Category: Operational Risks

Understanding Risk Interconnectedness

More and more business leaders are appreciating the interconnectedness of risks, both internally within the business and externally. Decisions made in one part of a business can directly or indirectly impact risks in another part of a business. Business leaders need to have robust and structured risk management practices to be able to anticipate, pre-empt, and manage these interconnected risks.

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Risk Management And Value Creation

Risk managers often find it difficult to articulate the value of an investment in risk management. Likewise, business owners, directors, and executives struggle to justify an investment in risk management. There are always many competing financial priorities. There are four key outcomes that will arise from an investment in risk management.

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Doing a Risk Management Stocktake

Often the cut and thrust of daily business life gets in the way of sitting back and taking stock of risks in a business. Distractions can take the form of putting out spot fires, negotiating contracts, resolving issues with customers, dealing with projects, or managing personnel matters. Business leaders should carve out time periodically to take stock of the risks in their business and look at how they manage them.

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Take Time Out to Assess Your Business Risks

It is important for business leaders to make time to take stock of the risks in their business and how they manage them. Running a business can often take precedence over taking a broader and more considered view of the risks facing a business. Distractions can take the form of putting out spot fires, negotiating contracts, managing personnel matters, resolving issues with customers or dealing with major initiatives and projects.

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