Risk Management & Mitigation
What We Do
Risk Management & Mitigation
Whether you have the desire to improve your organization performance or the need to reshape your business to spearheaded the competition. At Praveena Consulting we provide you with the expertise and proprietary tools to make the change happen and align your vision of successful future with your leadership.
Business Transformation spans your entire organization, to address all the changes needed to reach your full ambition.
We get up to close with businesses and we bring all of our insights together to help you win over your team and create an organizational strucuture that will prevail.
Rethink Risk To Create Distinctive Strategy, Capabilities, and Performance
The development of risk management capabilities has become particularly important in the face of increasing volatility and transparency. As the expectations of shareholders and regulators escalates in response to this volatility, so will pressure to develop the appropriate culture, processes and infrastructure that underpins your organization’s risk management approach.
Although risk management is complex and there is no one process all consultants use, there are conventional methods that risk management consultants use to help protect your business from risk. To manage risk, you must be able to anticipate change, respond to it quickly, and better identify new opportunities. With our help, you can make risk management a fundamental part of your strategic planning.
At Praveena consulting we can help you understand your risk profile to drive greater predictability, reduced volatility of earnings, lower cost of control, more effective decision making and increased enterprise value.
Risk Discovery
Even if your business is in a large industry, no company is just like yours. You have a specific value that you bring to the marketplace, or else you wouldn’t exist. You have processes and procedures that are unique to your business and a set of risks that no other company has.
These unique risks need to be discovered and carefully evaluated. From the design of your product/service to the final delivery, Every step of your supply chain and customer journey needs to be evaluated for risks.
Discovering and listing your various business risk is arguably the most critical step in the risk management process. The risks you don’t expect will often hurt you far more than the risks you do expect.
Severity Assessment
Once you have listed out the various threats and vulnerabilities that your business or organization might face, you now need to prioritize your response to each risk by the impact it could have.
Not all risks are created equal; the threat of petty theft is considerably less severe than the threat of a construction liabilty lawsuit. Every business should know the threats to their organization, but more importantly, every business should identify the most significant and most probable risks that could occur.
Planning
Once you know your business risk and which threats could have a significant impact, you can now form a plan to protect your business. The plan that you and your risk management consultant create doesn’t have to be complicated; It can often involve mitigating a specific risk or just choosing to purchase insurance to cover the exposure.
For example, if you were a manufacturing company that designs and manufactures medical products, a defective product could be catastrophic. A new quality control process in addition to purchasing products liability insurance could nearly eliminate the financial impact of a defective product lawsuit.
In other cases, you may be able to amend language in your contracts to shift liability to vendors, subcontractors, or customers.
Implementation
Now that you have discovered your risks, assessed their severity, and created a plan of action, what now? You have to implement that plan in your day to day practices. Frequently this involves a shift in culture such as safety awareness that needs to start with you, as the leader of your company.
Implementing a risk management plan can take time and effort, but even a partially implemented plan is better than not having one. If you can mitigate a severe risk even slightly, the project was worth your time.
Evaluate
After you implement your plan, you need to evaluate it’s performance over time.
- Do you see an improvement due to your plan?
- Can you quantify the improvement in any way
- Were all occurrences covered by insurance or paid by money set aside?
For large organizations, risks can be tracked much easier due to accident history being available and statistically significant. For a small business, most of the time, its about avoiding a potential loss and is harder to quantify. Either way, find out whether your plan implementation was a benefit to your organization’s well being.
Improve & Revise
As with your other business activities, your risk management changes must follow the same continual improvement process. If you do not improve your plan as your business changes and grows, your risk management structure will fall behind.
Risks are ever-evolving, and advances in one area will cause emerging risks in another. An excellent example of this is with advancements in technology. With the efficiencies that technology can bring to your business come new and evolving exposures. The threat of emerging risk isn’t limited to technology, but its embedded in every aspect of your business; Don’t treat risk management as a “set it and forget it” process.
Make sure you evaluate whether your risk management plans are keeping pace with new exposures in your industry and the economy at large.
Rethink Risk To Create Distinctive Strategy, Capabilities, and Performance
In today’s business environment, the development of risk management capabilities is crucial due to the increasing volatility and transparency of markets. Shareholders and regulators have higher expectations of organizations, and there is mounting pressure to establish the appropriate culture, processes, and infrastructure to support effective risk management.
While risk management can be complex and there is no universal approach, risk management consultants typically use conventional methods to help businesses manage risk. Effective risk management requires the ability to anticipate and respond to change quickly and identify new opportunities. Working with Praveena Consulting, you can integrate risk management into your strategic planning process.
