The benefits of planning for risks and effectively managing them are introduced in this
chapter. Examples of how a resilient organization can use common risks as an
opportunity to gain competitive advantage are included. Risks can have major negative
operational and financial impacts when not managed well. However, they can also help
attract more customers and grow market share. When your entire organization reports
incidents and manages them in a common way, you can track trends, respond more
effectively, better understand what is causing them, and take steps to avoid them, all of
which improves financial stability. The value of having an enterprise-wide risk
management process versus a traditional risk assessment is highlighted. Creating a risk
awareness culture promotes resilience. Common risks and novel risks, along with
opportunities they create, are reviewed. A method of successfully analyzing all risks and
identifying your top operational risks is included. This chapter provides advice on how
to encourage risk reporting and management by overcoming the fear of reporting them.
The chapter concludes with steps to take to turn risks into opportunities by effectively
leading, following, and guiding the way.
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