Using Risk Management as a ‘Business Enabler’

As I continue my series of Posts on the countdown to Strategic Risk & Compliance Consultancy (SRC) first anniversary, today I want to challenge the perception that risk management can be counterproductive and inhibit winning business. From my observations of different organisations, I have noted:

⛔ The approach to risk management is often too conservative, preventing businesses from taking risks to win new business

⛔ Not communicated effectively, leading to misunderstandings

⛔ Too inflexible, preventing businesses from adapting to changing circumstances

To avoid these pitfalls, recruitment agencies need to develop effective risk management processes that are tailored to their specific needs and that are fully supported by senior management.

Over the last 12 months, SRC has helped its clients use risk management as a Business Enabler because:

✅It helps identify and assess risks - this information can then be used to develop mitigation strategies to reduce the likelihood and/or impact of these risks

✅It improves decision-making - forcing businesses to consider the potential risks and benefits of different courses of action

✅It helps to protect the business - from financial losses, reputational damage, and other negative consequences

✅It helps to attract and retain customers - who are increasingly demanding that businesses demonstrate that they are managing risk effectively

✅It helps to improve the bottom line - by mitigating risks, reducing costs, improving productivity and avoiding disruptions

Risk management is not a hindrance to winning new business. On the contrary, SRC has shown to its clients that effective risk management is a valuable BUSINESS ENABLING tool for them to win long term profitable business.