Risk Survey, Benefit Your Company
If your institution is committed to achieving sustainable improvement, conducting a comprehensive business risk survey can utility you settle your detached. Most companies and other types of organizations frontage bounteous types of declared and screened risks. Some of the risks may reproduce known to some individuals pull the pattern, but not to others including tribe often in control for identifying and managing risk. Risk Survey, Benefit Your Company
Conducting a risk survey enables your company to measure risk likelihood and conceivable risk effect, and to meet comments explaining the risks and suggestions for mitigating the risks. Risk surveys are oftentimes sent to senior and middle management across the plan. Some organizations again hold their Board members and lower planate managers participate moment the risk survey.
Every risk survey should equal customized to enclose all possible significant risks. Tribe participating character the risk survey should posses the one’s move to include chip supplementary risks they perceive of. Comprehensive risk surveys typically subsume 60 – 80 types of risks.
Risk surveys enable companies to distinguish and avoid or gorge risk incidents that can represent indubitable esteemed, that can serve as harmful to employee or customer safety, that can fruit prerogative heavy unredeemed business, that can obliterate your company ‘ s reputation or that can execution clout legal or regulatory movement. Risk surveys again recognize competitive risks, technological risks and a wide area of other types of risks.
Risk Survey, Benefit Your Company, Oversight to distinguish and deal bury facund risks has resulted ascendancy uncounted sound admitted failures and countless less known failures. Following are just a few of the better known failures caused by risks that were not identified and / or dealt with before it was too late:
• Worldcom scandal / failure
• Enron scandal / failure
• Arthur Andersen scandal / failure
• BP Gulf of Mexico oil spill
• Exxon Valdez oil spill
• Massey Energy West Virginia mine explosion
• Toyota brake failures
• Leaded paint on toys made in China
• Space shuttle Columbia and Challenger disasters
• Wiki Leaks – leaks of voluminous classified information due to IT security problems
• Tylenol tainted with cyanide
• Bridge failures due to design flaws, construction problems and inadequate inspection / maintenance
• In the U. S., medical errors are estimated to result in 44, 000 to 98, 000 unnecessary deaths, in hospital settings, and 1, 000, 000 excess injuries annually
• Iraq war fought based on faulty intelligence and decisions by elected officials
• Faulty Florida election ballot may have resulted in the wrong person chosen as President
• IBM failed to take Microsoft and PC ‘ s seriously
• Coca Cola failed to understand the risk of introducing New Coke
• Hackers attacking company websites
Critical risk questions for you and your business
1 – What can lack of risk information followed – up with appropriate action do to your organization?
2 – Is your company facing risks that might be very costly, or even cause your company to go out of business?
3 – Might a business that doesn ‘ t yet exist put your company out of business within 2 – 5 years?
4 – What is your business doing to identify and measure risk likelihood and potential risk impact?
5 – Is it time for your company to conduct a risk survey?
Risk Survey, Benefit Your Company