All organizations face a host of risks incurred during the conduct of day-to-day business operations and stakeholder interactions. These risks challenge executives and managers in so far as they can have consequentially negative impacts on the organization’s ongoing sustainability from an operational, financial, reputational, and regulatory perspective.
Organization leaders seek to manager their risks’ likelihood and/or impact; identifying, assessing, and prioritizing followed by monitoring, mitigating (accepting, avoiding, minimizing, or transferring), and controlling each risk. Effective risk management optimizes the cost of risk monitoring and mitigation with the expense incurred should the event occur.
Risk = Probability of an adverse event’s occurrence times the severity of the event’s impact should it occur
Focus of the Risk Management Forum
Materials within the risk management forum focus on those principles, best practices, and warning flags associated with the effective monitoring, mitigation, and response to both identified and unidentified – Black Swan – risks.
For detailed insight on making and managing high-risk decisions, visit StrategyDriven‘s Decision-Making Forum.
StrategyDriven Personal Business Advisor Remote Assistance and Dedicated Advisor clients and Risk Management Forum subscribers can access all of the articles listed below. Self-Guided clients can access those articles annotated as [SG = 📱]
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- Value of Effective Risk Management [SG = 📱]
- Best Practice – Map Corporate Risks to Operational Processes
- Best Practice – Integrated Risk Assurance Oversight Matrix
- Best Practice – Procedure Annotation and Commitment Tracking
- Best Practice – Risk Quantification
- Best Practice – Ongoing Risk Monitoring
- Warning Flag – Unadjusted Resourcing of Risk Monitoring Activities [SG = 📱]
- Warning Flag – Normalcy Bias
- Why Some Firms Thrive While Others Fail by Thomas Stanton
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Corporate Risk Analysis, Management, and Mitigation
We help reduce corporate risk exposure through an independent assessment of your enterprise risk programs. We can help you develop a risk profile, benchmark your risks against industry peers, identify risk management program gaps, and develop and implement a multi-year oversight program to manage your risks consistent with industry guidelines. Learn more about how we can support your implementation and upgrade efforts or contact us for a personal consultation.