‘Risk’ by nature seems scary. Its uncertain and unpredictable. However, there are times in every individual’s life when they are faced with a choice that involve risk.
In today’s era where business excellence is the only choice we have as far as competition is concerned, we all have to live with risks! Hence, it is essential to invest sometime on exploring – how to live with risks. In business aspects we call it managing risk or Risk Management.
There are three best practises for accessing and managing risks:
- Strike the right balance between risk and reward.
- Focus on decisions, not process.
- Make employees the first line of defence.
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