Method
Depending on the size and characteristics of the enterprise that
they may establish a risk management department consists of
experienced professionals, or at least they should use the risk management
services of professional consulting and law firms with extensive experiences in
this field. The risk managementdepartments have to perform many
tasks but should focus on three main functions: risk identification, risk
analysis and risk response.
First, we need to identify the risks. It is the process of
gathering information, data and analysis of factors that may impact negatively
on the achievement of goals, including the inside and outside, macro and micro
factors. We can use analysis tools such as brainstorming, interviewing,
root-cause analysis, checklist, SWOT analysis… along with other tools that are
used in the strategic planning process. Enterprises need
to create and regularly update the information and data system to serve for the
analysis.
The next process is risk
analysis, in which we need to analyze to assess risk that has been identified
at the main aspects: the root causes of risk, risk probability and condition to
occur, scope and displaced persons entitled to, impact of the risks, factors
that change the level of impact…
Finally is the process
of responding to risks. More specifically, it is the process of choosing the
way to respond to risk, which may include measures to: (i) risk aversion
(abandon risky activities); (ii) risk prevention (eliminate the root
causes of risk); (iii) reduce the likelihood of risk; (iv) eliminate the
negative impacts; (v) reduce the negative impact; (vi) risk sharing; (vii) risk transferring (buy insurance, use
derivative instruments); (viii) take risks and preparing resources to overcome
the consequences.
Principles
Risk management must ensure the main principles: (1)
create value (cost of risk management has to lower than
benefit that it brings); (2) is an integral part of the business activities; (3) attached to the
decision making (all important decisions have to consider risk management); (4)
to be systematic and follow a throughout process (5) are regularly evaluated
and improved.
It can be said, at the
present, only the financial institutions and the banks are interested in risk
management activities (although not enough) while most other companies
have not focused on this activity. Towards the sustainable development,
enterprises cannot just “take risks” in the passive and desperate ways, they
should be towards to manage risk in proactively and wisely ways.
ANT Consulting is here
to assist you from the outset; providing corporate intelligence, risk advisory,
management consulting services that assist market entrance, and ensure
efficient business start-up operation.
We strive to save your
cost by guiding you towards economical solutions that comply with local legislation
and procedures. We support you through early logistic solutions and carry you
through as your business grows. We aim to bridge the gap between
international best practices and local cultures and assist foreign companies
and organizations entering Vietnam market to overcome commercial and regulatory
issues.
We could be reached at
email: ant@antconsult.vn or
tel: +848 3520 2779 . To learn more about us, please visit www.antconsult.vn
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