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Risk Management Warning Flag 1 – Unadjusted Resourcing of Risk Monitoring Activities
Major projects typically add significant operational, financial, reputational, and regulatory risk to an organization’s overall risk profile. This project risk may by itself exceed the normal level of organizational risk leaders are accustomed to dealing with. Consequently, these strategic projects demand the implementation of risk identification, monitoring, mitigation, and control activities. These risk management activities, however, are often unaccounted for in the project’s budget and instead draw resources away from the organization’s other risk management efforts; diminishing the business’s overall ability to effectively manage its other risks.
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About the Author
Nathan Ives 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.
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.
Corporate Risk Analysis, Management, and Mitigation
Each organization faces a unique set of risks challenging the continuity of its operations. All risks, however, are not equal. In order for an organization’s leaders to economically manage their business’s risks, they must first understand each risk’s inherent and residual value. Failure to quantify the organization’s risks produces a less meaningful set of potentially adverse events; lacking relevance, priority, and return on investment information and often resulting in the application of either too many or too few resources applied to address these challenges.
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