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Risk is a condition in which there is uncertainty about the outcome of a future event. For example, the length of a project, how many units will sell of a new product, impact of interest rate changes on stocks over the next 5 years.
Risk is normally equated with the adverse consequences of an outcome, but because risk deals with uncertainty, outcomes may actually turn out to be better than expected and represent opportunities for organisations. Indeed, controlled risk-taking is key to any organisation meeting its objectives. Risk applies to all types of organisation and activities – strategic, programme, project and operational – so understanding risk as a range of possible outcomes influenced by different variables contributes to more informed decision making, prioritisation and control.
Risk studies are expected in finance and insurance, but they are also key components in areas such as corporate governance, regulatory compliance, marketing, health & safety, security, business continuity, supply chain, intellectual property, ICT.
AiM is a risk management specialist providing risk modelling and problem solving expertise in all industries and business applications. We follow a structured and pragmatic approach to risk, commensurate with the type and size of organisation and complexity/criticality of the area under scrutiny. We have a range of risk models, methods and techniques to address all scenarios, ranging from simple deterministic to complex stochastic.
Risk studies will vary, although for most we apply the following key steps:
- Initial review, select analytical tool/method, calibrate the tool and ascertain attitudes to risk.
- Hold risk identification sessions with subject matter experts.
- Build a risk and governance model, set risk policy, document risks, estimate and evaluate risks, and define priorities.
- Implement and review cost-effective risk controls.
- Undertake regular risk reviews.