Are you seeking ways to proactively manage risks in your business?

Are your business practices risking your success? Have you ever considered risk management for sustainable growth? This applies to all industries and is definitely worth considering.

10th House member, Katie K. , Founder and CEO of Cultiveren recently facilitated a Community Conversation where she provided the steps to take in order to identify potential risk points. Cultiveren is a boutique consultancy focused on cultivating growth in and the capacity to scale businesses—serving business leaders in the areas of strategic planning, leadership alignment, operational execution, and more.

UNDERSTAND CONTEXT AND OBJECTIVES

• Define the area to evaluate and understand the related business objectives.
• Identify potential risks considering categories such as compliance, financial, operational, strategic, technology, workforce, and more.

DETERMINE WHERE TO FOCUS

• Evaluate and prioritize potential risks considering the impact and likelihood of a risk event, as well as how much risk the organization is willing to accept.

TAKE STEPS TO MITIGATE

• Design and implement plans to avoid, reduce, transfer, or accept risks; and monitor whether plans were implemented and are operating as designed.
• Identify and monitor indicators of potential risk events.

ESTABLISH OVERSIGHT AND CONSULT

• Report to stakeholders for ongoing oversight, for decision-making, and to prepare for potential risk events.
• Consult with appropriate professional advisors before taking any action that may affect your business.

Have more questions, contact Cultiveren or leave them in the comments below and we can help you get answers. ??