Handling daily risks
Abhijit Sanzgiri
Governance, Risk & Finance professional - Author - Blogger - Mentor - Speaker
Risk is the uncertainty associated with any activity that we undertake. Risk impacts us everywhere & is omnipresent. We all face & handle risks daily without even knowing that we are handling them. Most of the risks are handled by gut, intuition, past experiences of handling on the go based on available information that we possess. Mostly risks are tackled in an unstructured manner which may not be the most effective & efficient manner of handling risks. So if risks were to be handled in a pro-active, structured manner how beneficial would it be. Definitely in terms of increased performance & productivity which would enhance profitability.
Key is to identify risks. This could listing all activities we have planned to do today. Then arrive at how they could go wrong & if so what would be our downside. This would include listing in terms of urgency & importance as to what are the key activities for the day absolutely non negotiable in terms of implementation. Having identified, prioritized & evaluated what could go wrong and how it could impact me, let us look at the Controls or mitigating factors we have at our disposal. Being well prepared is half done. Knowing the root cause or what leads to the error / mistake, we can easily prevent it or reduce the chances of it's occurrence or soften the impact. The final impact should be within our Risk Tolerance. This is what is known as a Conscious risk call or a calculated risk taken.
Use the information gained to develop knowledge or insights to be better prepared to tackle risks ahead. Thee insights once used consistently develop into habits to anticipate new or emerging risks. Thus our insights develop into foresight helping us be risk savvy or risk proofed. remember risk is a challenge but also an opportunity to turn it into an advantage.
Higher the risk & the better it is managed, higher will be the reward. Fortune favors the brave who has pro-actively, anticipated risks & converted it into a source of competitive advantage by managing it effectively & efficiently.
So whenever there is a risk, you need to smile & be derisked.
To Recap & Call to Action -
1) Identify risks or what could go wrong.
2) Identify why it could go wrong
3) Identify what needs to be done so that it can not go wrong
4) Just Do what needs to be done
5) SMILE & LAUGH -
Digital & PR Strategist ? Tedx speaker ? All India Radio speaker ? Motivational speaker
4 年Yup, I loved the statement where you said.. we all are managing risk weather consciously or unconsciously.
Employee Retention Strategist | 38+ Years Corporate Leadership Experience | 5X Bestselling Author | Keynote Speaker | Public Speaking | Corporate Trainer | Transforming Work Cultures
5 年Well constructed piece
Chairman at Dr. Jonwals Niramay Ayush Panchkarm Health Institute & Research Pvt. Ltd., Mumbai, India.
5 年Nice information. In our Success.... Risk management is equally important.
Finance at INdependent
5 年I have been associated with Abhijit in banking audit since last 3.5 years and his knowledge in the banking risk is excellent. We have been submitting early warning signals in many existing accounts so thatbtimely action is taken by the bankers in averting the account being slipped to NPA. On the contrary thr bankers are more after meeting the business targets and increasing the bottomline. In such s scenario the appropriate Risk to be taken in the business is not looked into. As seen from the industry level the NPAs have drastically shooted in the Real Estate and Infrastructure projects, which have not taken because of the downward economy. Bankers should be more alert in taking the business decision considering the Risk factors involved in the business.