Is Risk Managment working for you?

Take time for risk and reap the rewa

IF YOU WANT TO REFERENCE THE MOST COMPRHENSIVE REFERENCE SOURCE ON RISK MANAGEMENT LOOK

Last Update:                                                HERE

What is the most important risk facing you at the moment? Tell me

Isn't it about time you looked at how risk management is paying off in your organisation?

By now every business, company and organisation should be aware of Risk Management(RM) and have a view on it. To survive and prosper they must manage risk every day. There are many variants in practice. A risk is simply something that may happen that will impact results. Some may choose to embrace a risk willingly and achieve great opportunity. Others may prefer to avoid risk and live and prosper.

Risk is accepted as an ever present feature of life and business and taking time for risk is one of the most profitable undertakings known to man.

The double edged nature is fascinating - if we don’t take time for risk then our whole undertaking can be undone or severely compromised.

If we deliberately take risks which others are unwilling or do not have the knowledge to take we can achieve supreme levels of gain advantage and opportunity.

The process is well documented:

• First identify the risk
• Then quantify in terms of severity and consequence
• Next review controls - transfer/ cost of controls/ efficiency of controls
• Refine controls
• Achieve successful outcomes

You will see 3 main approaches to RM by many busineses:

1                     Intuitive approach  - remarks such as - ‘RM is good management’ - ‘we do it’ - ‘it is common sense’ ‘we trust our technical people ‘ and so on typify the responses from these organisations when asked their view

2                     Structured approach - chief risk officer/risk management department/active separate process of herding all or part of the organisation into setting goals on key risks and measuring and reporting outcomes in risk management transfer and control

3                     Fully integrated risk management practice throughout the organisation with a full appreciation by all levels of management and staff of the importance of taking time for risk and understanding and reporting the actions taken lessons learned and contribution to the commercial results of the organisation through a RM practice which is part of their continuous improvement process.

Risk Management Software

Enterprise Risk Management Software

Project Risk Management Software

Contact Form

Financial Risk Management

Managing Dispute Risk on a Portfolio Basis

[The question on RM is not ‘are we doing it?’ but ‘how well are we doing it?’ that is ‘how well are we using current knowledge on RM to improve the results of this organisation?’ and ‘how are we measuring the results achieved and reporting them in the financial results to analysts and stakeholders?’

This methodology  on dispute handling within a RM context fits very well with current thinking on the best methods for organisations to achieve ‘dispute-wise’ status and enhance performance by moving to a ‘portfolio approach’ to dispute prevention and handling...]

Read More - subscribe to the newsletter

More Resources