Risk Assessment & Risk Treatment
Risk identification is a methodical approach to understanding the risks that may prevent you from fully achieving your business goals. Formal review of all risks is an important step in the risk management process that is often overlooked. We can help you develop this capability, or our experienced team can work with you to discover any risks that may affect your business and achievement of your goals. Risk assessment is the process of determining the likelihood of a risk occurring and its consequences if it occurs. By combining these two assessments, you can see how effective the risk is and make informed choices about what steps you can take to prevent it from happening. Risks can then be categorized so that you can prioritize which of the risk outcomes you should avoid or minimize. Risk treatment is a way to develop plans to prevent risk. Treatments are actions that reduce the likelihood of a risk occurring or its consequences if they occur. We can help you find the right solution for your business at every step of the way. It is not always cost-effective to implement all the risk treatment methods. However, it is important to select, prioritize, and implement a set of the most appropriate risk treatment methods. Risk treatment options or a combination of options are selected based on costs and benefits, effectiveness and other criteria related to the organization. Factors such as legal, social, political and economic considerations may also need to be considered. We advise our clients to be flexible and consult about risk treatment with stakeholders as well as with specialists. Many treatments need be acceptable to stakeholders or those who are involved in implementation if they are to be effective and sustainable.