| How often do you look at the risks in your
business? When was the last time you did a formal SWAT analysis -
Strengths, Weaknesses, Opportunities and Threats?
Do you have a plan to counter significant business risks?
There is a whole industry dedicated to risk management consulting;
however, for practical purposes, we can define enterprise risk as a
possible event or circumstance that can have negative influences on
your business. It can impact the very existence of the company, the
resources (human and capital), the products and services, or the
customers. And there can also be external impacts on society,
markets, or the environment.
The fact is that all probable risks can have a pre-formulated plan
to deal with possible consequences - to ensure risk management
solutions as a contingency if the business risk becomes a liability.
A practical methodology for risk management assessment is:
- Through surveys workshops or interviews, identify the
risk which it usually falls into one of six categories: strategic,
operational, financial, human resources, technology and
legal/regulatory
- Assign some sort of risk score under the areas of a) probability of
risk materializing, b) time to impact, and c) severity of risk
- Based on the above risk management analysis, create an
appropriate risk management plan
A strong executive team and a top notch
business coach with
expertise in risk management services can help uncover blind spots
and formulate a strong plan for enterprise risk management.
For more information on how to mitigate your risk, please fill out the form below:
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