We can assist you in understanding your organization’s risk profile to achieve greater predictability, reduced earnings volatility, lower control costs, improved decision-making, and increased enterprise value.
Although risk management is complex and there is no one process all consultants use, there are conventional methods that risk management consultants use to help protect your business from risk. To manage risk, you must be able to anticipate change, respond to it quickly, and better identify new opportunities. With our help, you can make risk management a fundamental part of your strategic planning.
At Praveena consulting we can help you understand your risk profile to drive greater predictability, reduced volatility of earnings, lower cost of control, more effective decision making and increased enterprise value.
Risk Discovery
Despite being in a large industry, no two companies are identical. Each business has its own unique value proposition, processes, and procedures, as well as a set of risks that are specific to their operations.
To effectively manage risk, it is important to identify and evaluate these unique risks. This requires a careful evaluation of every step in your supply chain and customer journey, from product or service design to final delivery.
The process of discovering and listing your various business risks is a crucial step in the risk management process. It is often the unforeseen risks that can cause the most harm to a business, making it imperative to identify and address potential risks proactively. By identifying and evaluating all risks, organizations can implement strategies to mitigate or manage them effectively, ultimately reducing the likelihood of negative outcomes and protecting their operations.
Severity Assessment
After identifying the potential risks and vulnerabilities that your business may face, the next step is to prioritize your response to each risk based on its potential impact.
It’s important to recognize that not all risks are equal in terms of severity. For example, the risk of petty theft may be relatively minor compared to the risk of a construction liability lawsuit. It is crucial to identify the most significant and probable risks that could occur and prioritize them accordingly.
“Every organization should be aware of the potential threats to their business, but it’s equally important to prioritize them based on the level of risk they pose”. By doing so, organizations can focus their risk management efforts on the risks that are most likely to have a significant impact on their operations and take appropriate measures to minimize or mitigate those risks.
Planning
Once you know your business risk and which threats could have a significant impact, you can now form a plan to protect your business. The plan that you and your risk management consultant create doesn’t have to be complicated; It can often involve mitigating a specific risk or just choosing to purchase insurance to cover the exposure.
For example, if you were a manufacturing company that designs and manufactures medical products, a defective product could be catastrophic. A new quality control process in addition to purchasing products liability insurance could nearly eliminate the financial impact of a defective product lawsuit.
In other cases, you may be able to amend language in your contracts to shift liability to vendors, subcontractors, or customers.
Implementation
Now that you have discovered your risks, assessed their severity, and created a plan of action, what now? You have to implement that plan in your day to day practices. Frequently this involves a shift in culture such as safety awareness that needs to start with you, as the leader of your company.
Implementing a risk management plan can take time and effort, but even a partially implemented plan is better than not having one. If you can mitigate a severe risk even slightly, the project was worth your time.
Evaluate
After you implement your plan, you need to evaluate it’s performance over time.
- Do you see an improvement due to your plan?
- Can you quantify the improvement in any way
- Were all occurrences covered by insurance or paid by money set aside?
For large organizations, risks can be tracked much easier due to accident history being available and statistically significant. For a small business, most of the time, its about avoiding a potential loss and is harder to quantify. Either way, find out whether your plan implementation was a benefit to your organization’s well being.
Improve & Revise
As with your other business activities, your risk management changes must follow the same continual improvement process. If you do not improve your plan as your business changes and grows, your risk management structure will fall behind.
Risks are ever-evolving, and advances in one area will cause emerging risks in another. An excellent example of this is with advancements in technology. With the efficiencies that technology can bring to your business come new and evolving exposures. The threat of emerging risk isn’t limited to technology, but its embedded in every aspect of your business; Don’t treat risk management as a “set it and forget it” process.
Make sure you evaluate whether your risk management plans are keeping pace with new exposures in your industry and the economy at large.
We Also Provided Various Training Programs In Conjunction With Our Consultancy Services.
Our Training Programs
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Our Promise
To empower business & organizations, and to cultivate positive change for a better world.
Service Excellent
Praveena Consulting aims to provide bespoke services which cater across business functions of our clients. We inspire businesses and organizations to navigate complex questions with integrity and value creation.
Integrity
It perhaps the most significant value of leadership, Integrity is the quality of being trustworthy and uphold of moral uprightness. Its the value of a true leader. That’s why you can be sure that we hold this value to its core.
Value Driven
Each of our services are design to increase the value of our clients. Where the goals of each iterations are prioritized to increase the values of our clients business.
Partnership
We stand for customer satisfaction at the highest level, and be your trusted partner in unfolding your true leadership capabilities. As well as addressing all of your challenges.
Our Team of Experts
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Competence For Excellence
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