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It would be difficult these days to survey the landscape without seeing a veritable minefield of risks: natural disasters, data breaches, and quality-control failures resulting in widespread product recalls. No wonder risk management is such a hot topic. Read More about Risk Shared is Risk Managed
Business is, by nature, a risky proposition. Without proper risk management, your business can lose money, time, productivity — even customers and employees. By planning for risk and learning how to mitigate it, your firm is free to embrace growth opportunities and to remain dynamic and flexible. Learn more about how to identify and manage risk.
Be sure to perform regular audits and reviews on your risk portfolio: new risks will arise and old ones become less severe. Understand the range of risks your organization faces, from low — impact to severe, and balance your practices to align with these.
An organization's risk appetite should be clearly stated and embedded throughout the culture, with processes in place to support the management of healthy risk. Designate a Chief Risk Officer and involve stakeholders to turn your risk management strategies into a competitive advantage. Make sure to set success metrics and tie them back to performance goals.
In a time of both more regulation and more competition, you'll want to manage your growth and finance strategy at an enterprise level. Use credit to leverage assets at critical times in your firm's growth, balancing need with growth stage, overall cost of capital and financial stability.
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