Written By
Ritik Tiwari
Operational risk management is a critical aspect of running any business, regardless of size or industry. Effectively managing operational risks helps mitigate potential disruptions, protect assets, and maintain business continuity.
Identify Risks
Start by identifying potential threats to your business operations, such as supply chain disruptions or cybersecurity breaches.
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Put in place internal controls and procedures to mitigate identified risks and safeguard your business assets.
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Foster a culture of risk awareness among your employees, encouraging them to report potential risks and vulnerabilities.
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Regular Monitoring
Continuously monitor your operations to detect emerging risks and assess the effectiveness of your risk management strategies.
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Develop Contingency Plans
Prepare contingency plans to respond effectively to unforeseen events, ensuring business continuity and minimizing disruptions.
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