Risk Management

We want to help in our way,  so here are the top 5 risks for the retail industry and some thoughts on potential controls.  Personally, as a consumer, if the retail industry did not have these as their top 5 then they were not doing risk management.  But, that is just my opinion.  Back to the risks themselves.

Recently I have been pondering a lot of my old posts and allowing them to reappear in my thinking. Essentially, I just wanted to take some time to rethink what is the "innovation of risk"? Have I answered that question? Not exactly. Instead, at this point,  I have thought that the key fact about risk is this - risk is old and stale.

Leadership is something that is not generally associated with risk specifically however it is actually the most important skill for any senior leader, and risk management is but just a single arrow in a quiver of many arrows.

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Sticking our heads in the sand, and saying we don't have enough time, is no longer an acceptable option.  Our roles, each of us, is to get smarter and more efficient and effective at gathering this information, analysing it and then making appropriate decisions.

The leaders of now and into the future will be those that can effectively manage the information on the information superhighway.  And these managers will be car poolers.

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Guest author Eric White, who leads the retail strategy practice at Wren, providers of physical security solutions used by some of the world’s most innovative and respected retailers, talks about how businesses of every kind face risks. But for many, risks are thought of as the catastrophic-type events that - as completely devastating as they would be - don’t necessarily represent the most pressing threats to the day-to-day business. The face of risk is changing. It’s not just about the traditional, obvious risk events like earthquakes, tornadoes, or active shooters. Increasingly risks are those things that can slowly eat away at your business and profitability.

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"The internet provides its users will valuable resources for research and analysis, and for risk management the new innovation is utilising the richness of data on the internet as a critical tool for success."

We share with you an infographic on risk management which provides interesting insight into the current trends relating to internet searches on risk management.

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