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10 Essential Rules for Managing Risk

Part of the Competitive Strategy For Dummies Cheat Sheet (UK Edition)

Risk is a big part of corporate strategy. The scarcity of resources, technology and expertise and the costs of finance, energy and transport mean that your organisation must have risk awareness.

You need a strategic approach to risk in order to ensure that you’re aware of what can go wrong, that you understand why something went wrong and that you have steps you can take to deal with problems. Being prepared can prevent risk-related problems from happening in the first place. Check out the following essential rules for managing risk.

  • Make sure that you know everything that can possibly go wrong in your organisation – and make sure that everyone else knows too.

  • Concentrate on setting standards as high as possible.

  • Ensure that you always follow up on breaches of security.

  • Keep a constant vigil for bullying, victimisation, discrimination and harassment.

  • If money goes missing, always find out why.

  • Ask lots of questions about any new laws and regulations so you can identify all the inherent risks involved.

  • If you’re ever taken to court and lose, decide that you’re going to learn from the mistakes – and then never make them again!

  • Draft and enforce health and safety policies that truly prevent accidents and disasters from happening in the first place.

  • Make sure that you always follow up on staff complaints.

  • Always follow up on customer complaints. You never know how angry a customer actually is or how valid the complaint may be until you examine the situation fully.

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