“What risk management brand is RiskVeda promoting?”
First, let us be clear about what “risk” means. According to RiskVeda, risk is exposure to the likelihood of adverse consequences arising from threats inherent in the pursuit of objective.
“The only source of knowledge is experience”
~ Albert Einstein
Following through from the above definition, risk management is a discipline for managing exposure to the likelihood of adverse consequences arising from threats inherent in the pursuit of objective.
It is a problem-solving discipline that analytically considers the influence and impact of risk and the responses for mitigating exposure. Risk management can be applied to any situation where an objective is to be achieved.
RiskVeda offers services for dealing with two particular applications of risk management – Core Activities and the full Enterprise. Now, for our brand.
Risk management is traditionally implemented through a system of policies, structures, authorities, processes, measures, and accountabilities, often supported by technology. RiskVeda considers these as externalities. A system that is maintained by externalities will ultimately fail, especially if the system is highly integrated and interdependent.
The man who relies for his fish on the generosity of others lives precariously!
For a risk management system to prevail, it must be institutionalized
as ideology. Risk intelligence has to be embedded in the minds of people, not in processes and technology, which have no inherent capacity for self-correction. The risk-intelligent organization will not only detect threats earlier but can respond faster, more decisively and more effectively.
He who has learned to fish with the instincts of a fisherman will not starve!
RiskVeda’s consulting approach is to reach the brain, mind and heart of the people we work with. We engage and involve the client’s people not only for their individual and collective inputs but also to arouse their interest, understanding and ownership of the risks they manage.
This is the surest way for making risk management an organizational competency.
Finally, there is nothing esoteric about risk management, though consultants would have you believe otherwise. It’s all commonsense. Once you decide to base your decision-making on risk considerations, and if you understand how an organization works, you will be rewarded.
You see, business objectives inherently attract risks, and identifying and managing these risks increase the chances for success. This is not belief, it is reality!