Risk is defined as the possibility of loss in an endeavor. It is the effect of uncertainty with the consequences of an event and the associated possibilities of different occurrences as a result of said event. It plays an important role in organizations of any size.
How to determine the risk of an endeavor
The following questions can help you determine the risk of a venture:
- What can happen and under what circumstances?
- What are the possible threats?
- How likely is it for these threats to occur?
- Is the risk controlled effectively?
Risk Management
Risk Management is a process used to identify, assess, and control potentially adverse effects or threats of the goals of an institute. It’s a thorough look at your workplace to identify those things, situations, processes, etc. that may cause harm, particularly to an organization’s internal and external parts.
Opportunity in every risk
In every risk, there is an opportunity. One good example of this is the ‘change in management’ situation. The new management may not be familiar with the organization’s processes, which could cause a delay in the completion of projects. On the other hand, the opportunity of having new leadership could be a change of direction or a change of priorities that could result in much more productivity and a better business environment.
Ongoing risk assessment can help the organization identify potential beneficial effects or opportunities. This could lead to the business’ growth and improvement over time. At The Swiss Quality, we have a team of qualified and professional consultants. We are interested in the progress of your organization, its success and more importantly, how to ensure you do not run into problems. For effective and efficient risk management, we are absolutely capable.
Risk Management Process
The Risk Management process is applicable to the following parts of an organization:
Internal: Such as activities, products, services, direction, culture, and capabilities
External: Cultural, social, political, legal, regulatory, financial, technological, economic influences,
Interested Parties: Such as clients, customers, shareholders, competitors, external providers, and the nearby community.
Are you having trouble identifying potential threats? We’re here to help you! Feel free to contact The Swiss Quality today!