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3 Critical Elements Identified for Successful Risk Management

Globally there are three critical elements identified for successful risk management. These are:

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3 Critical Elements Identified for Successful Risk Management

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  1. 3 Critical Elements Identified for Successful Risk Management

  2. Globally there are three critical elements identified for successful risk management. These are: • Strategic thinking • Transparency • Identification of risk factors

  3. Strategic thinking It is not enough to see the risk; you need to anticipate it and work on its prevention. This means understanding your business and how risks may affect it in the future.

  4. Transparency A key element of risk management is being able to communicate information about a potential problem or issue with stakeholders. For example, if your company operates in a market where there is a high likelihood of conflict, you need to be able to share that information with investors and regulators as well as employees so they can prepare for any eventuality.

  5. Identification of risk factors Risk management cannot be effective without first identifying all the potential risks that could affect your business. This will allow you to take control before risks escalate and threaten your business’s sustainability.

  6. THANK YOU!

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