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Five Steps to Strategic Risk Management: Kimble Best Practice Guide 8

Businesses which excel in identifying and managing risk significantly better than others in the field reap a competitive advantage.

In many organizations, senior staff, who have built up knowledge and experience of their sector over many years, are the only ones who can assess risk effectively. Professional services automation, however, offers a way to share that knowledge across the business. Drawing patterns from the data gathered from previous projects enable likely issues to be predicted. It can also spot dangerous trends – for instance, margins slipping in a particular area.

Risk cannot be eliminated. But managing it in a best practice way reduces unnecessary exposure and builds resilience. This Best Practice Guide details five steps for actively surfacing and managing risk:

  1. Formalize the process
  2. Bring risks to the fore
  3.  Hand over responsibility for identifying risks
  4. Take a disciplined approach
  5. Use risk information to make better decisions for the business as a whole

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