Risk management strategies
Before undertaking any successful project, whether constructing a building, developing policies for personnel protection or projecting high value assets, you need to reduce and counter the risks that might occur. The risk management process is more than simply identifying a risk, you need to evaluate and prioritise those risks as the objectives of risk management differ from project to project.
The six principles of risk management:
1. The process must create value.
2. It must be integral part of the organisation.
3. It must be involved with the decision-making process.
4. It must explicitly address uncertainty.
5. It should systematic and structured.
6. It should be based on the best available information.
The importance of risk management in any organisation can be assessed by the risk management methods adopted by the company. There are four main risk management strategies: avoid the risk; reduce the risk; transfer the risk; and accept the risk.
You can avoid the risk by undertaking a project risk management strategy based on assessing a risk and implementing security solutions in the first instance. You can reduce the risk by increasing security and recognising the nature of risks based on a thorough security survey. You can transfer the risk by using insurance. Or, lastly, you can accept the risk and hope that you have enough capital to pay for any liability incurred.
At Zero Foundation Africa we have a unique qualitative risk management process used to conduct effective risk assessments. Using our proprietary risk assessment procedure you will have a comprehensive report giving you the probability and impact assessment of identified risks. We also group risks according to common route causes and provide professional opinion as to how to reduce a range of risks facing your project or asset class.
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