Some the concerns of any business are the focus on risk management. Risk management is a serious problem when it comes to be efficient in any business. Over the years, I have experienced some serious issues with risk management first hand.
Risk management is a serious issue, but the problem with risk management is how it is approached. Prioritizing is huge when it comes to managing risk. Risk management can cause many problems for a business but communication is a huge deterrent to limiting most risk management. Also, when any business tries something new it is a risk. Approaching a risk in multiple ways makes for better solutions. Risk management above all other things needs to be something that is approached in multiple directions. Risk management is universal problem for all companies. Risk Management is designed to minimize the impact that risk can have on the opportunities that may happen. When it comes to risk management it has to follow two simple rules:
• Understand what is going to take to identify risk while the project is still going on
• Make the risk the main focus of delivering projects
The first part of projects is to impact the potential risk. Risk management is dedicated to attention is to understand the risk that will in the end have some consequences down the road. Being proactive when it comes to risk is common and to manage risk businesses must be disciplined enough to understand the full picture. Challenging all projects makes for reducing risk and creates a more disciplined approach to a systematic process. In risk management, risks are never fully understood but approaching the problems with multiple scenarios can create opportunities for growth.
Working for Best Buy I saw multiple risk management assessments that could be changed. Best Buy itself was good at risk management 50% of the time, but when it came to maximizing profit it started to explore other options instead. For example, working at Best Buy we tried to be the first...