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Risk is what produces profit and success in commercial enterprises, and community benefits and improved living standards from the work of government agencies. Risk is necessary and good for the survival and growth of corporations and institutions. Competition often comes down to the ability to successfully manage different degrees of risk.
Risk management is achieving continuous control over the incidence and impact of risk. It requires:
- a thorough understanding of the business and the environment in which it is operating
- a comprehensive risk assessment process founded on quality principles
- experienced resources to identify risks and assess their importance and implications
- creative minds to devise cost-effective strategies that control and neutralise unacceptable risks
- committed managers to implement protective strategies and monitor progress
- vigilant direction to ensure new risks arising are promptly put under management control.
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We use the widely-acclaimed Australian Standard AS/NZS 4360–1999 Risk Management as the basis of our risk assessment methodology. This entails:
- getting an understanding of your business from reviewing your history
- examining your plans and achievements
- talking to your people, customers and other stakeholders
- appraising your markets and technology and
- developing a description of the essential components and characteristics of the business.
We agree this description with you and then apply the full scope of our collective experiences to identify, explore and describe your potential areas of risk.
When we have agreed the potential risk areas with you, and ranked them by likelihood and significance, we again use our collective experience to develop a robust, practical plan of action to address them and bring them firmly under the control of your management resources.
No nonsense, pragmatic solutions fully within your capability.
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