

Are you innovative? Is your business innovative? Do you have people in your business who are innovative?

Sure you are! Yes it is! Yes you do! You may not have found the best way to harness a well of innovation in your business till now.

BusinessRiskTV and its business partners will facilitate an innovative process in your business to overcome good and bad disruptive risks facing your organisation now and in future :

  • There are cheaper ways to do what you do now
  • Experts in business can help you
  • Get a quiet night’s sleep knowing threats are reduced
  • Seize a competitive advantage to grow faster
  • Collaborate to maximise the investment in your own assets

Solve the big questions being asked of your business

Positive Risk Management
Positive Risk Management

Get the answers you need to know what to do next that will have the best net positive impact on your business. What are the critical risk factors you need to manage? How viable are your existing business opportunities?

Some corporate risks are mature and well known but how does YOUR business manage them in the most cost effective way? Other corporate risks are just emerging. Do you know which ones present the biggest threats and opportunities for your business?

If you know what the key risks are do YOU oversee the impact on your business or have you delegated it?

Do others in your organisation want to seize a business advantage of your competitors as much as you do? Do your competitors want any of your existing business revenue?

No you can not do everything yourself but are you creating the right risk management culture to ensure that others are of the same mind as you?

If you are not changing your failing!

  • Do you currently have a sustainable business model?
  • Have you assessed and managed your competitive advantages to squeeze the best out of your existing resources in terms of performance?
  • Do you have a Business Enterprise Risk Management Road Map to make achieving your business objectives more likely?

Tools or strategies used in change management

It is not easy to stay ahead or move further ahead of your competition

Accepting Corporate Risks

We feel we can help facilitate your better business protection and faster business growth. Get the best out of your present business assets.

Develop a new business strategy for success.

Risk Management Resource Centre BusinessRiskTV Risk Resources

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