Starting with Risk Management

The companies we work are huge, the processes we are involved are getting complex and demanding, not to mention the cut throat competition. One certainly gets the feeling if it is necessary to check/click on those checkboxes from the n number of checklists to ensure he / she has done their routine job? Of all the uncertainty prevailing around, is it necessary to add to ones paper work with those checklists popping in the table or screen?

The answers to all the questions above are ‘Yes’, it is absolutely necessary. It would be appropriate to say that a Risk would constitute of anything that can affect the performance of a product or service, all of which ultimately leads to financial or non-financial losses. If you dig deeper, all such effects roll’s up to the only constant factor in the world, viz., Uncertainty. This uncertainty is directly proportional to the risk exposures associated with a successful completion or achievement of any given task. What matters most is how prepared are we to face this uncertainty. Many might think that how can one possibly imagine the infinite probabilities in which a risk might arise. It is certainly not possible to track each such exposure, but being prepared to the best of our ability with the help of IT systems and of course logical thinking will certainly help us in withstanding the constant attack of risk on the process.

Even though several risk management standards have been developed, their definitions and goals differ widely based on the context and sector with which it is being associated. Members associated with project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety use the risk management principles widely to prevent or minimise the impact of the losses resulting from risks. The various strategies to manage risk span from avoiding the risk, transferring the risk to another party, reducing the negative effect of the risk and also in some cases, accepting some or all of the consequences of a particular risk.

It is not a mathematical formula or a code of conduct which need to has a specific defined form. It is up to us to use all the available resources to manage risk in the most efficient manner. So lets get started…

Welcome to Risk-o-logy!!!

'Risk-o-logy' aims to facilitate, share and exchange information with a purpose to generate ideas and promote good practice for those involved in the business of managing risk. From the endless events of huge financial crises hitting all the sectors of the world economy, it is essential to come out of the crude assessments of risks which has not only resulted in a large scale loss of opportunities, business and reputation, but also a lot of innocent life!