RISK MANAGEMENT

The foundation for Strategic management knowledge | Leadership

Leadership's knowledge is one of the most important topic of SMI  and we are committed to sharing thoughts and insights on various articles, publications, and updated topics that enhance your understanding and implementation methods.
The basic methods for risk management—avoidance, retention, sharing, transferring, and loss prevention and reduction—can apply to all facets of an individual’s life and can pay off in the long run. Here’s a look at these five methods and how they can apply to the management of health risks.
 
All industries and organisations manage risk a little differently.
…
  • Ensure risks are identified early. …
  • Factor in organisational goals and objectives. …
  • Manage risk within context. …
  • Involve stakeholders. …
  • Ensure responsibilities and roles are clear. …
  • Create a cycle of risk review. …
  • Strive for continuous improvement.
 
Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk
 
The 4 essential steps of the Risk Management Process are:
Identify the risk. Assess the risk. Treat the risk. Monitor and Report on the risk.
 
Risk—or the probability of a loss—can be measured using statistical methods that are historical predictors of investment risk and volatility. Commonly used risk management techniques include standard deviation, Sharpe ratio, and beta.
 
A risk management strategy is a structured approach to addressing risks, and can be used in companies of all sizes and across any industry. Risk management is best understood not as a series of steps, but as a cyclical process in which new and ongoing risks are continually identified, assessed, managed, and monitored.
 
Introduction; Implications of the 10Ps for business; 10Ps – Planning; Product; Process; Premises; Purchasing/Procurement; People; Procedures; Prevention and Protection; Policy; Performance; Interaction between all the elements; Conclusion.
 
There are four parts to any good risk assessment and they are Asset identification, Risk Analysis, Risk likelihood & impact, and Cost of Solutions.
 
Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These risks stem from a variety of sources including financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents and natural disasters.
 
Risk management enables project success
Just as they assess risks and develop strategies to maximize organizational success, they can do the same for individual projects. Employees can reduce the likelihood and severity of potential project risks by identifying them early.
What it Takes: 7 Important Leadership Qualities
  • Willingness to Listen. “Most of the successful people I’ve known are the ones who do more listening than talking.” – …
  • Perseverance. “Press on: nothing in the world can take the place of perseverance. …
  • Honesty. …
  • Selflessness. …
  • Decisiveness. …
  • Trust. …
  • Integrity
Types of Leadership Styles
  • Autocratic.
  • Democratic.
  • Laissez-faire.
  • Transformational.
What Are The 5 Most Important Qualities of a Leader?
  • They are self-aware and prioritize personal development. …
  • They focus on developing others. …
  • They encourage strategic thinking, innovation, and action. …
  • They are ethical and civic-minded. …
  • They practice effective cross-cultural communication.
Leadership skills can be practiced at any level regardless of the title you have. They are important skills to have because a good leader is able to bring out the best abilities in his/her team members and motivate them to work together in achieving a shared goal.
7 Keys to Becoming a Super Effective Leader
  1. Don’t take It all too seriously. Without a doubt, running a company is serious business. …
  2. Recognize achievements. Every employee wants to do a good job. …
  3. Set goals. …
  4. Delegate wisely. …
  5. Think about lasting solutions. …
  6. Make time for employees. …
  7. Communicate.
 
1. Authoritative Leadership. The authoritative leader knows the mission, is confident in working toward it, and empowers team members to take charge just as she is. The authoritative leader uses vision to drive strategy and encourages team members to use their strengths and emerge as leaders themselves.15‏/05‏/2019
In 1939, psychologist Kurt Lewin and a team of researchers determined that there were three basic leadership styles: Authoritarian (Autocratic), Participative (Democratic) and Delegative (Laissez-Faire).
 
Throughout history, great leaders have emerged each with particular leadership styles
  • Transformational Leadership.
  • Delegative Leadership.
  • Authoritaritative Leadership.
  • Transactional Leadership.
  • Participative Leadership.
 
9 Ways to Develop Your Leadership Skills
  1. Practice discipline. A good leader needs discipline. …
  2. Take on more projects. A great way to develop your leadership skills is to take on more responsibility. …
  3. Learn to follow. …
  4. Develop situational awareness. …
  5. Inspire others. …
  6. Keep learning. …
  7. Resolve conflicts. …
  8. Be a discerning listener.
  1. Engage in honest, open communication.
  2. Connect with your team members.
  3. Encourage personal and professional growth.
  4. Keep a positive attitude.
  5. Teach employees instead of giving orders.
  6. Set clear employee goals and expectations.
  7. Give direct feedback about performance.
  8. Ask for feedback on your leadership.
 
One definition of leadership is to “inspire, influence and guide others to participate in a common effort.” Good leaders don’t just bark orders or hand out directives with no explanation. Instead, they use effective communication and motivation techniques to facilitate action by their teams.
 
10 Ways to Demonstrate Leadership at Work
  1. Be a thought leader. …
  2. Join a professional association. …
  3. Look at the big picture. …
  4. Think positively and proactively. …
  5. Listen to and learn from others. …
  6. Network with purpose. …
  7. Find a mentor. …
  8. Embrace diversity.
  1. How to lead a. team as a first- …
  2. Accept that you will still have. lots to learn. …
  3. Communicate clearly. Always keep your team fully informed of project goals, priorities and those all-important deadlines. …
  4. Set a good example. …
  5. Encourage Feedback. …
  6. Offer recognition. …
  7. Be decisive. …
  8. Help your team see the “big.

What Are the Three Types of Strategy- And How You Can Apply Them!

  • Business strategy.
  • Operational strategy.
  • Transformational strategy.
 
A tactic refers to the specific actions taken to reach the set goals in line with the strategy. For example, company A’s strategy might be to become the cheapest provider in the smartphone market. Their managers then need to negotiate with suppliers to reduce the costs of the electronic components used in production.
a long-range plan for achieving something or reaching a goal, or the skill of making such plans: [ U ] Chess is a game that requires strategy.
Strategy help us define our business, gives it a set of values, and gives it purpose. It helps us understand what success actually looks like. It provides a roadmap for our business, shows us our destination and identifies useful stopping points along the way.
Because a strategic plan establishes a direction for your business to take, it will help it sharpen its focus in order to get there. Strategic planning can therefore help your organization develop the right goals and targets and help everyone focus their efforts into meeting them.
What is the definition of Strategy? Strategy is a plan of action to achieve short, middle and long term desired goals. There are generally three types of strategies in business. The corporate strategy defines the strategic goals of the overall company.
Following are 12 different strategy types that can help a business reach its unique goals:
  • Structuralist. …
  • Differentiation. …
  • Price-skimming. …
  • Acquisition. …
  • Growth. …
  • Focus. …
  • Cross-selling. …
  • Operational.
4 levels of strategy are;
  • Corporate level strategy.
  • Business level strategy.
  • Functional level strategy.
  • Operational level strategy.
 
 

Using the Ansoff Matrix

After analyzing these aspects, the matrix provides four different strategic options. And these are Market penetration, Market development, Diversification, and finally, fourth Product development.

 
To help executives strategically navigate the business, the Strategic Approach System covers a number of topics including strategy development, the business model, competitive landscape, reallocation of resources, decision rights, and others.
A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals.

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