Can you afford to lose $185 million?
That’s what Wells Fargo had to pay in fines after failing to apply a working risk management process.
Their lack of attention to the risk and pressure that they exposed their employees to led to sales practices that were bad enough to cause 5,300 employees to be fired and the penalty fines mentioned above.
Risk is inherent in everything we do – from conventional ideas of the risks in gambling to the chance of collisions while traveling. In business, risks can come from any direction and can severely impact your output.
Whether you wake up late and get less work done because of it or someone doesn’t get their work done on time and holds up the rest of the team, you need to be able to predict, prepare for, respond to, and monitor the things that can go wrong.
That’s why our post today will examine everything you need to know to build a risk management process to make your work watertight. We’ll even throw in a free, fully-built risk management process for you to use!
If you want to skip to a particular section then feel free to use the links below:
- Why you need a risk management process
- The risk management process
- How to deploy a risk management process
- Your free risk management process template
Let’s get stuck in.