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What are risk exploitation and enhancement?
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Why are risk exploitation and enhancement important?
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How to identify opportunities for risk exploitation and enhancement?
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How to plan for risk exploitation and enhancement?
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How to execute risk exploitation and enhancement?
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How to learn from risk exploitation and enhancement?
Risk management is the process of identifying, assessing, and responding to uncertainties that may affect the objectives of a project, organization, or system. Risk management involves both avoiding or reducing negative risks (threats) and pursuing or increasing positive risks (opportunities). In this article, we will explore the concepts of risk exploitation and enhancement, and how they can help you learn from failures and successes in risk management.
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- Syed Kausar Bashir AVP Operations at HAB Bank 1
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1 What are risk exploitation and enhancement?
Risk exploitation and enhancement are two strategies for dealing with positive risks, or opportunities, in risk management. Risk exploitation means taking actions to ensure that an opportunity will happen or have a greater impact. For example, if you have a chance to win a new contract, you may exploit it by offering a competitive price, delivering a high-quality proposal, and negotiating favorable terms. Risk enhancement means modifying the characteristics of an opportunity to increase its probability or value. For example, if you have a new product idea, you may enhance it by conducting market research, applying for a patent, and developing a prototype.
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- Syed Kausar Bashir AVP Operations at HAB Bank
Training- Overhaul management- curb nepotism- revision and improvement of policies and procedures- development of intelligence quotient. (I-Q)
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- Paul Welch Ultimately responsible for over £4.2 Billion in luxury asset financing.Visit Millionplus.com
You always learn more when things go wrong and have failed. In smaller businesses with less than 50 employees as well as start up businesses you are always improving risk controls
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- Stanley Ekuge Risk Management
One thing I found helpful is looking back at similar risk patterns and results from the past (both our company and our competition) - learn from the past, this will help with both exploitation and enhancement
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2 Why are risk exploitation and enhancement important?
Risk exploitation and enhancement are important because they can help you achieve your goals faster, better, or cheaper. By exploiting and enhancing positive risks, you can create more value for your stakeholders, gain a competitive advantage, and improve your performance. Moreover, risk exploitation and enhancement can help you learn from failures and successes in risk management. By actively pursuing opportunities, you can test your assumptions, experiment with new approaches, and discover new possibilities. By analyzing the outcomes of your actions, you can identify what worked and what didn't, and apply the lessons learned to future situations.
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- Paul Welch Ultimately responsible for over £4.2 Billion in luxury asset financing.Visit Millionplus.com
This in reality only really happens in much bigger businesses or larger financial services businesses. Smaller businesses which are the main drivers of the UK economy really don’t work this way.
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3 How to identify opportunities for risk exploitation and enhancement?
To identify opportunities for risk exploitation and enhancement, you need to conduct a thorough risk identification process. This involves gathering information from various sources, such as stakeholders, documents, data, experts, and lessons learned. You also need to use various tools and techniques, such as brainstorming, interviews, surveys, SWOT analysis, and risk checklists. The goal is to generate a comprehensive list of potential positive risks that may affect your project, organization, or system. You can then prioritize these risks based on their probability and impact, and select the ones that offer the most benefits.
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4 How to plan for risk exploitation and enhancement?
In order to prepare for risk exploitation and enhancement, it is necessary to develop a risk response plan. This document outlines how to manage each opportunity, who is responsible for implementation, and what resources are required. The risk response plan should include a risk owner, which is the person or group with the authority and accountability for managing the opportunity. Additionally, the plan should include a risk action which is the specific action or set of actions that will exploit or enhance the opportunity. Furthermore, it should contain a risk trigger, which is an event or condition that indicates that the opportunity is occurring or about to occur. It also needs to include a risk contingency - an alternative plan or backup option in case the opportunity does not materialize or has an unexpected effect. Lastly, the plan needs to incorporate a risk monitoring process - tracking the progress and results of the risk actions, and updating the plan as needed.
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5 How to execute risk exploitation and enhancement?
To execute risk exploitation and enhancement, you need to follow the risk response plan and communicate with the relevant stakeholders. You also need to monitor the external and internal factors that may influence the opportunity, such as market trends, customer feedback, competitor actions, and team performance. You should be flexible and adaptable to changing circ*mstances, and be ready to adjust your plan or take corrective actions if necessary. You should also document the outcomes and impacts of your risk actions, and report them to the appropriate parties.
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6 How to learn from risk exploitation and enhancement?
To learn from risk exploitation and enhancement, you need to conduct a risk review or evaluation. This process involves assessing the effectiveness and efficiency of your risk management activities, as well as identifying the strengths and weaknesses of your approach. The steps include gathering relevant information and evidence about the opportunity and the risk actions, analyzing the actual results with the expected results, summarizing the main findings and lessons learned, and suggesting changes or actions that can improve your risk management process, performance, or culture. Ultimately, a risk review or evaluation should help you address any gaps or problems.
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Another way to frame this is risk-control-self-assessment, or risk assessment. In my experience running an anti-financial crime team at one stop, we frequently ran the self assessments to asses control effectiveness on an ongoing basis. We rolled these findings up into the annual enterprise risk assessment. Doing the more frequent self assessment allowed us to identify control weaknesses and failures more immediately and address them in a live manner. It’s always best to think of risk assessment as a live exercise as uncertainties don’t wait for the annual review; they occur whenever they occur. Evaluation of risk should be frequent.
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