“If we improved any single process in our business by just 1%, or even 0.1%, but we did that every single day – what do you think the effects would be in a month? In a year? In five years?”
Are you looking to assure more successes with sales, profit, satisfied customers and employees, promotions, bonus or more? Do you know the formula for success and have you mastered the art of achieving success? We all know what we want to do and maybe what we should do, however, do we have the behaviors and the know-how and support needed to achieve real success?
There are four key components to being highly successful. Those are:
The Want To!
The What To!
The How To!
The Where To!
If you have ever played organized sports you know what it’s like to have a coach encourage you and help you understand the rules, strategy, plays and the behaviors necessary to be successful in that sport.
Business is the same. Be it building teams, managing people, successful sales, career advancement, project management, profitable operations and projects and more we all need a valid success formula and the support to achieve our goals and objectives. It’s a team sport! If it was all so easy, then why aren’t you already getting the results and rewards you deserve?
The solution is simple; we can give you a proven process today that you and your teams can use to achieve phenomenal long term results, FAST. The ROI starts on day one!
As some of our clients put it: “It helped me get organized and focused not only on my work but also on what I want to achieve!”,”It helped our team to discuss shared issues and find solutions to common problems.”, “Our sales could double using this formula!”, “The gains we are realizing are priceless!”
There is no charge for the first consultation. You have nothing to lose and perhaps a great deal to gain – more profits, advancements, improved retention of mission critical resources, more sales, satisfied customers, reduced risk, behavioral based change, goal driven management teams with results and more! You could say that we are in the Results Assurance Business!
If you’re interested in learning how this success formula can help you get more from what you already have, then give me a call today at 713-249-9569. I guarantee it will be life changing for you and your business results!
Risk management has become an integral part of any business model and processes as the organizations are going global and the market situations are increasingly becoming more dynamic. As per the ISO 31000 definition, risk is ‘the effect of uncertainty on objectives’. This ‘effect’ can either be positive or negative. Therefore, risk management can be defined as the process of identification, then assessment, and thereafter, the prioritization of various risks and minimizing, monitoring, and taking control of the probability and impact of such unfortunate events by coordinated application of all the resources, in order to maximize the gains from possible opportunities. Risks can arise from uncertainties which exist in financial markets, legal liabilities, project failures, credit risk, natural accidents, and disasters and even from deliberate attacks.
There are many standards being developed for risk management by the Project Management Institute, National Institute of Science and Technology, ISO standards, and the actuarial societies. The definitions and methods to calculate risk differ from domain to domain. The definition of risk could be different for security and different for an engineering project. It also differs for different sectors. There are different standards established for financial portfolios, public health and safety, project management etc.
There are many strategies to manage risks which may differ from industry to industry. The different strategies include transferring the risk to another company, avoiding anticipated risks, implementing plans to reduce the negative impact which may be caused due to the risk, and finally accepting either some or all the consequences arising out of the risk.
Although there are some brilliant standards established for risk management that have increased the confidence and stability in the estimates and decisions taken to combat risks, some of these are criticized for not being able to show any improvement in either reducing such risks or in preventing them from emerging in the first place.
For more information on risk management and processes, visit Charter4. they offer information on ISO 9001, ISO 14001, ISO 27001, and others.
Vendor risk management is now a very important concept that needs meticulous planning. It is a necessity and also a policy that many companies are following for greater efficiency and profit.
There are many Third party vendors or direct company vendors are present in many industries including software, hardware etc. Today it is an integral part of business to manage information and knowledge, as it is the most important asset of an organization. Information security, legal documentation, trademarks, patents, copyright are some traditional and newly evolved concepts. Starting from design to concept today all can be patented or protected by legal documentation.
Today companies assess the brand value, customer information, internal customer satisfaction report, past and present client information before handing over non public information to vendors, like credit card details, bank information, even address phone numbers in mailing and calling lists, (PCI DSS Requirement 12.8 similarly requires covered entities to maintain a list of service providers with whom card holder data is shared.) To back up the institution’s vendor risk assessments in conversations with regulators and auditors, it is also helpful to keep handy files containing due diligence and audit reports on the vendors or summaries of such reports.
Vendor risk management is the process organizations analyze not only from the point of view of past experience but also in case to case basis that can be particular to the partnership. This is particularly important for companies that relates to data sharing and the outsourcing of business functions and processing. Vendor risk management is a standard practice today and has matured to an extent where some leading financial industry groups such as BITS have standardized the process significantly through their Standard Information Gathering (SIG) and Agreed upon Procedures (AUP) standards. The use of these standards or their derivatives helps organizations quantify the risk that may be involved with their vendors and then incorporate appropriate risk lessening techniques and measures to alleviate the risk.
Vendor risk management process helps organizations to operate in a mutually secured environment that encircles security of organizations information, customer data and also third party vendor’s operational security. It does not eliminate but certainly minimize security concerns involved in third party production of good and services, processing of information and handling data and process. This also enables the third party vendors to draw border line for their employees on basis of certain legal or agreed points within which they have to deliver and work. So it is mutually benefiting the principle organization and the vendor creating a secured platform of operation where both can deliver excellent product or service to their customers or interest groups.
