Risk Management
Risks can come from various sources including uncertainty in international markets, political instability, threats from project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural calamities and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root cause.
“If you don’t invest in risk management, it doesn’t matter what business you’re in. It’s a risky business.” — Gary Cohn
“Managing risk is very different from managing strategy. Risk management focuses on the negative-threats and failures rather than opportunities and successes.” — Robert S. Kaplan
“The essence of investment management is the management of risks, not the management of returns.” — Benjamin Graham
👍 Risk management is an area one has to focus and project it at all times irrespective of their level in reality.
👍 Known and unknown risks will happen whether it is an organization or people irrespective of size, nature and activity is must and protect it with proper care.
👍 A provision has to be made to meet the contingencies with an effective planning and implementation.
👍 Communication plays key role in this respect! A stitch in time saves nine! All the glitters are not gold!
👍 Utilize the resources available in given time. Action alone yields the fruitful results. Consistency gives ability to perform better and the best.
👍 Collection of information is crucial and gives respect if we share with others is part of our duty and responsibility.
👍 Artificial intelligence saves time and energy with accurate results will reduce the strain and stress.
👍 Knowledge is essential and we have to update, upgrade and develop on regular basis helps in transformation quickly as elite performer.
👍 Internal and external audit will eliminate the risk at all stages to control the quality, quantity, wastage, deficiency if any will be highlighted on war foot basis and helps to increase the output.
👍 People management is must!
