Strategic Risk Management Company - MiSAFE Solutions

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Strategic Risk Management Company
-------------- Defining Sustainable Governance
and Accountability
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Understanding Strategic Risk Management

• Strategic Risk Management is an extensive
  process of analysing, controlling and limiting
  the uncertainties that could inhibit the ability
  of an organisation to accomplish its strategic
  goal and objectives of leveraging the value of
  investors and owners. It is also referred to as
  the primary component for establishing Enterprise
  Risk Management.
• In simple words, strategic risks is a menace
  to any business strategy, and failing to resolve
  the strategic risks is synonymous to falling
  business. Like for an instance, you are all set
  to launch a new product in the market oblivious
  to the active market trends but the demand for
  that product suddenly drops down in the market,
  you are wrecked. No matter how proficient you are
  in managing the operational or enterprise risks
  of your organisation, but if you fail to identify
  strategic risks, be ready to face the financial
  bane of your business.

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5 Defining Principles Of Strategic Risk
Management
As discussed earlier, strategic risk management
is a process influencing the strategy and
objectives of an organisation based on extensive
assessment and management. It is based on five
main principles namely

• It is aimed to leverage the credibility of
  investors and shareholders
• It is a foundation component of building
  enterprise risk management system of an
  organisation.
• Being a part of ERM, it largely gets influenced
  by the board committee, directors and employees
  of the company.
• It has an objective of viewing the scope of risk
  depending on the external or internal factors
  influencing the business growth.
• This is a continuous and steady process which is
  and should be included in the development,
  management and execution of risk management
  system.

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Steps Involved In Strategic Risk Management

• ? Check the development of the organisations
  ERM policies in accordance with the prevailing or
  forthcoming strategic risks. Develop plans aimed
  to improve the level of risk management
  processes.
• ? Administer strategic risk assessment to
  identify and prioritise the strategic risks of
  the organisation. It includes evaluation of both
  external and internal risks.
• ?Meticulously examine the process of setting
  strategies this includes categorisation of risk
  on first hand. It is done to check if there is
  any need of updating the strategy and objectives
  of assessment.

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• ? Reviewing is done to know if the strategic
  risk management process is executed finely. The
  process is expanded to include major aspects
  related to strategic risks. The risk monitoring
  and reviewing are embedded into the core
  management processes of business assessment and
  performance.
• ? Create a continuous process aimed to update
  the evaluation of strategic risks on a periodic
  basis.Also, the strategic risk assessment process
  must be periodically updated along with other
  business management processes.

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Glimpse To The Process Of Conducting Strategic
Risk Assessment

• 1. First of all, thoroughly know about the
  objectives and business strategies of the
  organisation targeted. This will help in
  categorising the risk on the parameter of
  priority and occasional basis.
• 2. Secondly, collect the information and views
  on the previously managed strategic risks and the
  ones predicted to occur in the near future. This
  can be easily done by going through the
  interviews, surveys, records and informational
  documents of the organisation.

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• 3. Collecting all the data, create an
  introductory plan to mitigate and process the
  strategic risk assessment.
• 4. Finalise the introductory risk assessment
  plan after validation and finalising it on the
  basis of aspects used to collect the data.
• 5. After finalising the plan, create the action
  plan for promoting the strategic risk management
  plan within the organisation
• 6. Spread and communicate the strategic action
  plan with the associated members of the
  organisation.
• 7. Finally, execute the develop strategic risk
  management plan to know its significance and
  importance in the business development.

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Summing Up!!!

• A lot of companies are getting into
  adopting the strategic risk management policy to
  safeguard their workplace in order to establish a
  sustainable business in the market. A large
  section of companies has agreed to know that the
  risk management programs are becoming highly
  beneficial for the development and implementation
  of business strategies as per their objectives
  and motive of establishments.

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Contact Information

• MiSAFE Solutions Pty. Ltd.
• ABN 12 602 392 343
• Palmwoods, Qld
• Australia 4555
• M 0400 977 769
• EMail contact_at_misafesolutions.com.au
• Website http//misafesolutions.com.au/