Riskwell

So we’re well into the new year and nothing seems to have changed much in terms of VUCA (volatility, uncertainty, complexity and ambiguity), it might even be getting worse. The continuing cost of living crisis, driven by inflation, rising energy prices, and economic uncertainties means households are struggling to make ends meet. When we think about risk we normally think about how it relates to business, but why shouldn’t it relate to us at a personal level as well. The financial strain on each of us calls for effective strategies to mitigate risks. Risk management can offer valuable insights and solutions at a personal level as well. Risk management, in the context of the cost of living crisis, involves identifying the economic and social risks affecting us and implementing strategies to mitigate these risks. These strategies can help individuals to make informed decisions to manage both short-term challenges and long-term financial stability. Risk management can play a role in budgeting and planning for rising costs. Here’s how: Identify Risks: Understand the specific risks that impact household finances, such as energy bills, grocery prices, or changes in income. Using tools like budgeting apps, households can forecast future expenses and prepare for upcoming financial challenges. Prioritise Expenses: Risk management encourages prioritising essential expenses such as housing, utilities, and food, whilst cutting back on non-essential spending and allocating resources more effectively. Emergency Fund: Risk management emphasizes building a financial cushion for emergencies, so providing a safety net during periods of economic strain. We can also utilise tools and strategies from risk management to better navigate the cost of living crisis. These include: Insurance: Many people overlook the value of insurance in times of financial uncertainty. Consider health, home, and income protection insurance to mitigate unforeseen costs and safeguard financial wellbeing. Investment in Skills: Reduce the risk of stagnant wages by investing in skills development. Identify opportunities for personal growth and career advancement. Scenario Planning: By looking at future scenarios individuals can develop contingency plans to help them stay financially secure. At Riskwell we work with businesses that are struggling to deal with the VUCA world. Our focus is on helping to develop better vision, understanding, clarity and agility (the anti VUCA) through transformational risk management consulting and innovative risk management software.?We believe that there is a huge prize for every business if they can improve and this is supported by many studies. ?It takes a risk mindset, a cultural focus, and a commitment to follow through. But once the benefits are realised the feedback we get is positive. Why shouldn’t we take a “lite” version of risk management and apply it to our personal life. We might be surprised at what it throws up.?

The UK government put AI at the forefront of it's strategy for economic recovery. AI has a huge potential to help develop revolutionary technologies and enhance our lives - if executed in an ethical and trustworthy manner. The AI Opportunities Action Plan identifies skills, infrastructure, security and energy as key considerations with the ambition of making the UK an AI superpower. The risks could be high... #Riskwell #RiskManagement #BetterDecisionsBetterOutcomes #AI #ArtificialIntelligence #UKGovernment #AIOpportunitiesActionPlan Riskwell

“Delivering Christmas isn’t just about magic; it’s about preparation, teamwork and smart decision-making. Riskwell’s tools and methodology have transformed the way we operate in Lapland, helping us overcome challenges and spreading joy to every corner of the world,” Santa Claus said. Learn more about how risk management specialists Riskwell are helping Santa and his elves make Christmas 2024 one of their most successful yet. From all of us at Riskwell and our development partner NeuralRays AI, we wish you a Merry Christmas and a prosperous New Year! #RiskManagement #BetterDecisionsBetterOutcomes #Christmas2024 #SantaClaus

Industry experience often makes identifying risk and decision criteria a straightforward "listing" activity however, defining what is "acceptable" depends upon an organisation's maturity, confidence and attitude to risk. This is often one of the traits I feed off, when talking to customers. At Riskwell, we aim to validate, document and improve decision making by turning Better?Decisions into?Better?Outcomes? #RiskManagement #ProjectManagement #RiskAssessment #Leadership #BusinessStrategy #EnterpriseRiskManagement #DataDriven #Teamwork