Business Plan Risk

Business Plan Risk-45
After talking with employees, contractors and clients, he sets his acceptable level of risk for safety procedures to zero.In his internal risk policy, he notes that safety procedures must be upheld at all the times and that no injuries or fatalities are acceptable.Most strategic planning considers only this peak while ignoring the slopes to either side.

After talking with employees, contractors and clients, he sets his acceptable level of risk for safety procedures to zero.In his internal risk policy, he notes that safety procedures must be upheld at all the times and that no injuries or fatalities are acceptable.Most strategic planning considers only this peak while ignoring the slopes to either side.

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That was the lesson even the most efficient buggy whip makers learned once Henry Ford introduced the Model T in 1908.

Cellphone handset makers faced a similar existential crisis when the Apple® i Phone® arrived on the scene.

The example above maps out the steps that every risk management plan should include.

Before you create a risk management plan, think about which areas of your business it will refer to.

It may be easiest to describe strategic risk by what it is often confused with—operational risk.

Good operations mean doing things right, while good strategy means doing the right things.To learn more, download Strategic Risk Management: The Next Frontier for ERM. Mike was a founding member of XBRL International with involvement in the XBRL initiative dating back to 1999.He has also been active in industry associations, including the Open Compliance and Ethics Group (OCEG) and the Institute of Internal Auditors (IIA).Strategic risk management is the process of identifying, quantifying, and mitigating any risk that affects or is inherent in a company’s business strategy, strategic objectives, and strategy execution.These risks may include: As my colleague and industry expert James Lam says, strategic risk is the big stuff, and prioritizing strategic risk management means sweating the big stuff first.A key tenet of ERM is measuring risk with the same yardsticks used to measure results.In this way, companies can calculate how much inherent risk their initiatives contain.Why do many ERM programs seem to stand these priorities on their heads?Part of the reason is ERM’s roots in corporate finance, but it is also true that until recently, strategic risks were difficult to measure, not to mention evaluate, against one another on an apples-to-apples basis.One falls along a narrow, steep curve, indicating a low risk of failure and little upside opportunity.The other is represented by a wider bell, with greater chances of both under- and over-performance. The answer depends on an individual company’s appetite for risk.

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