Sushil Shinha has 5 years of exp in Search engine Marketing and Networking Business. Partner Plank is a platform for companies, Vendor Risk Management from different industries to create their own Partner Portal,handle and use web based collaboration to mange Partners on a single platform to increase revenues and enhance operational efficiencies.
There is no better way to convince a potential customer that yours is the right company for the job than to demonstrate a true understanding of the risks the program will be up against and to come up with plans to mitigate those risks upfront. But in many proposals, the risk management section ends up as a missed opportunity to shine at best and a setback at worst. Rather than showcasing a real knowledge and understanding of the program and proposed solutions, the risk section falls flat or actually does harm.
It happens for two reasons. One reason is that many proposal teams fail to put enough time and consideration into developing a solid risk section. They assign one author to write it and then shift their focus to other work. What they do not realize is that great risk sections are usually born from hours of intensive brainstorming and input from every key player who truly understands the program. Instead, the process by which most risk management sections are written leaves little room for success. It is impossible for a single author to draw out and evaluate all of the program’s risks.
The second reason is that the wording of many risk statements fails to represent the company as an expert, and instead hurts the company’s chance of winning. Often risk statements tend to follow this train of broken logic: “If we fail to provide such and such (with “such and such” standing for something that is expected from any good company doing well in this line of business), this horrible thing will happen.” For example, “If no Customer Satisfaction Survey is established, there will be no feedback on Service Desk performance, which may lead to undetected systemic problems resulting in lower customer satisfaction.” Then, the risk mitigation strategy is to “Establish a Customer Satisfaction Survey.” This type of risk and mitigation statement reads like an exercise in shooting oneself in the foot. Essentially, it says to the customer, “If we do not know what we are doing and we fail to do what any decent company should do if it wins the bid, then we will fail.” Do not offer a risk like this and then couple it with a mitigation such as, “But we do know what we are doing.”
Consider another example where the risk is of “Equipment not identified early enough or critical equipment items not identified,” and the mitigation is something as rudimentary as “Ensure early identification of long-lead items.” Think about this from the standpoint of the customer. If the customer is choosing an expert logistics company, and one of your company’s key programmatic risks is that someone will fail to identify equipment in advance, what kind of image are you projecting?
The examples of “risks” cited above do belong in the proposal, but only as elements of the technical or management approach, and not as components of the risk section.
A good “do” for risks is to avoid representing as a risk anything that is within your company’s control as well as anything that any reasonably good company would do in this line of business. The kinds of risks you need to show in your proposal must be those external to the company’s own abilities to plan and manage the program well, or, in other words, those that are inherent to the nature of the job.
To drive this concept home, let’s use an analogy of a woman going through pregnancy and childbirth. Let’s say that there are things that educated pregnant women know to do to maximize their chances of success, such as going to the doctor for exams, not smoking, and getting good nutrition. Then, there are also risks that could possibly occur due to the nature of the process, such as any number of medical complications that are common to pregnancy and childbirth that could affect the cost (medical bills), schedule (carrying the baby to term), or performance goals (giving birth to a healthy child). If a woman were to put together a risk matrix for a proposal to become pregnant, documenting the risks of what would happen if she did not have timely medical exams or smoked would usually imply her irresponsibility. Documenting possible medical complications inherent to the nature of pregnancy, such as gestational diabetes, would demonstrate a thorough and thoughtful understanding of the risks.
There are only three categories of risks that should be presented in proposals:
1. Risks caused by lack of information or knowledge about the project that could only be gained in the process of project execution;
2. Risks caused by lack of control or resources to deal with external events or authorities; and
3. Risks caused by lack of time to complete tasks sequentially and methodically.
If a company is bidding to perform a project at a facility where no site survey has been completed, an example of a good risk statement would be that the “Existing facility is not large enough to support the required number of personnel for the Service Desk function, which could lead to inability to provide the required services.” The mitigation would then be identifying an alternative to the existing facility in case the survey findings confirm this risk instance. “Not getting environmental licenses and regulatory approvals in time because of the issuing agency’s notorious scrutiny” is another example of a well-identified risk. A good mitigation could talk about expert bodies, relationships with the regulators and local authorities, and the ability to design and build in accordance with every possible standard.
It is critical to remember that the only way to come up with solid risk and mitigation content is to collaborate as an entire team, rather than tasking a single author. Even if there is no requirement for a separate risk section, risk analysis is still all-important. Discussion of applicable risks and mitigation strategies also should be included in each section, to showcase your understanding of the job at hand. In your brainstorming session, it is a good idea to have a mediator who can point out the holes and flaws in your risk ideas. A mediator will also ensure that you avoid the pitfall of inadvertently stating as a risk that your company is unfit for the job, and then stating for the mitigation that your company is – go figure – fit for the job. Make your risk mangement statements work for you, since they can be pivotal in convincing the customer that yours is the right company for the job.
