Stick or twist: Risk management
We’ll work with you to make sure that the risks your organization faces are managed effectively and efficiently.
Our team will work closely with your team, who will keep our consultants up to speed on the way your business works through every step of the way.
Here’s how our iterative risk management methodology works:
Risk management planning – is how we work out the best way to progress. We look at who we need to get on board, together with when and how often risk management tasks should be conducted.
Risk identification – is the process of analyzing risks and opportunities across all your business’s risk categories. This fine-tooth comb approach gives us a full understanding of each risk.
Qualitative risk analysis – involves working out which risks need responses. We look subjectively at probability and impact, and from this work identify critical risks at which we’ll need to take a closer look. It’s here where the initial decision is made as to whether a program or project is classed as ‘go’ or ‘no go’.
Quantitative risk analysis – involves working out the extent of a risk. We’ll work out which areas need time and resources spent on them to manage the risk. We’ll also answer a key question at this stage: What is the overall risk versus the benefit of the project or program?
Risk response planning – is when we determine what can be done to reduce the probability and impact of risk. On the flip side, we also look at increasing the probability and gain from opportunities which may present themselves.
Risk monitoring and control – is when we put the risk response plan into action, and manage its progress and compliance. There will naturally be refinement of plans as further risks are identified, more qualitative and quantitative analysis is carried out and more risk responses are planned.
Why is risk management so important?
We’ll make sure that the industry-standard approach to risk management that you’re using is effective and efficient. We’ll transfer our knowledge to your team, who’ll be able to eliminate risks and exploit opportunities which arise.