Here's how you can effectively handle and minimize risks in your business operations.

Totaly agree, Risks caused by both internal and external factors. Internal Risks identified through understanding the whole business process and business goals/objectives (internal factors). While External Risks identified through timely monitoring and acurate/adequate analysis markets conditions, technology, legal and regulations, competitions (entry/exit barrier), political issues (national, regional and global) as well as climate changes issues.

In addition, you need to be visible and meet your collaborators and stakeholders. Significant number of risks and opportunities could be identified or foreseen from understanding the context and its interdependencies before market data gives any insights on those.

Identifying the potential core areas of known or unknown risk is a boon to the program. Risk identification and quantifying them in terms of margin impact helps the program to be successful.

Pour identifier les risques, commencez par créer un plan de gestion des risques et établissez la liste de tous les événements « à risque » liés au projet.

Managing risks in a our business operation involves a combination of strategic planning, operational procedures, and ongoing assessment. 1.Identify Risks : Regularly identify potential risks in areas such as supply chain disruptions, market volatility, and regulatory changes.

For high risks, it is useful to monitor the risk driver as any change in the risk driver becomes a new data point to inform accurate risk scoring

2. Assess Risks : Evaluate the likelihood and potential impact of each identified risk on our business, considering factors such as probability, severity, and dependencies.

We must always remember that the various Business Line Managers and their team members are our partners; without them, there can be no good risk management! Managing our partner relationships is key and if we can share with our partners how we as risk managers can play our part in the partnership to make their businesses perform better, more efficiently and with less risk exposure, then we will truly have a win-win situation. Now we are able to work with our partners to start assesssing risks; often risks that only our business line team members can assist us to assess; without which we would have missed in the first place. Recognizing that we as Risk Managers are merely facilitators is important! No man is an island!

The impact of risks the severity of it consequence to the stability of our business in healthcare depends on various factors as mentioned above. The severity and consequences and prioritization of risks in healthcare involves the identification of the root cause, mitigate to the management staff and narrowed down to the executive level for decision making and release funds/personnel to combat that risk impact. The root cause analysis and process of addressing risks (new or existing) help us to have the business policies for business continuity plans based on previous experiences. The Business Continuity plans and processes to be successfully tackled in order to be stable at any given point of time until we revamp back financially too.

When investing in mitigating a specific risk, important to think of the interactive impact with other risks especially when deciding to transfer the risk. Also, actions to mitigate a risk might an opportunity to optimizing value,… This kind of strategic thinking is only possible when risk management professionals are well engaged and versed on all what is happening in their organization and its environment.

3.Mitigate Risks : Implement risk mitigation strategies such as diversifying suppliers, maintaining buffer stock, and investing in quality control measures to reduce the likelihood and impact of identified risks

From a theoretical standpoint, when one thinks of mitigating risks, one often thinks of how one should find solutions to "remove" or hedge the risks. Real life practice is often different from Theory! For example, many years ago we already knew that having a Chip in credit cards could prevent the usual credit card skimming via the magnetic strip and yet many Credit Card issuers chose not to include the Chip into their credit cards. Why? At that time, Chips were still rather expensive, hence losing money through credit card skimming did not outweigh the cost of incorporating these chips into every credit card. Losses were considered to be "cost of doing business" Hence, when mitigating risks, always consider whether it is worth it!

As i discussed earlier - we adopt new policies to resolve identified risk factors - new or old; the Risk Management Department will be given full control to address the issues to minimize those idenitified risk factors or advise the executive committee and management staff how to be prepared during such emergency situation when risk factors cannot be reduced or removed totally (like external risk factors - e.g. weather conditions). The strategic plan developed by the Risk Management Department will be approved and be on plae to tackle such factors in future during the course of business continuity at any given point of time.

4. Monitor Risks : Continuously monitor the effectiveness of risk mitigation measures, track changes in risk factors, and adapt strategies accordingly to ensure ongoing protection of the business.

Risk Management Department place qualified personnel for Continuous Monitor of risks in our business who acts as advisors and alert the team. Preparedness is the one of the cruicial strategic plan agains all potential risk factors and threats to our business continuity.

Yes- we do have the record of all risk factors (both internal and external) and the assessment and process plan adopted to control such risk factors and threats; this help us to look back in our records and train new joinees on the preparedness; this also help us to process the deficiency in the efficacy of process plan adoption to eliminate risk factors and threats and develop a stronger process plan for the future We have a training program for all new joinees and periodic training and discussions every month for our team; we have given equal rights to all staff to talk, discuss, report; we have good organizational structure who best practices "agree to disagree" resulting comprehensive risk management strategies, policies and plans

5.Review Practices : Provide a concise review summary of identified risks, their potential impact, current mitigation strategies, and any updates or changes in risk status to stakeholders and decision-makers for informed decision-making.

Building a good risk management culture within an organization is usually the very first key step to building good risk management practice! In order to do this, educating staff members is a core activity that should be introduced at the start. Management need to see that spending in education is not an expense but in fact it is an investment. Many risks could have been avoided in organizations had management invested in training their staff to not just be professionals in their lines of business, but in fact to also have the mindset of a "risk manager" to be a gatekeeper in preventing risks that can cause operational losses and in some cases lead to reputational risks that destroys their organizations. Invest Well in upscaling People!

For me the best way to handle the risk is to understand the impact of risk. If the impact of risk is on higher side and immediate action must be required but if the impact is on lower side you can manage it after some time. I have seen organizations who has best risk management strategy but they are unable to define the risk appetitite. Organization needs to define risk appetite and than manage the risk. If they are unable to define the risk appetite than most probably they will be manging those risk which are not critical and important.

This is why it is important to perform risk scoring to adequately identify the risk, give a score for periodic review based on the associate risk.

As a Risk Manager, never play Sheriff! No one wants to be held a gun to and "Freeze"! Often, Risk Managers, especially the quantitatively equipped risk managers, enjoy showing off how great their mathematical models are in capturing, measuring and computing risks. Other Risk Managers like to show how eagle eyed they are in spotting and highlighting risks! By doing the above, you "shoot" your Business Line Partners, and in the end you are unable to be effective in doing all of the above, leading to failure! The art of Risk Management is to apply the risk management framework, models and tools etc into a good working marriage of risk manager and business lines turning the relationship into a symbiotic relationship that is truly win-win!