Olessia Smotrova-Taylor is president of OST Global Solutions, Inc, a Washington, DC Metro Area company providing capture and proposal management support and training to companies seeking to win business.
The Year 2008 has put every business event under a lot of stress and pressure. Business confidence has seen decline in almost every part of the world. This can be measured as the worst recession. Still some business houses managed to survive this wave of depression due to the Risk Management techniques.
It is very important to have an assessment of the possible risk factor. This will not only assist you in measuring your possible risk, but will certainly help you in evaluating some potential risks within time so that you can manage to avoid that risk to the maximum, This can only be possible if you have a whole picture of the business activities with you, which is something that financial institutions have not implied in recent times. Even if they did, they might have not put the right systems in place or have not implemented them efficiently.
A proper assessment of risk factor is very important in providing the directors and managers of the company with the insight required to run the company effectively. An accurate risk management strategy shall make them foresee and measure the risk factor on daily basis. The routine business shall be monitored closely to have better control and to overcome the impacts of internal and external factors.
The key to a risk free management is to have an answer to “what if…?” Like what if the supplier refuses to supply the raw material or what if the product loses its demand in the market or what if the major client is snatched by the competitor etc. Having an answer to this “what if” part will make you plan better and act properly.
An accurate assessment of potential circumstances can be done when you know the actual picture of the activities across the business. The loans are facilitated on over assessments and without keeping an eye on the market behaviour. This leads to helping an organisation declare its bankruptcy.
Getting a complete picture is very crucial. The loans which are received to enhance business are further formed into the finished products. You should be very concerned about the market of that product, the suitability of the product corresponding to the environment, and to its potential customers. If the product does not have its pick in the market, you should prepare yourself for adding another name to the list of Bad Debts.
This is only an example of the possibilities of things going wrong, but with the introduction of proper Risk Management Techniques you shall be able to avert the risk factors and go through a smooth phase. By running this technique, you shall be able to point out which area of the business is hot to put the whole company in jeopardy. This forecasting will provide you ample time to apply some remedies and avert the risk factor.
The current economic depression shall fade away and will take away with it some big names as well, but still it will leave some lesson to learn. The companies which will survive this economic recession can play a leading role in devising more authentic Risk Management systems. The complexity of the system can be elaborated to the new comers and can give hope to the world for a better economic system.
Before discussing risk management we need to understand what is ‘risk’? A risk is ‘uncertainty of outcome’. When an action is taken, and the probability of the outcome is uncertain, it is called as risk. There are risks involved in every action that is taken. Setting up a business is a risk, buying a house is a risk. The topic of risk management has diversified so much that from risk management of financial institutes to software have all become specialised fields. What is understood or practiced generally as risk management is explained below.
1. Identification of a risk
2. Working out the probability of risk occurring
3. Determining the consequences of a risk occurring
4. Finding ways of reducing a risk
5. Reducing the probability of a risk occurring.
Before starting out on any venture, all types of potential risks that can occur and tune into a reality are identified. Let’s consider a simple example; if you go to cross a street, you expose yourself to the risk of being hit by a speeding car. If it’s a crowded street with lots of traffic, the probability of this happening becomes even higher.
Now if a speeding car hits you, the least that can happen to you is that you might sustain minor cuts and bruises. The worst outcome would be you being killed. Now, when you know what the consequences of taking a risk can be, you will find a way of reducing the risk. How do you do that? In this case you will look for the nearest pedestrian crossing and use it. In this way, you will be reducing the risk factor involved in crossing a busy street.
Risk management in any project follows the same basic principles. When a credit card company issues you a credit card, they first run a credibility check. They check to see if you will be able to repay your bills. Based on your income and your expenses they issue you a credit card. If they feel that you are at a greater risk they will cap the credit limit accordingly.
Insurance companies take a risk when they sell insurance. For example, an insurance company sells general insurance. They have several sales agents who are selling insurance. Now, if the insurance company finds out that eighty percent of the shops and offices in a building have been insured by them. They will immediately ‘spread’ the risk. How they do it is by getting underwriting companies to cover part of the insurance. If the building catches fire, the insurance company plus the underwriters would bear the loss. In case the insurance company does not spread the risk, they would have to pay the entire insurance and the company is likely to fold up in such an event.
Similarly, a bank is under risk if they invest all their capital in a single venture. If the venture fails, the bank will collapse. In property, stocks, and any other business, risk management plays a key role.
In factories and work places risk management teams evaluate the likelihood of disaster occurring. Then they suggest ways of reducing the possibility of that risk occurring. Making workers wear protective and safety gear is a means of risk management.
The gist of risk management is to try to reduce the chances of a tragedy from occurring. Identifying possible risks and reducing the chances of its occurrence. There are unknown risks that can occur and are generally overlooked when doing risk management. Like an earthquake occurring in an area which has no history of earthquakes and is not on a fault line. Such a risk would be left out of the scope of risk management.