RISK ASSESSMENT AND MANAGEMENT
Key Steps in Risk Assessment:
Identification:
Identifying potential risks across the business. This involves brainstorming sessions, historical data analysis, and leveraging industry benchmarks to uncover both internal and external risks
Analysis:
Analyse each risk to understand its nature, causes, and potential consequences.
Evaluation:
Evaluate the significance of identified risks by considering their potential impact on business objectives and the likelihood of occurrence.
Treatment:
Develop strategies to manage and mitigate identified risks.
Monitoring and Review:
Continuously monitor and review the effectiveness of risk management strategies. Regular reviews ensure that new risks are quickly identified.
Continuous Improvement:
HGL foster a culture of continuous improvement in risk management practices. They regularly review and update risk management frameworks to adapt to changing business conditions and emerging threats.
