How to Manage Business risk as per ISO 9001

 



The risk management process methodically identifying the risks surrounding your business activities assessing the likelihood of an event occurring.  Understanding how to respond to these events. Putting      systems in place to deal with the consequences.

Assess and manage risk

1.      Decide what matters most.

2.      Consult with stakeholders.

3.      Identify the risks.

4.      Analyse the risks.

5.      Evaluate the risk.

6.      Treat risks to your business.

7.      Commit to reducing risk.

 

The basic methods for risk management—avoidance, retention, sharing, transferring, and loss prevention and reduction—can apply to all facets of an individual's life and can pay off in the long run.

 

The five steps of the risk management process are identification, assessment, mitigation, monitoring, and reporting risks. By following the steps outlined below, you will be able to create a basic risk management plan for your business.

 

The following are some of the areas that business owners can focus on to help manage the risks that arise from running a business.

1.Prioritize

The first step in creating a risk management plan should always be to prioritize risks and threats. You can do so by using a somewhat universal scale based on each risk's likelihood of happening: 

Of course, a risk that falls into the top category should take priority over the others, and a plan to prevent, or at least mitigate, these risks should be put into place. However, there is a catch. If a risk falls into a lower rung yet presents the potential for more financial damage, then it should take priority.

2. Implement a Quality Assurance Program

A good reputation is imperative if you want a sustainable business. Customer service is key to success. Be sure to test your products and services in order to assure the highest quality. By testing and analyzing what you’re offering, you will have an opportunity to make necessary adjustments. Also, strongly consider taking it a step further by evaluating your testing and analyzing methods.

3. Control Growth

This has everything to do with employee training. If you’re selling products and/or services and you set lofty goals for employees, they might be tempted to take unnecessary risks, which can lead to a bad reputation for your company. Instead, train your employees to focus on quality, not quantity. By doing so, you will avoid the risk of declining sales due to high-pressure sales tactics that customers don’t appreciate.

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