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Risk Management

Every type of organisation no matter how big or how small is faced with risks every day. And every individual that is involved with it will be making decisions on how to deal with them - whether they realise it or not.

Risk management enables you to understand how these risks might lead to the success or failure of your organisation's goals and objectives.

This is achieved by putting in place a risk management framework that provides a process, methods and tools to manage risk. It's all about co-ordinating activity within an organisation with regard to risk.

Adopting a formal approach to risk management is not just about having the process, methods and tools in place though. Important elements of an overall framework for risk are communication, training and culture. You could have an extremely well documented approach, but if the risk management culture is not right it won't work. It is important to raise risk management awareness within the organisation and to train individuals on how to manage risk.

Risk management becomes even more important if your organisation decides to try something new, for example launch a new product or enter new markets. You will need to understand what the risk and opportunities are so that you can make an informed decision as to whether to proceed or try a different strategy.

Whenever there is a change there is uncertainty and uncertainty can lead to risk. For any organisation to survive it needs to continually evolve, change and take risks. Risk management is not about not taking risk, it is about not having any surprises. Any organisation that is practised in managing risk will be better prepared to deal with threats that might lead to failure and maximise the upside of risk.