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Every corporate face risk that could be detrimental to its success.
Risk can be understood as the probability of an event and its related consequences.
All the various processes, methods and tools for managing these risks come under Risk management.
Risk management highlights identification of things what could go wrong, evaluating the strategies to be used dealing with these kinds of risks and off course implementing these strategies to deal with such risks. All corporate houses who have a risk management plan in place are better prepared in case a situation arises and also have an effective & efficient way of dealing with such risks.
Let’s try to understand the following:
Risk management process or plan enables any business to not only identify but also address the risks which can occur during any phase. It increases the success rate by ensuring that the businesses objectives & goals are met. Needless to say, that risk management plan should be devised and come under strategic management
The risk management process (RMP) involves the following steps:
Responding to risk – After identifying and analysing the potential risk for any business, appropriate plan/strategy needs to be incorporated. This can be done by the following steps (depending on kind and severity of the risk):
The main categories of risk to consider are:
All the above categories are not rigid and some parts of the business may fall into more than one category.
Risks are inherent to every environment and any business. The risks cannot be avoided and, therefore, must be addressed in order to minimize their impact.
Below are the four main steps to evaluate the risks:
Risk identification is the main step and can be achieved by simply brainstorming the possible scenarios. You can gather the employees together in order to review all the sources of risk for your business. The next step is then to arrange all these identified risks in order of priority & severity. This ensures that risks which can affect a business significantly are dealt with immediate priority.
This can be done by following the below steps:
The process of creating a business plan is a vital step towards assessing, evaluating & planning for the risks associated with any business. The plan should cover all aspects like operations, finance, marketing & execution related to business. It should encompass the following:
Depending on the business activities, you need to determine the other types of insurance and obtain the correct coverage for your business. Insurance will not reduce your business’ risks but you can use it as a financial tool to protect against losses associated with some risks.
You can use a business interruption policy to insure against loss of profit and higher overheads resulting from any internal factors. You may also want to consider:
Create a risk management plan (Separate from your existing business plan), which lists all of the possible risks that can affect your business. This risk management plan also lists the steps, procedures & ways in which the business should react/deal with the risks as they arise. Other key components are:
Steps in developing a risk management plan (RMP) are as follows:
Even the best of plans at times do not cover all the situations associated with any risk which can happen to your business so when it happens react accordingly and then edit/update your existing plan & procedure so that it can be used as a ready reference in case of any reoccurrence.
You should train your employees to not only understand the interpret the risk management plan but also how to deal with the situation when the risk occurs. This can help your business from damages.
Demand sacking and recruiting new workers where necessary for the health of your business
Managing risk is very different from managing strategy. Risk management focuses on the negative—threats and failures towards the business rather than opportunities and successes of a business.
5 things to remember in order to manage business risk
Every corporate face risk that could be detrimental to its success.
Risk can be understood as the probability of an event and its related consequences.
All the various processes, methods and tools for managing these risks come under Risk management.
Risk management highlights identification of things what could go wrong, evaluating the strategies to be used dealing with these kinds of risks and off course implementing these strategies to deal with such risks. All corporate houses who have a risk management plan in place are better prepared in case a situation arises and also have an effective & efficient way of dealing with such risks.
Let’s try to understand the following:
Risk management process or plan enables any business to not only identify but also address the risks which can occur during any phase. It increases the success rate by ensuring that the businesses objectives & goals are met. Needless to say, that risk management plan should be devised and come under strategic management
The risk management process (RMP) involves the following steps:
Responding to risk – After identifying and analysing the potential risk for any business, appropriate plan/strategy needs to be incorporated. This can be done by the following steps (depending on kind and severity of the risk):
The main categories of risk to consider are:
All the above categories are not rigid and some parts of the business may fall into more than one category.
Risks are inherent to every environment and any business. The risks cannot be avoided and, therefore, must be addressed in order to minimize their impact.
Below are the four main steps to evaluate the risks:
Risk identification is the main step and can be achieved by simply brainstorming the possible scenarios. You can gather the employees together in order to review all the sources of risk for your business. The next step is then to arrange all these identified risks in order of priority & severity. This ensures that risks which can affect a business significantly are dealt with immediate priority.
This can be done by following the below steps:
The process of creating a business plan is a vital step towards assessing, evaluating & planning for the risks associated with any business. The plan should cover all aspects like operations, finance, marketing & execution related to business. It should encompass the following:
Depending on the business activities, you need to determine the other types of insurance and obtain the correct coverage for your business. Insurance will not reduce your business’ risks but you can use it as a financial tool to protect against losses associated with some risks.
You can use a business interruption policy to insure against loss of profit and higher overheads resulting from any internal factors. You may also want to consider:
Create a risk management plan (Separate from your existing business plan), which lists all of the possible risks that can affect your business. This risk management plan also lists the steps, procedures & ways in which the business should react/deal with the risks as they arise. Other key components are:
Steps in developing a risk management plan (RMP) are as follows:
Even the best of plans at times do not cover all the situations associated with any risk which can happen to your business so when it happens react accordingly and then edit/update your existing plan & procedure so that it can be used as a ready reference in case of any reoccurrence.
