MANAGING RISK
MANAGING RISK
However, in order to be most effective, any risk management plan should consider developing a comprehensive approach based on several factors. A proven risk management approach should at minimum be based on the following processes:
- Risk identification—What can go wrong?
- Risk assessment—How bad could it be?
- Risk mitigation—What can we do?
- Risk monitoring—How will we track?
- Risk control—When must we decide?
- Risk reporting—How will we communicate?
- Risk training—Is prevention possible?
Every Risk Management Program should be a proactive approach to capture risks. After potential risks are identified, organizations should determining the probability of occurrence for these risks and identify the resulting effects. The next logical step is identifying one mitigation strategy at minimum for every risk. The organization can then manage these risks by measuring progress against the selected mitigation approaches.
The risk management approach should continuously monitor risk through activities such as identifying, analyzing, mitigation planning, tracking, and controlling risks. Additionally, risk management programs balance the cost of risk occurrences with the cost of mitigation activities by prioritizing risks and mitigation activities.
A sample Risk Management matrix and a pictorial plan is available on the free downloads section of this website.
MANAGING RISK - To learn more about this author, visit Atul Uchil's Website.
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Risk Management Consultants will emphasize the criticality of formal risk management to achieve program success. However, most of the pleas of Risk Management Consultants seem to go unheard because people assume that they are just trying to drum up business. It is a proven fact that continuous risk management maximizes the probability of program success. This is true regardless of whether the program is internal to the organization of the program is external (concerning client delivery). A risk management system is essential to every organization to ensure success. Even something as rudimentary as a list if potential risks is useful as this will help in providing continuous visibility to risks and also help in mitigating identified risks.
However, in order to be most effective, any risk management plan should consider developing a comprehensive approach based on several factors. A proven risk management approach should at minimum be based on the following processes:
- Risk identification—What can go wrong?
- Risk assessment—How bad could it be?
- Risk mitigation—What can we do?
- Risk monitoring—How will we track?
- Risk control—When must we decide?
- Risk reporting—How will we communicate?
- Risk training—Is prevention possible?
Every Risk Management Program should be a proactive approach to capture risks. After potential risks are identified, organizations should determining the probability of occurrence for these risks and identify the resulting effects. The next logical step is identifying one mitigation strategy at minimum for every risk. The organization can then manage these risks by measuring progress against the selected mitigation approaches.
The risk management approach should continuously monitor risk through activities such as identifying, analyzing, mitigation planning, tracking, and controlling risks. Additionally, risk management programs balance the cost of risk occurrences with the cost of mitigation activities by prioritizing risks and mitigation activities.
A sample Risk Management matrix and a pictorial plan is available on the free downloads section of this website.
MANAGING RISK - To learn more about this author, visit Atul Uchil's Website.
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happen to find this site.It contains many articles that i am interested in. Already added to my bookmarks.
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Dianne CramptonDianne Crampton is an executive leadership coach, team consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. - Visit Dianne Crampton's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Atul Uchil Video - Atul UchilDo not sell products, services or commodities. Just establish strong relationships with clients and achieve the coveted status of a trusted advisor. Then, your clients will elect to buy services and/or products from you. Never try to sell them.
I know that this sounds deceptively simple. Almost as if one could just sit around and wait for things to happen. Establishing and maintaining trusted client relationships without trying to sell them anything, requires a lot of patience and a constant struggle against the temptation to start selling.
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