Risk Management for Business Leaders
by Darshana Khandelwal
Risk could arise from many sources such as strategic management issues, financial uncertainty, legal liabilities and technological issues. The Risk at the workplace could be managed effectively by making use of various techniques.
#Avoidance
In terms of avoidance the best way to Manage the Risk at the workplace is that a Leader should not indulge in such activities that would harm, incur losses to the organization. For example – There is a sales project upcoming in the next month and after analyzing the financial results it occurred that it is going to negatively affect the organization so it is better to avoid doing such a project.
A good leader
Should know the,
Various ways to
Mitigate the risk
#Prioritize
It is one of the best ways by which the Risk could be managed in the organization. The Leader should make use of control matrix to mitigate the Risk which includes a series of steps such as
· Identifying the Risk
· Measuring the Probability
· Assessing the impact of Risk in the Organization
· Calculating the Overall Risk
By making use of these steps a good Leader can easily manage the Risk and prevent both the organization and the employees from confronting huge Risks within the organization.
#Acceptance
In the organization, at one point of time the Leaders need to accept the Risk. It could be an optimal Strategy if taking Risk can also result in the achieving profits. Although accepting Risk requires continuous monitoring and making follow other Strategies so that it could be minimized.
Sometimes a Business Risk can
Also become an Avenue,
To Success for Organization
So, in conclusion it could be said that every human being in this world comes across with the obstacle and has to face the Risk but one should know the ways to minimize that Risk and move on in his life and seek more opportunities.
Darshana Khandelwal
#Business #Risk #Management #Leaders #Strategy
Risk Management for Business Leaders
by Darshana Khandelwal
#Business #Risk #Management #Leaders #Strategy
