Activity

Write a reflection paper regarding how you can be a contributor in managing risk in your
future company.

As a CEO of my future company, preparing a risk management plan is a must to

easily identify risks and can help minimize the impact of cash flow issues, damage to
brand and other risks. It will also help create a culture of sensible risk awareness and
management in your business. In order to manage the risk of my company, the
following steps will surely avoid and control it.
First, Identifying the risks. By simply asking WHAT are the risk and HOW likely
are they going to occur? Is it internally or externally? Some will cause a major
disturbance while others are minor irritations. There must be an educated assessment
of both possibility and potential severity of each risk to prioritize your planning efforts.
Second, Minimizing or Eliminating risks. Once the risks have been recognized or
associated, that is the time you will need an immediate action of either eliminating or
minimizing the risks. You should also consider of providing strategies that will surely
increase the chance of eliminating or minimizing those risks. Third, Determining and
Planning your recovery contingencies. It is a big advantage for facing a risk since
having a contingency plan or “Plan B” is a big help when expected results fail to
materialize. But recovery contingencies should be determined by the type, style and
size of your business and by the extent of the damage. Lastly, Communicating the
plan to all the people it refers to. This step is all about ensuring that all people within
my business domain are made aware of the strategies I have put in place to either
mitigate or recover from a disaster situation. Make decisions about whether the physical
communication will be done by phone, email, text or other means. Once these decisions
are made, procedural statements can be created and relevant people can be informed.
Having a risk in a company is inevitable. There are no ways or instances that will
assuredly not having those factors, by in fact, you cannot eliminate risk but you can
control it or avoid it, with the right amount of knowledge and tools that are in your
arsenal, the success rate of handling the risk is guaranteed