What is the point in Risk Management!?
Risk Management and Change / Transformation go hand in hand. Whilst Change creates a degree of risk, it is also the only way to remove and mitigate risk, so they should be joined at the “hip”.
There are various forms of Risk Management, each with a unique but common purpose – helping your business be safe and improve. Listening and taking the time to understand different perspectives will be invaluable on your journey to success.
Alongside your playbook consider the following when considering how you manage Risk effectively:
- Enhancing Decision Making – Provides a business with a comprehensive understanding of potential risks and their potential impact. This enables better decision-making by assessing the risks and rewards of different options.
- Encouraging Innovation and Growth – Should create a framework that allows a business to take calculated risks and explore new opportunities. By managing risks, organisations can embrace innovation, improve operations, and pursue growth strategies with confidence.
- Operational Resilience – Identifies the mitigation of potential threats that could disrupt your operations. By identifying potential risks, developing contingency plans, and implementing appropriate controls, you can minimise downtime and ensure continuity. This is particularly important in areas such as capacity constraints, IT failures and regulatory changes.
- A Fresh Set of Eyes – Whilst you will know your business inside out, collaborating with a third party can provide fresh perspectives and help identify risks and solutions that may have been overlooked.
The next part in our series looks at a playbook for how to monitor, manage and improve Customer Satisfaction within your business.
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