8.2.4 How the analysis should be planned?

Beginning now, you can initiate the process of developing your company's risk management plan as an integral part of your business development strategy. Take charge. Form a working group representing managers and staff, and ask them to partner with you to create this critical document. Make sure everyone understands the importance of the work, and explain to them how they can benefit from contributing to the finished product. Risk management plans are not optional; they are essential for every company, large or small.

EXERCISE: Try to implement the following steps:

  1. Define what risk looks like for your company;
  2. Identify and categorize specific risks;
  3. Rank each risk according to severity or significance;
  4. Plan measures for reducing or eliminating each risk;
  5. Write your plan.