- How does your firm handle risk: embracing it or avoiding it?
- How does your firm assess and prioritise risk: do you have a formal process?
- How do your competitors manage their risk: is this a risk for you or an opportunity?
Risk affects every aspect of your business, every project you undertake, every day. How you recognise, analyse and manage risk significantly impacts your success, or otherwise in business.
Recent research has found:
- 38% of Directors were not confident in their risk management systems.
- 59% of Companies did not review risks on a regular basis.
- 57% of companies regularly declined tenders due to a lack of confidence in managing high risks or added too large contingency and lost the job as a result.
What does BUILDING KNOWLEDGE offer?
Risk management is a key business process within consistently successful companies around the world, in both the private and public sectors.
Based on experience and industry best-practice, BUILDING KNOWLEDGETM applies clear and structured processes to identify and analyse potential risks. These processes will assist you develop and implement the appropriate risk management strategies to minimise, mitigate or price your risks.
We focus on risks stemming from organisational, market and contractual causes that affect your business, looking at your business aims, your encapsulated knowledge, your products and methodologies and the types and specific details of contracts you sign, to ensure you can manage these risks proactively and in the most appropriate and effective manner for your business.
The strategies we develop with you encompass:
- Identifying risk: identifying and categorizing the different types of risk, their contexts and probabilities of occurrence;
- Analysing risk: quantifying the likelihood of occurrence of risks;
- Assessing risk: assessing the potential consequences and conducting scenario planning;
- Reducing risk: reducing the negative effect of the risk by planning and implementation of mitigation procedures;
- Avoiding risk: avoiding the risk completely, where appropriate and possible;
- Transferring risk: transferring the risk to another party that can and should more appropriately assume the risk;
- Accepting risk: accepting some or all of the aspects of a particular risk, when value can be captured from doing so;
- Valuing risk: determining the value in assuming the risk
- Prioritizing risk: whereby the risks with the greatest risk of loss and the greatest probability of occurring are processed first, and risks with lower probability of occurrence and lower loss potential are processed later;
- Balancing risk: for instance, between those risks with a high probability of occurrence but lower potential loss versus those with a risk of high potential loss, but lower probability of occurrence.
Like to know more?
For more information on how BUILDING KNOWLEDGETM can help your manage risk see our PDF, or
Contact us for a free, brief and totally confidential consultation on your risk profile.