Today uncertain economic climate is driving greater focus on risk management.
According to Industry Week’s article, “Riskier Business”, signs indicate that CEOs will be taking greater notice of risk in the wake of the economic crisis. According to a PricewaterhouseCoopers’ latest annual CEO survey, fully 84% of respondents reported they anticipate making changes to the way they approach managing risk, with 41% indicating that those changes will be major ones.
Also according to the Industry Week article, a few pieces of advice are as follows: 1) Categorize your risk – strategic risks, big-picture operational risks, financial risks and compliance risks. 2) Assume greater uncertainty. 3) Mitigate credit risk.
I also recently addressed this topic in an article published in Project Times, “Project Risk – Should You Care”. In the article, I discuss three keys to success: 1) Identify what might go wrong. 2) Determine potential reasons. 3) Implement steps to mitigate risk. To read the article in full, click here.