Business is a risk. There is no guarantee that money invested, effort asserted and promises made would yield success. It is just a blind assurance of hope that profit would be the ultimate result of resources invested and work done.
Risk exists at the core of all of life’s pursuits, nothing is guaranteed. You cannot escape dealing with risk, neither can you completely eliminate it. What you can do is manage it.
Most businesses fail either due to the inability of their owners to manage risk or the unwillingness to take risks at all. The choice to be a business owner is a choice of faith, one that is willing to accept that results would be uncertain and resources at risk. The business that thrives is the one that has learned the art of risk governance.
Below are 5 risk governance tips for your business. They are not rules to be followed, neither are the guidelines to guide your risk governance efforts.
1. Take responsibility.
Don’t Sell yourself a lie. You cannot eliminate all risks; it is a necessary part of the business growth process. Instead, accept responsibility for your business risks. When you assume this responsibility, you become more open and adaptable to solutions that work.
You are responsible for the outcomes of your business. Before engaging any decision, be willing to accept the responsibility for such a decision. So just before you give the final word, be willing to take responsibility.
If your new staff fails to meet a KPI, it is your responsibility. If your business data gets stolen, it shows a data risk loophole and you must take responsibility for it.
2. Data management.
Content is king; data is the kingdom. The entire idea of content creation is to sell data, collect data and resell data.
The greatest threat your business can suffer is data theft. Data is the thing keeping you in business. Be willing to invest in data management. The business remains a game of numbers. Hence, data management is business management.
3. Get help.
If the risk is not going anywhere, it is worth seeking the help of others to deal with. You can employ a professional to work with your business.
Where you are unclear as to how a business process works, please seek help. The survival of your business is more important than your ego. Get help. Go for training on security risk management and governance.
4. Consider Outsourcing.
Outsourcing business processes can lead to a massive reduction in cost; cost itself is a business risk. Examine your business product and model, if you only require risk assessment periodically, then outsourcing is your best bet.
Outsourcing offers you the chance to have another eye look over your business processes and procedures, this can help reduce the risk exposure of your business to the barest minimum.
5. Leverage on IT Solutions.
The greatest threat to business growth in the 21st security is the threat to data security. Protect your business with IT-powered security risk governance solutions. Don’t fight in the dark. IT is revolutionizing the way things work and are done, leveraging on available security risk governance options will give your business the advantage.While it is true that you cannot eliminate risk, it is possible to govern them. They can be loyal subjects when you know how to govern them and applying these tips would help you reach the best risk governance decisions for your business.