Professional risk management is becoming increasingly important due to the tightening framework conditions at various levels. Good planning and a high awareness of the topic’s sensitivity prepare a company for events that may occur.
Risk management: A complex matter
Risk management is only superficially simple – It’s concrete implementation is often highly complex. After all, it is important to leave well-trodden paths of thought, not to offend those involved and to work out strategies that work in an emergency.
The theory in a nutshell…
The professionalization of risk management takes place in three steps: First, risks are identified, which are analyzed in a second step and from which measures and strategies are derived in a third step.
... and the complex practice
An interim manager who is particularly experienced in this area says: "Risk management is so challenging because it is supposed to keep the risks in check, but at the same time should hinder business as little as possible. In addition, the topics of «cyber risk», «compliance» and « human error", which will increasingly be an issue in the future, a high level of personal sensitivity. Clear and targeted communication is essential so that the goals of risk management are widely accepted by the workforce."
Step by step to professional risk management
The concrete development of a professional risk management begins with the thorough evaluation of all possible risks. A change of perspective and creative techniques are essential. The risks of compliance and human error are often not so easy to identify. The question that is particularly helpful here is: What can we learn from the experience of others?
If the identification has been carried out carefully, many risks and dangers have been identified. It is now necessary to analyze them in such a way that a viable basis for decision-making is created. A "heat map" can be a suitable tool for the whole process. The map is also important for communicating the results.
In a third step, suitable strategies are then defined for the company and concrete, detailed solutions are worked out. Here it helps to think through risks and the possible solutions from start to finish in order to uncover planning errors.
Last but not least, according to our interim manager, the inclusion of key people at all levels and in all steps is extremely important. In this way, risk management that can be clearly communicated can become a competitive advantage for customers and employees as well as on the capital market.
Highly complex projects such as professionalizing risk management require not only precise planning and sufficient time, but also a great deal of experience. Interim managers from Top Fifty bring exactly this practical knowledge with them and achieve good results. We provide you quickly and easily with experts who will support you in overcoming such challenges.
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