Risk management can be counterproductive and inhibit winning business if it is:
❗Too conservative, preventing businesses from taking risks to win new business
❗Not communicated effectively, leading to misunderstandings
❗Too inflexible, preventing businesses from adapting to changing circumstances
To avoid these pitfalls, recruitment agencies need to develop effective risk management processes that are tailored to their specific needs and that are fully supported by senior management.
Here are 5 key points as to why risk management should be seen as a BUSINESS ENABLER:
✅It helps identify and assess risks - this information can then be used to develop mitigation strategies to reduce the likelihood and/or impact of these risks
✅It improves decision-making - forcing businesses to consider the potential risks and benefits of different courses of action
✅It helps to protect the business - from financial losses, reputational damage, and other negative consequences
✅It helps to attract and retain customers - who are increasingly demanding that businesses demonstrate that they are managing risk effectively
✅It helps to improve the bottom line - by mitigating risks, reducing costs, improving productivity and avoiding disruptions
Risk management is not a hindrance to winning new business. On the contrary, SRC is supporting clients with developing effective risk management as they see it as a valuable BUSINESS ENABLING tool for them to win long term profitable business.
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