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Business risk management guide

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Business risk is exposure to threatening influences that can deteriorate company's ability to meet its strategic, financial and/or operational goals thus it has to be met at both strategic and operational levels.

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Business risk management guide

  1. 1. I N F O G R A P H I C BUSINESS RISK MANAGEMENT Y O U R R O A D T O A S U S TA I N A B L E O U T S TA N D I N G C O M P A N Y created by Alex Milovanovich www.poslovnastrategija.rs 1
  2. 2. business risk is exposure to threatening influences that can deteriorate company's ability to meet its strategic, financial and/or operational goals thus it has to be met at both strategic and operational levels definition created by Alex Milovanovich www.poslovnastrategija.rs 2
  3. 3. BUSINESS ENTITY Compliance (legal) risk Financial risk Strategic risk • Trade & industry extramarket generated • Intramarket generated • Technology • Project • Regional political instability Operational risk Reputational risk types of business risk 3created by Alex Milovanovich www.poslovnastrategija.rs
  4. 4. risk identification process Begin with own strategy objectives and sucess factors. What could prevent you reaching them? Gather information from various sources: own team, research, customer survey, external experts. Identify and analyse the sources that may trigger problems. Use SWOT, scenarios, „fault tree“ analysis, „bow tie“ analysis, incident analysis and/or any other appropriate tool. Document each risk with symptoms, causes and consequences. 4created by Alex Milovanovich www.poslovnastrategija.rs
  5. 5. risk evaluation changing probability over time Impact (severity) timing probability quantification 5created by Alex Milovanovich www.poslovnastrategija.rs
  6. 6. risk quantification Quantification = threat likelyhood x .. .. asset value under threat x .. .. vulnerability exposure 6created by Alex Milovanovich www.poslovnastrategija.rs
  7. 7. risk map Highly unlikely Unlikely Possible Likely Almost certain Catastrophic Major Moderate Minor Insignificant 1 4 5 6 2 3 7created by Alex Milovanovich www.poslovnastrategija.rs
  8. 8. risk mitigation Develop a high-level mitigation strategy For every major risk identified there should be a team responsible for preparing a formal mitigation plan Develop mitigation plan for every major risk counting on available resources only Identify actions and steps needed for implementation Develop a contingency plan ("plan B") for any high risk. 8created by Alex Milovanovich www.poslovnastrategija.rs
  9. 9. basic risk mitigation strategies avoid transfer acceptretain prevent 9created by Alex Milovanovich www.poslovnastrategija.rs
  10. 10. turn risk into opportunity encourage risk taking be agile recognise opportunities recognise risks that recur In this disruptive technological era try to be a disruptor! 10created by Alex Milovanovich www.poslovnastrategija.rs
  11. 11. Business Strategy in Balkans I N F O G R A P H I C BUSINESS RISK MANAGEMENT Y O U R R O A D T O A S U S T A I N A B L E O U T S T A N D I N G C O M P A N Y Also see infographic “STRATEGY DEVELOPMENT METHODOLOGY“ at https://www.slideshare.net/SasaMilovanovic/strategy-development-methodology created by Alex Milovanovich www.poslovnastrategija.rs 11

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