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'We didn't see that coming' is not an excuse.

Having confidence that all the risks associated with your strategic direction are in fact, real risks and not just perceived ones will ensures valuable resource is not wasted and opportunity is maximized.  Your stakeholders will drive the need for a risk profile.   All business should should have a clear strategic direction, outlining the associated risks and opportunities.   A functional risk profile demonstrates due diligence and defensible risk practice.


                                                                                                                  
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Create an effective risk process.

Creating the right flow of risk information is important in getting validity from the risk profile.  All levels of the business should have the right tools and processes available to communicate risk information.  The process ensures that risk information is collected from all levels of the business.  This gives you an accurate level of transparency and confidence that the risk information is coming from the people that induce risk, manage risk or are prevented from doing their job as a result of risk.
                                                                                                       

  

 

Learn to thrive on bad news, and don't accept surprises.

A risk profile will reduce the surprise factor of risks popping up out of the blue.  Bad news is always better than a surprise when it comes to risk. Having time to find a solution to the bad news is what's important.
If a risk profile is done correctly, it will flush out all the challenges as well as opportunities that have been hidden, suppressed or just left behind in the day to day pace of business.  Most importantly it is proactive in its approach and practice.
                                                                                                                                                         
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Be risk aware, not risk adverse.

Getting used to the transparency of risk practice is the first stepping stone in adopting a risk profile.  Learning to not focus on the risk, rather the treatment of it, is the second step.  Being thankful that you are risk aware rather risk adverse will allow the business to grow.  A risk profile is the best opportunity to reconnect with your business, provide transparency to stakeholders, build trust amongst your people and show commitment in due diligent practice.
                                                                                                                                                  
    


Its not rocket science. Its just good business.

Risk information is collected from all the functional areas of the business then tabulated and analyzed using ISO 310000:2009 methodology.  The identified risks are registered on the risk register and then promulgated to all functional areas for consultation and treatment resolution.  The final report is prepared as a risk profile which includes a depth of analysis suitable to the size and operation of the business.
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