How do you identify, record, assess, mitigate and monitor risk in your business?
Every business has risk exposure and all business decisions carry risk, many with financial or legal implications. Directors and business owners must invest time into identifying and managing risk as an ongoing business strategy.
Time spent managing risk pays off. It allows you to anticipate, analyse, and mitigate (or at least minimise) risks before they materialise. It’s not a ‘set and forget’ task; but an ongoing cycle of identifying, recording, assessing, mitigating, and monitoring to ensure you address the evolving risk in your business.
1. Identify. Determine potential risks by analysing each department and consulting with team leaders and members.
2. Record. Document identified risks in a Risk Register and update it regularly.
3. Assess. Evaluate the risk based on likelihood and consequence.
4. Mitigate. Implement strategies to mitigate risks, actions, and responsibilities.
5. Monitor. Track implementation of risk management strategies and respond quickly if a risk increases or needs reassessing.
Risk management strategy comes from the top. No matter the size of your business, putting structures, processes, and procedures in place enables risks to be quickly identified, mitigated, and managed in order of significance.
Risk impacts our time, mind, and financial freedoms. We can show you how to identify the most critical risks in your business using our Risk Register, and help you establish risk management as an ongoing strategy for all departments.
"Don't be fearful of risks. Understand them, and manage and minimise them to an acceptable level." – Naved Abdali
