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You’re working in risk management. What’s the best way to avoid costly mistakes?

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Risk management is the process of identifying, assessing, and mitigating potential threats that could affect your organization's objectives, operations, or reputation. It's a vital skill for any professional who wants to avoid costly mistakes and ensure success in their projects, programs, or business activities. But how can you practice effective risk management and prevent errors from happening or escalating? Here are some tips to help you.

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Dr. Saleh ASHRM

?? Certified LinkedIn creator | Ambassador| Ph.D in Accounting | iMBA Progress| Financial Manager| Accounts Manager|…
Eduardo Humberto

CEO | CFO | Diretor | Executivo | Controller | Administrativo-Financeiro
Nick Abalde

Mechanical Engineer; Risk, Business Continuity, & Crisis, QHSE, Compliance Manager; ISO45001, ISO9001, ISO14001…

1 Know your risks

The first step in risk management is to know what risks you are facing and how they could impact your goals and stakeholders. You can use various tools and techniques to identify and analyze risks, such as brainstorming, surveys, interviews, checklists, SWOT analysis, scenario planning, and risk matrices. You should also consider the sources, likelihood, and magnitude of each risk, as well as the potential opportunities that could arise from them. By knowing your risks, you can prioritize them and plan accordingly.

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Eduardo Humberto

CEO | CFO | Diretor | Executivo | Controller | Administrativo-Financeiro
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A melhor maneira de evitar erros dispendiosos no gerenciamento de riscos é adotar uma abordagem proativa, envolvendo todas as partes interessadas relevantes e utilizando tecnologia adequada para identificar, analisar e mitigar os riscos de forma eficaz e oportuna.

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Leonardo Tadeu

Head of Compliance | Regulatory | Integrity | Anti-Money Laundering | Governance | Audit | Specialist in Risk Management and Internal Controls | Fraud Prevention | Information Security | IT | Privacy and Data Protection
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My experience has shown me that the cost of remediating the materialization of an unknown risk is often more expensive than the cost of prevention. Considering potential hidden risks at all layers of the organization is essential, for example, in processes, products, services, regulation, suppliers, technology and information security, authorizations and licenses, contracts, data privacy, tenders, among others. In this sense, it is crucial to define, review and have approved a risk coverage perimeter, which covers regulatory fronts, strategic and tactical aspects. Furthermore, it is important to address market, operational, liquidity, reputational and credit risks. Projection and stress tests help visualize future risk scenarios.

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Marcos N.
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A good approach is to establish a robust risk identification process, involving thorough analysis and forecasting. Implementing effective risk mitigation strategies helps preempt potential pitfalls before they escalate. Regular monitoring and assessment of risks ensure timely intervention and adjustment of strategies as needed. Investing in staff training and fostering a culture of risk awareness enhances organizational resilience. Utilizing technology and data analytics can provide real-time insights for informed decision-making. Engaging stakeholders and seeking diverse perspectives can uncover blind spots and mitigate unforeseen risks. Transparent communication and good risk management practices safeguard both goals and reputation.

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2 Plan your responses

The second step in risk management is to plan how you will respond to each risk, depending on its level of priority and severity. You can choose from four main strategies: avoid, reduce, transfer, or accept. Avoiding means eliminating the risk or changing your plans to avoid it. Reducing means taking actions to minimize the probability or impact of the risk. Transferring means shifting the responsibility or cost of the risk to a third party, such as an insurance company or a contractor. Accepting means acknowledging the risk and being prepared to deal with it if it occurs. You should also have contingency plans and reserves for unexpected or residual risks.

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Dr. Saleh ASHRM

?? Certified LinkedIn creator | Ambassador| Ph.D in Accounting | iMBA Progress| Financial Manager| Accounts Manager| Lecturer| Data Analyst| foster Sustainability through Innovative Financial Strategies & Risk Management
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Planning your responses in risk management involves several key steps: -Identify Risks: Conduct a thorough assessment to identify potential risks. -Assess Risks: Evaluate the likelihood and impact of each identified risk. -Select Response Strategies: Choose from avoidance, reduction, transfer, or acceptance strategies for each risk. -Develop Contingency Plans: Create specific plans of action for high-priority risks. -Allocate Resources: Ensure resources are available to implement response strategies. -Communicate and Document: Clearly communicate plans to relevant stakeholders and document them for accountability. -Regularly Review and Update: Continuously monitor and update response plans based on changing circumstances.

