Identifying, assessing, and mitigating threats or uncertainties that can affect an organization.

Business challenges:

1. We have some disruptions every month.
2. Our operation goes unscheduled down multiple times each month.
3. We need to minimize process breakdowns.
4. We need a structured approach to evaluate uncertainties.
5. It is a regulatory requirement.

Our approach:

1. Discrepancy analysis between the business operation and any applicable Risk Regulation.
2. Discrepancy analysis between the business operation and the standard for risk management (ISO 31000).
3. Review existing documentation and data.
4. Recognizing potential risks that could affect the organization, such as financial uncertainties, legal liabilities, strategic management errors, accidents, and natural disasters.
5. Evaluating the identified risks to understand their potential impact and likelihood.
6. Ranking risks based on severity and likelihood, determining which ones require immediate attention.
7. Developing strategies to reduce or eliminate the impact of risks. This can include avoiding the risk, reducing its impact, transferring it to another party, or accepting it and preparing contingency plans.
8. Definition of controls to avoid the occurrence of risks or minimize their impact.
9. Implementation of the defined controls.
10. Review the functions, responsibilities, and levels of authority of the Risk Committee, the Risk Control department, and their staff.
11. Establish reports, communication channels and the frequency of updating documentation.
12. Establish periodic accountability and follow-up meetings.
13. Review and/or establish internal policies and standards regarding Risk Management.
14. Implement methods to continuously monitor risks and mitigation strategies’ effectiveness and make necessary adjustments.

Typical results:

1. By anticipating and addressing risks, you can avoid delays, resource wastage, or process breakdowns, keeping operations smooth and effective.
2. Risk management ensures stability and growth over time.
3. Preparing for potential risks reduces the chance of being caught off guard, allowing quicker, more effective responses when issues arise.

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