No one is exempt from business risk.
Risks are agnostic—they happen in every industry and size of the organization.
Risk management is the identification, assessment and prioritization of risks coupled with focused resources to minimize, monitor and control the probability of happening and/or impact to the business. Risks can come from uncertainty in financial markets, project failures, loss of customers, competitors and new market entrants, technology advances and a variety of workforce related items.
How can you effectively decrease business risk?
Intentional Innovation puts the spotlight on identifying business risks and actively developing meaningful and unique ideas to reduce, prevent and eliminate the potential impact to the business.
The first step in the process is to identify the general and specific risks associated with the business. You cannot prevent, mitigate or manage unknown risks. All you can do is react as a risk is encountered. Therefore, a Risk Roundup is conducted on a quarterly basis to capture and understand potential risks.
Each identified risk is rated to understand the impact to the short and long-term success of the organization. Risks are classified and scored to assist in prioritization.
- Core – risks associated with the current business operation and market position. These risks impact the ability to compete and sustain operations.
- Emerging – risks associated with new business operation, products or changing markets. These risks impact the ability to survive and compete in a changing marketplace.
- E911 – risks considered to be an emergency – immediate action needs to be taken to survive or limit the impact.
A series of focused idea generation sessions designed to prevent or manage business risks in a pre-defined manner with little or no impact to the business. Get RID of the stress and worry associated with managing business risk.