Operational Risk: How to save your business from bankruptcy

So, you already know that Operational Risk is the new risk category that is taking the world by storm. BUt what can you do about it to save your business or your company.

We share with you some secrets on what can be done to help you weather the storm. The five best things you can do for your firm.

1. Conduct an enterprise level risk assessment of key risks which also include operational risks. Having an idea of what risks you run makes a big difference in managing them.

2. Select the top 20-30 risks and in a board room, brainstorm how you can manage them. remember, it is very important if all the senior management discuss how to manage these key risks

3. Never shy away from people who suggest different ways of doing a process or activity. Suggestions from people at the shop floor are the best ways to manage operational risks, because it is coming from the Horse's mouth.

4. Always keep the senior mangement aware of the business development, challenges and transparent reports. This is very important because if the senior management is made to believe that things are fine, they will NOT ACT.

5. Revisit this cycle every quarter. Quarter after quarter.

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