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3 Implement your actions

The third step in risk management is to implement the actions that you have planned to address the risks. You should assign roles and responsibilities, allocate resources, communicate expectations, and monitor progress. You should also document your actions and update your risk register, which is a tool that records and tracks all the information about the risks and their responses. By implementing your actions, you can reduce uncertainty and increase confidence in your outcomes.

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4 Monitor and review

The fourth step in risk management is to monitor and review the risks and their responses throughout the life cycle of your project, program, or activity. You should use various methods and indicators to measure and report on the performance and effectiveness of your risk management process, such as audits, reviews, feedback, lessons learned, and key performance indicators (KPIs). You should also identify and respond to any new or emerging risks, as well as any changes or deviations in your plans or assumptions. By monitoring and reviewing, you can ensure that your risk management is aligned with your objectives and stakeholder needs.

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Rajul Jain

Director Risk - Head of Supervisory Risk Services at Visa India and South Asia
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One key aspect to stem further damage due to changes in the strategy or challenges in the existing risk mitigation approach is for us to course correct immediately and not be bothered by "sunk cost".

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Ferly Ferdyant

Head of Risk Management at Transjakarta | Lecturer at Trisakti Institute of Transportation and Logistics (ITL Trisakti)
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In risk management, consistently monitoring and reviewing processes is key to avoiding costly mistakes. Regular assessments of risk mitigation strategies and early identification of vulnerabilities help prevent errors. Additionally, fostering accountability and open communication within the organization encourages proactive risk reporting and swift corrective action when needed, ultimately ensuring operational resilience.

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5 Learn and improve

The fifth step in risk management is to learn from your experience and improve your skills and knowledge. You should capture and share the best practices, lessons learned, and recommendations from your risk management process, as well as the results and outcomes of your actions. You should also evaluate and update your risk management policies, procedures, tools, and techniques, as well as your risk culture and awareness. By learning and improving, you can enhance your risk management capabilities and performance.

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6 Seek feedback and support

The sixth step in risk management is to seek feedback and support from your stakeholders, colleagues, and experts. You should involve and consult your stakeholders in your risk management process, as they can provide valuable insights, perspectives, and expectations. You should also collaborate and communicate with your colleagues and team members, as they can offer support, advice, and ideas. You should also seek guidance and assistance from experts, mentors, or coaches, as they can help you develop your risk management skills and competencies. By seeking feedback and support, you can improve your risk management quality and credibility.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Nick Abalde

Mechanical Engineer; Risk, Business Continuity, & Crisis, QHSE, Compliance Manager; ISO45001, ISO9001, ISO14001, ISO22301, ISO31000, NEBOSH, Lean Six Sigma, Wire Warden, 1st Aider, Investigator CERTIFIED, OSHAD class A
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My personal view towards mistake is since we are human or anything that human have touch on it have a probability that mistake will happened even that is costly or not. What you can do to lower the probability is mitigating the risks/mistakes that suit to the issue. It could be proper study on the subject matter involving experts. Or do it in small scale before going to big scale. Or use AI or technology to avoid human touch. And more...

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You’re working in risk management. What’s the best way to avoid costly mistakes?

1

2

3

4

5

6

7

1 Know your risks

2 Plan your responses

3 Implement your actions

4 Monitor and review

5 Learn and improve

6 Seek feedback and support

7 Here’s what else to consider

Risk Management

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You’re working in risk management. What’s the best way to avoid costly mistakes?

1

2

3

4

5

6

7

1 Know your risks

2 Plan your responses

3 Implement your actions

4 Monitor and review

5 Learn and improve

6 Seek feedback and support

7 Here’s what else to consider

Risk Management

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