How can you assess and manage risks of new media technologies for media sales?

2 Evaluate the level of risk

Once you have identified the potential risks, you need to evaluate how likely and how severe they are. You can use a risk matrix to rank the risks according to their probability and impact. A risk matrix is a tool that divides the risks into four categories: low, medium, high, and extreme. Low risks are those that have a low probability and a low impact. Medium risks are those that have either a low probability and a high impact, or a high probability and a low impact. High risks are those that have a high probability and a high impact. Extreme risks are those that have a very high probability and a very high impact. You can use a numerical scale, such as 1 to 5, to assign values to the probability and impact of each risk.

3 Mitigate the risks

After you have evaluated the level of risk, you need to decide how to mitigate them. You can use a risk response strategy to choose the best course of action for each risk. A risk response strategy is a plan that outlines how to reduce, avoid, transfer, or accept the risk. To reduce the risk, you can implement measures to lower the probability or impact of the risk. For example, you can test the technology, train the staff, or update the policies. To avoid the risk, you can eliminate the source of the risk or change the scope of the project. For example, you can drop the technology, modify the features, or target a different market. To transfer the risk, you can shift the responsibility or liability of the risk to another party. For example, you can outsource the technology, insure the project, or share the revenue. To accept the risk, you can acknowledge the existence of the risk and prepare for the consequences. For example, you can budget for the losses, communicate the risks, or monitor the situation.

4 Monitor and review the risks

Finally, you need to monitor and review the risks regularly to ensure that they are under control and that your risk response strategy is effective. You can use a risk register to track and update the status of each risk. A risk register is a document that records the details of each risk, such as the name, description, level, response, and owner. You can also use a risk dashboard to visualize and communicate the overall risk profile of the project. A risk dashboard is a graphical display that shows the key indicators and trends of the risks, such as the number, distribution, severity, and evolution of the risks.

New media technologies can be a great asset for media sales, but they also require careful risk assessment and management. By following these tips, you can make informed and ethical decisions that will benefit your business and your customers.

5 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?