You're an executive in Practice Management. How do you identify and manage risk?

Es necesario tener presente que no existe un perfil de riesgo o modelo estandarizado o por tipo de industria. Cada Organización será diferente de acuerdo con la estrategia y objetivos del negocio; y dado los beneficios que puede aportar a la Alta Dirección es importante buscar guía en algún modelo base para mejorar este proceso. Asimismo, un error común en delimitar el numero de riesgos existentes, dado que muchas entidades pueden llegar a considerar una debilidad identificar una gran cantidad de riesgos.

Understanding your risk profile is essential for developing a comprehensive risk management strategy. Internal factors that can impact your risk profile include your organization's size, structure, culture, and resources. External factors may include market conditions, regulatory environment, competition, and technological advancements. Assessing your risk profile involves identifying potential risks that could affect your business operations, financial stability, reputation, and overall success. By understanding these risks, you can proactively mitigate them and capitalize on opportunities that may arise.

La identificación y valorización de las distintas categorías de riesgo, puede requerir consolidarlos en un modelo más asequible a través de agruparlos ya sea conforme a los objetivos del procesamiento de la información o por el uso de afirmaciones, de acuerdo con su naturaleza. De manera adicional hay que considerar que la naturaleza del control (Preventivos, correctivos, detectivos, etc.) impacta en la manera en que cubren los riesgos, el objetivo es reducir el riesgo residual de forma tal que no tenga impacto para la entidad.

Implementing risk controls is crucial for managing and minimizing risks effectively. Risk controls are the mechanisms you put in place to protect your business from potential threats and vulnerabilities. These controls can include policies, procedures, practices, and technologies that are designed to prevent, reduce, or mitigate risks. When implementing risk controls, it is important to consider the specific risks identified in your risk assessment and tailor your controls to address those specific areas of concern. This may involve implementing security measures, internal controls, training programs, insurance policies, or other risk management strategies.

This step involves conducting regular assessments of your risk management strategies to ensure they are still relevant and effective in addressing potential risks. It is essential to stay updated on industry best practices and regulatory requirements to enhance your risk management process continually. By reviewing and improving your risk management, you can proactively identify and mitigate potential threats to your organization's success. This iterative approach will help you adapt to changing circumstances and ensure that your risk management practices remain robust and resilient.

Hi! In my work we use Corrective and Preventive Actions (CAPA) procedure on a constant basis. It helps in reflecting on the past issues minimising risks of repetitive problems. CAPA is part of our risk-aware culture. Moreover, we initiate CAPAs not only on the basis of the customers' requests but also following in-house requests from the line managers. Therefore it disciplines all the employees to be more accurate and risk-averse in their decision-making process.

El establecimiento de un enfoque top- Down requiere que se predique con el ejemplo, a medida que los valores y practicas caen en cascada a todos los niveles de la organización permitirá una mejor cohesión de las practicas establecidas. Una entidad, podrá hacer uso de diversas técnicas para comunicar e implementar dentro de la cultura la identificación y análisis de riesgos. Una mejor practica sigue siendo los recordatorios dentro de los tableros de comunicación interna, playsmate, correos electrónicos, e-learning, etc.

Creating a risk-aware culture within your organization is crucial for effectively managing risks. This involves instilling a mindset and behavior that prioritizes risk awareness and encourages all members of the firm to actively participate in identifying, assessing, and mitigating risks. By fostering a risk-aware culture, employees are more likely to take ownership of risk management processes and feel empowered to speak up about potential risks they observe. This proactive approach can help prevent issues from escalating and enable the organization to respond swiftly and effectively when faced with unexpected challenges. Ultimately, a strong risk-aware culture can enhance the overall resilience and sustainability of the organization.

This step involves being proactive in identifying potential risks that may arise due to changes in the business environment, industry trends, regulations, or other external factors. By staying vigilant and monitoring for emerging risks, organizations can better prepare themselves to respond swiftly and effectively when faced with unexpected challenges. Additionally, being willing to adapt to change entails having the flexibility and agility to adjust risk management strategies and controls as needed to address new or evolving threats. By embracing a proactive and adaptive approach to risk management, firms can enhance their resilience and ability to navigate uncertainty successfully.

Learning from others is indeed crucial in risk management. By benchmarking and comparing your risk performance with others in your industry, you can identify areas for improvement and adopt best practices. Seeking feedback and guidance from experts and associations helps in staying updated with the latest developments and strategies in risk management. Utilizing tools like risk forums, webinars, and publications enhances access to valuable insights and knowledge sharing opportunities.