Business Resilience - Profit Or Loss?
All businesses need to constantly test their resilience to change and challenge assumptions they have made. Otherwise their ability to respond appropriately to change is limited.
Risk is all too often something we aim to avoid, mitigate as far as possible, or just react to as risks crystallise. A better alternative is to use risk for profit.
To be a truly agile and ultimately resilient business, risk management must be incorporated as a crucial element of the business strategy.
All business owners know change is a constant. Unless it is addressed appropriately in a timely manner, it is a major cause of risk - and often leads to financial or reputation loss. Your marketplace, finances, competition, organisational structure, and people – all these areas need to be constantly reviewed and monitored to eliminate out-of-date assumptions and ensure that you have facts which accurately reflect current reality. Without accurate data, decision-making becomes a dangerous lottery.
When it comes to ensuring your risk management framework actively supports your business resilience targets - and ultimately your profitability - we work with our clients to ensure that these critical elements are assessed from the viewpoint that ultimately risk management is most effective when it is a continuous and disciplined process that becomes business as usual.
For more information on how to manage risk for profit, and other elements of business resilience, contact us at billy@peakgovernance.co.uk or martin@peakgovernance.co.uk.
