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The Risk Management Process – In 5 Steps

 

I have always been a firm believer that good risk management doesn’t have to be resource intensive, difficult for SMBs to undertake or insurance brokers to provide to their clients. With a little formalization, structure and a strong understanding of your organization, risk management planning can be rewarding.

Risk management does require some investment of time and money but it does not need to be substantial to be effective. In fact it will be more likely to be employed and maintained if it is implemented gradually over time. The key is to have a basic understanding of the process and to move towards its implementation. That is exactly why ClearRisk has developed its newest whitepaper: The Risk Management Process

There are many different risk management models available. Often times these models are unnecessarily complicated or written for an academic audience. We’ve developed this whitepaper from industry best practices and experience and in a way to which business people can relate.

In summary, the five steps in the risk management process are:

  1. Identify Potential Risks:
    What can possibly go wrong?
  2. Measure Frequency and Severity:
    What is the likelihood of the risk occurring and if so what is the impact?
  3. Examine Alternative Solutions:
    What are the potential ways to treat the risk and of these, which strikes the best balance between being affordable and effective?
  4. Decide Which Solution to Use and Implement it:
    Find the needed resources, get the necessary buy-in and pull the trigger.
  5. Monitor Results:
    Is your plan working? Are changes or updates required?

The whitepaper explains each of these steps in detail so you can move towards implementing a risk management plan. Click to view the free whitepaper on the Risk Management Process.

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