Do you need improvements to your risk assessment process? Who doesn’t! Read about a new robust process to create value-added, action-oriented inputs to mitigate the new and hidden risks to your business – Applied Group Concept Mapping
Mitigating risk to the business is an essential leadership function. The number of business failures may give us a clue to how many companies do it well. Obviously it is more complex than that but I like to keep things simple.
The longer you stay in business the more you need an effective risk management process.
The facts are:
Over two decades, up to 75 percent of businesses in certain fields fail. Survival rates follow a universal downward trend, as the years of operation increase, with 50 percent of businesses failing after 5 years and 75 percent failing after 17 years, notes U.S. Bureau of Labor Statistics.
Between 1994-2010, the survival rates of private establishments ranged between 25 to 50 percent, reports U.S. Bureau of Labor Statistics.
Common Failure Points Within a 4-Phase Risk Assessment Process
PHASE 1: PRE-ASSESSMENT PREPARATION
- Inadequate planning and communication
- Lack of process alignment…
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