There are a number of tools available to help you keep up with all of the risks in your portfolio. In fact, some risk managers actually hire people just to review the portfolios they put together. Is that something you would be comfortable doing? Probably not. But it’s another thing to know about risk and how to manage it.
Once you get started with studying the various tools available to help you assess risk, it becomes clearer how you can take my strategic management of global risk quiz for me and use it to your advantage. First of all, there is the question of whether or not you should do your own risk assessments. There are some people who feel that they have a better understanding of global risk by engaging in that type of analysis on their own. That’s certainly their prerogative. Some others feel more comfortable using the expertise of a risk manager or an expert in the field to help them assess risks.
But if you are like most people in business today, you find it easier to simply pay someone to do this for you. When you take my strategic management of global risk quiz for me, you will find out that you don’t really need to be a math whiz, or a world-class planner, or even a statistician, to understand how to assess risks and manage them. In fact, you can do it all yourself by using a simple, basic risk assessment formula.
All you really need to do is assess whether or not a given scenario presents a real, practical, or potential threat to your business. Then you apply a specific risk management strategy to the problem. For example, if your business relies on one product, you may want to choose the product type that is least likely to cause a problem. If you are focusing on the supply chain, then you’ll look at how you can make it easier for everyone to move parts of the supply chain efficiently. You’ll also determine which activities are automated and which shouldn’t be.
Now, let’s take a look at some questions from an online assessment that takes my strategic planning into account. According to this assessment, what makes up a successful company? Answer the questions to the best of your knowledge, as this will be used in determining what kind of strategic planning is necessary. What are the typical weaknesses of a company that seeks to become more globally competitive? According to the assessment, almost half of America’s largest corporations are focused on becoming more globally competitive.
Are there any threats to the security of the United States? According to the survey, nearly three-quarters of American companies say they face some kind of risk to the security of the nation. These threats include terrorism and civil unrest, nuclear proliferation, natural disasters and violence in the workplace. Each one of these poses unique risks, but none of them are what you might call “existential risks.” In other words, they aren’t threats to the existence of the nation, just potential problems that could arise.
To review, your job is to review the information from the above assessment, determine which threats are most severe and which ones are less severe. Based on that information, you should develop a long-term strategy for addressing those threats, as well as an operational strategy for mitigating other potential issues that will arise. When you take my strategic management of global risk quiz for me, you will be armed with the knowledge of exactly what you need to do to address those risks. And that knowledge should guide you in pursuing a long-term strategy for addressing other potential issues as well.