Risk Management

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Risk Management
Risk management is the process of identifying any potential threats that may occur during the investment process and doing anything possible to mitigate or eliminate those dangers.
 Identify Potential Risks
Spend time identifying the specific risks faced by your own business. While some risks are universal, others may only apply to certain sectors or demographics. Involve key stakeholders from each area of your business to ensure that every aspect is covered.
 Conduct Risk Analysis
Once you have identified your business risks, you will need to analyse their potential impact and their likelihood of occurring. This will help you to classify and prioritise which risks to treat as urgent when it comes to planning any preventative measures.
 Identify Warning Signs & Agree KRI’s
A key part of preventing risks from occurring is to be able to spot when they’re about to happen. Identify any triggers or warning signs for each risk and ensure that these are documented too. At this point, you should also agree the stage at which further action is required once these warning signs have been identified.
 Identify Preventative Measures
Of course, no risk management plan would be complete without identifying measures that you and your business will take in order to prevent the risks that you’ve highlighted. Using the analysis that you’ve completed and the KRI’s you’ve agreed, now it’s time to actually plan how and when you will put preventative measures in place.
 Assign Responsibility Lastly, each risk that you have identified should be assigned an owner. Usually, the owner will work in whichever area the risk most relates to and they will be accountable for ensuring that any processes laid out in the risk management plan are carried out. They will also be responsible for maintaining records and analysis that can be used to regularly review the risk and its priority in the plan.





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