Risk Management by Magnus management consulting LLC

Risk management is the process of identifying, assessing, and controlling financial, legal, strategic, and security risks to an organization’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents, and natural disasters.

Risk management empowers businesses with the necessary tools so that they can adequately identify and deal with potential risks. Once a risk has been identified, it is then easy to mitigate it. In addition, risk management provides a business with a basis upon which it can undertake sound decision-making.

An organization must allocate resources to minimize, monitor, and regulate the impact of adverse occurrences while optimizing favorable ones in order to mitigate risk. How to best identify, manage, and reduce important risks can be determined with the aid of a consistent, comprehensive, and integrated approach to risk management.

For a business, assessment and management of risks are the best way to prepare for eventualities that may come in the way of progress and growth. When a business evaluates its plan for handling potential threats and then develops structures to address them, it improves its odds of becoming a successful entity.

In addition, progressive risk management ensures risks of a high priority are dealt with as aggressively as possible. Moreover, the management will have the necessary information that they can use to make informed decisions and ensure that the business remains profitable.

Develop the business, don’t change it!

Realizing that almost all industries have a similar success ratio and that the location int the main driving point in the business is something that would change our strategic planning with our customers, whether they are new businesses or mid-ones that usually request to expand aboard in the last year of the five years strategic plan due to the reason that “the market has almost done, and the competition is fierce”! success and strategies must focus on business differentiation and innovation rather than where the products are sold or to whom it is sold! (Hirsh, E. & Rangan, K.P., 2013)

Whittington, R et al 2020 Supported this idea by discussing the challenges surrounding international businesses, risk management and the effect of culture, regulations, and customer’s that the customers should be aware of to prepare for the expansion process and consider it an investment, not a solution of failure.

Innovation and differentiation

relation of strategy to innovation, which I have always supported and encouraged our clients to involve in their strategic planning and budget.

Realizing the size of the companies and how innovation is related, the type of innovation adopted, and the innovation diffusion may help me to suggest more suitable plans to our clients, which are described in J. Abernathy and W. Utterback, 1975 figure:

Conclusion:

The risks that our business initiatives face can limit their survival and expansion. Therefore, it is essential to understand the fundamentals of risk management and how they may be applied to lessen the impact of threats on company entities.

Book our risk management services at: https://www.mmcc.qa/service/risk-management/

References:

1. Johnson, G., Whittington, R., Scholes, K., Angwin, D & Regnér, P (2020) Fundamentals of Strategy. Pearson, London. Available via the VitalSource Bookshelf. (Accessed 25 July 2022)
2. Whittington, R., Regnér, P., Angwin, D., Johnson, G. & Scholes, K. (2020) Exploring Strategy: Text and Cases 12th edition, Harlow, Pearson. Available via the VitalSource Bookshelf. [Accessed 23 July 2022].
3. Risk management – Wikipedia

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