Risk Management Best Practice 4 – Risk Quantification
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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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.