Thomas M. Bragg on Business Risk Management

If you’ve been keeping score at home, you know that the risk management process has three basic steps – 1) identify risks and opportunities, 2) evaluate the risks and opportunities and 3) plan for risks and opportunities. However, there is some work that needs to happen before you get into the nuts and bolts of managing your risks.

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This week let’s talk about what needs to happen before the process begins. There are some basic activities: inspiration, motivation and preparation. Over the last few months I’ve written several posts dealing with the “pre-activities”. Let’s take a look at each of them.

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(If you want to skip to the end and see the entire list for all 3 steps, check out my page “How to Manage Business Risk”.)

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5 Reasons You Should Care About Managing Risks

One of my earliest, and most popular posts. I briefly discuss five reasons a business owner should want to learn about and practice business risk management. This post sets the stage for why risk management makes sense for you and your business.

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I Want to Manage My Risks. Where Do I Start?

In this post, we answer the questions that need to be answered before stepping into ‘risk identification’ – the first step in the risk management process. What is a “Risk”?, Where do risks come from? and How do I find my risks?

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Fear Not Risk, My Friend. Master It!

This is one of the posts I am most proud of.  It discusses how there must be risk in order for there to be success – and not only in business. I share  some very personal examples with you.

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Should You Go Formal or Informal?

Processes can be formal or informal. There are times when one type is more appropriate than the other. I write about the differences between formal and informal and how your risk management process should always be formalized.

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The Value of Risk

Risk can impact a business in many ways but it is often hard to put a hard value on it. This post presents a real-life example where a company made a critical decision that clearly shows how risk can have a very real value, to your business as well as to your customers.

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Permission to Make Mistakes

A company or organization with a ‘mistake avoidance’ culture is striving to avoid negative events (i.e. mistakes). An organization that strives for perfection but accepts mistakes is working to create positive events. The two groups have very different characteristics that will lead to very different outcomes.

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10 Steps to a SMB Risk Management Process (guest post for ClearRisk Inc.)

I wrote this post to layout the roadmap for small and medium-sized businesses that are just starting to set up their risk management process. There are some key events that have to happen before you jump into brainstorming about the risks and opportunities facing your business.

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I hope the posts above provide some useful information, motivation and inspiration for you. I would love to hear your thoughts, comments and suggestions. Please leave comments on this post or on the individual posts above. I read and reply to every one of them.

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