You should train your employees to not only understand the interpret the risk management plan but also how to deal with the situation when the risk occurs. This can help your business from damages.
Demand sacking and recruiting new workers where necessary for the health of your business
Managing risk is very different from managing strategy. Risk management focuses on the negative—threats and failures towards the business rather than opportunities and successes of a business.
5 things to remember in order to manage business risk
Sumeet is endowed with 23 years of global experience reflecting strong leadership qualities coupled with enormous experience & exposure in IT projects’ planning, execution, management, delivery and production support (onsite, offsite and offshore); across e-Business, Client/Server, Custom Application Development, Enterprise Resource Planning (ERP), Enterprise Content Management, Internet based applications, Business Intelligence, Integration packages and Databases. Eminent leadership expertise with exemplary record in driving management methodologies and disciplines spanning estimation, contracting, project planning, risk management, progress tracking & analysis, report and other related factors Well versed in project management methodologies of Agile, Scrum, Waterfall and delivery technicalities of Onsite, Offsite and Offshore model with expertise in translating complex business opportunities into creative, effective and efficient IT solutions, analyzing the client business needs and requirements: translating new ideas into clients’ solutions including opportunity identification, requirements development, delivery, production support & analysis and documentation.
Jayanti, a proactive founder brings more than 21 years of rich industry experience with an insight to provide innovative solutions. A leader and a team player who aims to help an organization achieve its objective through new and innovative ideas. Her spectrum of work varies from IT Education Delivery, Instructional Design and Delivery, content management and development. She understands the need for building collaborative and trusted relationships with the clients. Jayanti exudes remarkable calm, confidence to withstand the challenges in setting the tone for the company’s values, ethics, and culture.
Nidhi has 15 yrs. of experience in Business Research, Talent Acquisition, Client Relationship management, Database Search Tools and Leadership Hiring. She has worked with internal teams and hiring managers in UK, Continental Europe and US geography to assist with recruitment efforts. She has also worked on custom projects in different sectors and industries, involving – company profiling, business overview, business segments, key financial, executive team, board member composition, competitors and other key developments.
She has been instrumental in preparing presentations on the key developments in the business world like Digital Transformation, UK Talent Trends, Digital Age Disruption. She has been involved in working on newsletters pertaining to candidate moves, company mergers & acquisitions and layoffs in US, UK, CE, APAC.
Priyali has around 8 yrs. of product and digital media experience, along with background in Product Marketing.
She has helped publishers in transforming their digital media business and reinvent their digital monetization model with data driven decision making and an effective web and mobile optimization strategy to increase revenue, website traffic, user engagement, and gain competitive advantage.
Through her specialties like Product marketing, lead generation, digital media consulting, web optimization, user engagement, content monetization, product optimization, customer success she has delivered products that are user friendly and provided a unique and consistent value to the customers.
She has worked closely with cross-functional teams, including Product Management, Sales, Marketing, Research, Web development and Design along with customers, to ensure the successful roll-out of new products and new versions of existing products.
Nitin Gupta, Business Development Manager at IvaluePlus has more than 21 years of experience in all aspects of business development, previously working in the F&B domain and has now transitioned his focus to IT/ITES domain.
His key areas encompass increasing the top line of the company by identifying and developing new business areas & opportunities. He is instrumental in leading cross-functional teams, manage existing partnerships, and evaluate company business goals
A proactive, advising, strategic and result-oriented account manager who maintains a strong link between the team & the clientele – stakeholders. She understands client’s requirement & plans out ways to achieve the required business objective. She is a people’s person and keeps thy team going in sync & flow. She dives deep to understand the business severity & aims at deliverables. She has experience in intercultural sensitivity, workforce planning & employment, language skills, Lisha has been instrumental in building company’s human capital capability through keystone involvement and systemic value addition.
Spending almost a decade into Arts & Entertainment industry and now stepping into Human Resources, right from Hiring to Training to Generalist HR, it has been quite a journey for her but it’s all about getting everything together. The motto is to learn, evolve & grow.
Sujeet is an Ambitious and self-motivated with 7+ years of professional experience In Finance. He has done his B.COM & M.COM from Kumaun university Nainital.
He has been instrumental in Financial accounting /Direct and Indirect taxes/ Payroll and Compliance Management specializing in the IT/ITES sector. He posses excellent research and financial analysis capabilities.
Highly capable, versatile and accomplished IT professional who is confident to make the right decisions as per the situation.
His experience encompasses good knowledge of Cisco, Aruba, D-Link, Sophos, TP-Link devices, Setting up of IT infrastructure from scratch to a secure fort, extensive IT management experience, planning and implementing computer systems and networks.
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