At this stage, they move on to forming the policies that the company will adhere to in order to protect against threats and ensure less uncertainty in the work process.
Here, the risk management specialist faces the following key tasks:
select the methods that will be most effective in the current situation;
determine how they will impact the overall risk in the firm's operations.
To select specific 99 acres database approaches, it is necessary to calculate an economic and mathematical model in which economic and probabilistic characteristics of the threat are used as criteria and limitations.
They have already been installed in the first stage of work. Additional technical or social parameters can also be used.
The risk management system is created in accordance with the principle of effectiveness. That is, it is important to manage not all risks, but only those on which the functioning of the company depends most. If it is important to save money, minor threats are ignored, in other words, a passive strategy is used in their case. The freed up finances are invested in protecting the business from truly significant ones - here they resort to an active strategy.
As a result, the manager creates a risk management program for the company, which includes a list of detailed activities, resource and information support. The principles of responsibility distribution, criteria for assessing how the results from using the program correspond to expectations, etc. are also specified.
Using the selected method
Now we begin to implement the finished program. To do this, we need to determine:
list of necessary activities;
the timing of their implementation;
sources and composition of resources without which work is impossible;
responsible employees.
Responsible for risk management
Evaluation of results and refinement of the risk management system
Next, we move on to feedback in the threat management system. First of all, it is necessary to establish how effective the risk management system is and identify its weak points.
After that, they proceed to the analysis of the threats that have been implemented. Namely, they establish the reasons for their implementation and the adjustments in the program associated with this process. They resort to changes only when necessary.
It is necessary to understand how to improve the program to achieve higher efficiency. The manager should consider:
the impact of each activity on the result;
amendments that can be made to the list of planned work;
the degree of efficiency and flexibility of the system used for decision making.
As a result, it is possible to enrich the information base on threats and then rely on it during a new cycle of risk management use.
When determining effectiveness, h