Mitigate Potential Risks Before They Become a Problem
When you embark on an exciting new project, it can be depressing to ask, ‘What can go wrong?’
But the process can be a very rewarding one and save you considerable expense.
Failure to do proper risk management can result in:
Overspending Budgets – What is the impact of risk on your budget? Could some unforeseen event cause you to pay out more than you meant to?
Reputational Damage – Could a comment on social media or workplace accident be reported in the media?
Missed Opportunities – Risk isn’t always negative. Maybe you can position yourself to take advantages of opportunities if they arise
Why Have These Problems in the First Place?
Risk management can be as simple as sitting down, listing all the things that could potentially go wrong and exploring ways to mitigate or transfer the risk.
A risk manager or consultant can work with you to:
- Work out what can go wrong, and
- Create actionable strategies to either remove the threats completely or make them highly unlikely to happen.
This can be done by:
Mitigating the Risk – In its simplest form, this is taking measures to reduce the likelihood of a negative event occurring. For example, it could be preventing workplace accidents through health and safety checks and protocols.
Transferring the Risk – An obvious example of this would be protecting yourself from financial loss by taking out insurance. In cases of more complex problems, such as legal or PR, you could hire a professional who can solve the problem and is protected by an insurance policy.
We take everything on an individual basis and adapt the solutions to suit your situation.
