Organizations operate in environments that could potentially pose harm to their business continuity and profitability in the foreseeable future. These anticipated incidences that could disrupt normal operations are referred to as risks. Thus, risk management is the science of identifying possible risks, integrating them into decision-making, and prescribing mitigating measures to save the organization from succumbing to the identified risks.
There are several complexities in risk management. First, risk management begins with diagnostic analyses to identify the potential risks facing an organization. Secondly, a Root Cause Analysis is done once the risks occur. Thirdly, management should keep a risk register to track all the incidences of risks and their mitigation plans. Additionally, it is necessary to develop a probability and impact matrix to keep stock of the risk management efforts for future reference. Finally, it is important to conduct a Risk Data Quality Assessment to inform on the organization’s effectiveness in identifying and managing risks.
Risks have harmful effects on business and the general wellbeing of organizations. Some of these effects include; reputational injury, financial loss, business interruption, and loss of competitive advantage. Given these imminent challenges, risk managers ought to be pragmatic and exercise top-level expertise.
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