After assembling a list of potential business risks, risk managers need to be able to do a risk assessment and then rank the likelihood and severity of each risk. They should create and regularly update a list that notes the most likely to least likely risks, as well as the most severe to least severe ones. This helps determine the risk management program’s focus on an ongoing basis.
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People management and leadership skills
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Financial knowledge
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Problem-solving skills
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Adaptability
ByadminRisk management requires constant education and keeping up with relevant news, trends and issues. Not so long ago, no one had heard of ransomware. Now, it’s one of the greatest cybersecurity threats that companies face. News sites and industry journals should be regular reading material for risk managers.
Ability to plan risk management approaches
ByadminAfter preparing the ranked list of risks, a risk manager then needs to lead the process of planning how to manage them. That could include accepting risks that are deemed reasonable based on an organization’s agreed-upon risk appetite and risk tolerance or adopting strategies to mitigate risks so they pose less of a business threat. In other…