Method
Depending on the size and
characteristics of the enterprise that they may establish a risk managementdepartment 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 management departments 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. Our services are as following:
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
Further information
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