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StrategyDriven Risk Management Video

Why have a Risk Management Program?

Most people think of risk management as an insurance policy, the price paid to help prevent potentially negative outcomes from being realized by their company. Such a view leads to the conclusion that risk management is a business expense with a highly subjective value proposition.

We at StrategyDriven would suggest the insurance view of risk management is far too narrow. Instead, effective risk management enables a company to accelerate its business operations and to become more aggressive in the marketplace; approaches that in today’s fast paced environment is immeasurably valuable.

An analogy we use is that instead of correlating risk management to an insurance policy, leaders should think of it in terms of a high performance automotive breaking system. High performance breaks, such as those on racing cars, enable the driver to reach higher rates of speed while still maintaining the same level of safety as slower drivers whose cars have less capable breaking systems.

In the case of an effective risk management program, earlier warning of potentially adverse events occurs such that less costly adjustments can be made to avoid those risks; allowing the organization to speed its decisions and actions while maintaining the same risk profile as a company employing a less effective risk management program. Thus, an effective risk management system serves as both an insurance policy and a performance enhancer.

To help you get started, we’ll provide you with one month of complimentary access to StrategyDriven’s Risk Management Forum. Within this forum, you’ll find insightful documents on topics such as:

  • Determining the value of an effective risk management program
  • Quantifying organizational risks
  • Setting up effective risk oversight, and
  • Performing ongoing risk monitoring… just to name a few.

To access StrategyDriven’s online Risk Management materials FREE for one month:

Signup for a 1 Month FREE Trial Subscription to the StrategyDriven Risk Management Forum

About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal, and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

StrategyDriven Risk Management Warning Flag Article

Risk Management Warning Flag 2 – Normalcy Bias

StrategyDriven Risk Management Warning Flag ArticleFailing to adequately prepare for adverse events places an organization at significant risk. Indeed, such shortcomings have contributed to the fall of nations, demise of companies, and severe injury and death of countless people. Yet despite all of the evidence, many organizations today remain unprepared to deal with catastrophic events.


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StrategyDriven Risk Management Best Practice Article

Risk Management Best Practice 5a – Monitoring for Organization-Wide Performance Risk Associated with Large Capital Projects

StrategyDriven Risk Management Best Practice ArticleLarge capital projects represent a significant investment on the part of an organization and can therefore impact, either positively or negatively, the company’s financial position, if not its viability. Consequently, executive and manager attention and financial support may be disproportionately applied to the capital project(s), particularly in the event of overruns, at the detriment of problem resolution at the organization’s other operating assets.


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StrategyDriven Risk Management Best Practice Article

Risk Management Best Practice 5 – Ongoing Risk Monitoring

StrategyDriven Risk Management Best Practice ArticleEvery organization is challenged by risks manifest through its many different day-to-day operations. To help monitor and manage these risks, most organizations employ groups providing performance and compliance risk assurance so that significantly adverse consequences are avoided.


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StrategyDriven Launches Operational Risk Management Resource Forum

StrategyDriven is proud to announce the launch of a risk management resource forum; providing innovative thought leadership and collaboration opportunities to help leaders effectively address their most pressing operational risks.
 
 
StrategyDriven Risk Management Resource ForumAfter seeing the devastation from the Texas fertilizer plant and Louisiana chemical plant explosions, StrategyDriven wanted to help industrial and utility leaders better identify, mitigate, and control their operational risks to prevent similar accidents from occurring at their facilities.

“The unfortunate reality is that industrial accidents are increasingly likely in a world challenged to produce more, faster, and with fewer resources while also dealing with the significant loss of operating experience resulting from the retirement of baby boomers,” explains Nathan Ives, StrategyDriven’s President and Chief Executive Officer. “To help clients combat these risks, StrategyDriven advisors, applying decades of nuclear and high-risk industrial operations experience, authored a library of operational risk management tools easily accessible from our online risk management forum.”

Developed by highly experienced nuclear and industrial complex leaders, StrategyDriven‘s risk management resource forum provides actionable methods and tools executives and managers can use to identify, assess, prioritize, monitor, mitigate, and control their operational risks. Thought leadership items contained within the forum focus on topics such as:

  • Operational Risk Quantification – identification of unique risk index values associated with potentially adverse events enabling prioritization of their mitigators relative to the organization’s portfolio of operational activities and strategic initiatives
  • Integrated Enterprise Risk Assurance Mapping – visualization of the relationships between enterprise risks and their associated processes while concurrently revealing the degree of oversight applied to these processes
  • High-Risk Decision Management – identification, selection, and implementation of action plans to address strategically important and operationally hazardous circumstances, the outcomes of which impact the safety and reliability of employees and assets

The risk management forum’s thought leadership documents are being distributed to StrategyDriven‘s clients, including some of the world’s largest utility operators. These documents can be accessed by clicking here.