Risk management
July 29, 2022
Risk Management elements:
Roll out a business strategy that aims to identify, assess, and prepare for any dangers, hazards, and other potentials for disasters that may impact your organization’s operations and goals.
Similarly, identify opportunities and assess them, and maximize benefits by putting plans to address positive risks.
Introduce plans of actions, and make them accessible to all stakeholders. Ensure all risks and opportunities are under control while running the business successfully exceeding customers and stakeholders’ expectations.
Setup and define risk responses of different types:
o Mitigate
o Avoid
o Accept
o Enhance
o Remove
Define plan of actions for each risk response, defining what needs to be done immediately, and what needs to be done based on a risk trigger.
Have the different actions assigned to the team to ensure parallel processing with full collaboration.
Setup controls with drills and tests to ensure your risks and opportunities are controlled by a solid process in place.
Reassess your risks to ensure they are mitigated to acceptable levels.
Ensure all risks are in a controlled state and run. Iteratively identify new risks based on changing business climate and address them.
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