To save few pennies on gas, a driver might want to cover a few hundred meters on the wrong lane to quickly get off the road towards the destination. But, if there was an awareness, that in an attempt to save a few pennies, what is being put on risk is the value of driver’s life, perhaps someone else’s life, of course the car and the fact that luck could always run out, without a fore warning! That’s Risk management and when in the context of a business, then, it is takes the complex avatar and is not necessarily as simple as creating awareness to simply follow rules!
Our experts work with the management to identify the risks, measure the risks along with its impact, devise solutions to mitigate or control the risks and set processes for continuous risk monitoring for the entity.
While it is true – risk is proportionate to returns, but defining or standardizing that proportion would result in increased margins and often increased revenues as well.
Identifiable Deviations – Can be internal or external risk, Have Direct or Indirect Impact on business
and Mitigation or Control of risk can be planned
Unidentifiable Deviations – Can Uncertainty based, Hazard based or Loss of Opportunity based