[author: Cherelle Johannes]
In the first part of Risk Management 101, we focused on the foundational elements of risk management. In part two, we’ll look at how the people who keep your organization running, with their unique insights, skills and emotions, play an essential role in this complex landscape.
Everyone plays a role in managing risk
Risk management isn’t one team’s concern, so keep those communication lines open. A collective understanding of potential risks sets a strong foundation. Conduct surveys, engage in brainstorming sessions and encourage a culture where everyone feels empowered to voice their concerns and share their insights.
Elements to consider for effective risk management collaboration across different teams:
Operations and supply chain: It's all about maintaining a smooth flow. By staying in close communication with suppliers and anticipating potential delivery issues, teams can ensure there are no unexpected interruptions. It's beneficial to always have a backup plan, so when hiccups do arise, you’re already steps ahead.
IT and cybersecurity: A proactive approach goes a long way. By staying informed about the latest cyber threats and conducting regular system checks, IT teams can keep the company's data and infrastructure safe. This isn't just routine – it's the most important risk factor of running a business in the digital age, so the whole organization has to be aware of and invested in managing this area of risk.
Human resources: The wellbeing of the team affects the whole organization. Regular check-ins, surveys and addressing any concerns promptly can help in avoiding larger issues and people-related risk down the road. Recognizing and acting on these insights keeps morale high, talent retained and operat ..
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