Risk Management and Business Leadership

Every business endeavor includes a certain degree of risk. Are you a business leader? If so, you may want to learn strategies to mitigate risk. Make an appointment with Declan Kelly CEO of a business consulting firm to discuss strategies for success.

What is Risk Management?

There are always risks in life. Business is no different. Risk management is all about anticipating areas where there may be risk, analyzing those areas, and dealing with them accordingly. Sometimes that means eliminating the risk altogether. Other times risks cannot be mitigated as easily.

How Can Risk Be Mitigated?

Declan Kelly may express to you that risk management is not a one and done strategy. It is a long-term analysis that should remain at the forefront of each project. There are two common techniques used for risk mitigation: qualitative, and quantitative.

Qualitative risk analysis involves team reviews and interviews of certain team members. The review or interview is done to identify risk. This technique is considered the most important aspect of the risk management process.

Quantitative risk analysis involves project evaluation of performance, time, and cost. These criteria are assessed to determine the success level of the project. The probability of success a project may or may not have helps the company to determine the level of risk involved.

Who is Responsible for Risk Management?

People often assume that risk management is the exclusive responsibility of the project manager. This is a common misconception. Risk assessment is much more effective when discussed as a team. The team leader is merely responsible for fostering an open line of communication, and best practices for implementation.

Being a business leader is a huge responsibility. The aspect of risk management may seem daunting but with help, you can establish best practices for your team to follow. By analyzing risk throughout the duration of a project, you can help your business avoid unnecessary fiscal loss.