Managing Business Risks

Service Description

Duration: 2 day (14 hours) Language: English Things happen without warning all the time. In business, competition can be tough and market changes can make life for your business tougher when unprepared. Market changes will cause businesses to change in response. Employees may leave to go to a competitor’s shop, taking loyal customers with them. Inflation from increased oil prices affects your own and vendors’ costs. What happens around your business affects your business. In business, the only permanent conditions faced are permanent change. A crucial business management skill is the ability to manage the risks from known uncertain sources in today’s environment characterized by volatility (V), uncertainty (U), complexity (C) and ambiguity (A). This Course aims to equip participants with the understanding of the VUCA environment and to learn how to use the 9-Box Risk Matrix, a basic structured risk analysis tool, in preparation for effective risk management. The Course explores the following subjects in depth: 1) Identify Common Risks • Certainty vs uncertainty • VUCA environment • 12 types of business risks 2) Risk Assessment Tool • 9-Box risk matrix analysis • Probability, possibility and propensity • Impact vs harm 3) Basic Risk Management • Identify stakeholders • Speaking confidently Monitoring risks • Choosing effective Insurance Solutions