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When I was a little girl, I spent several summers farming with my grandparents. They were often worried about the weather and planning ahead to get the most out of their crops.
They focused on each and every aspect of what their customers wanted, anything that could affect their ability to deliver what they promised. Little did I know that they were giving me an early primer on risk management.
Like my grandparents, most organizations today face industry challenges that come in many forms and force them to manage risks. Unlike my grandparents, organizations now serve empowered consumers who can inflict damage on their brand with the click of a button.
"Organization’s stakeholders need to buy into the idea of risk management, & take ownership of the strategy."
As such, taking a page from my grandparents, companies of all sizes should create a solid risk management strategy.
Arming against challenges and other risks is important to protecting your business, but a solid risk management strategy accomplishes so much more. It leads to the development of a risk-conscious culture, which puts people in the right positions to best assess risk – this is invaluable in business today.
Your organization’s stakeholders need to buy into the idea of risk management, as well as take ownership of not only the strategy but any new business models that come from it.
The following techniques will help you develop an effective risk management strategy:
Identifying challenges and managing risk exposure are important. It is what my grandparents did every day on the farm — and instilled in me at a young age.
Without it, you open your business up to the whims of an unforgiving marketplace.
If you put all that energy into planting business seeds, like my grandparents did, why not protect the fruits of your labor?
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