it is imperative to develop a risk culture at all levels of the organisation where teams can do transparent risk discussions, own risks in their business area and collaboratively work with cross function teams to address the key risks. Additionally, take following steps - Indentify key product/process level risks and align with business objectives - Develop an comprehensive risk monitoring process to take stock on a regular basis - Effective risk governance to ensure where the emerging risks ( product and process) are shared with key stakeholders - Align all key actions with customer outcomes and regulatory landscape

Categorisation of risks under Financial Risks or Non-Financial Risks, could be the first step as part of the strategy. Prioritise areas(departments/verticals/processes) which affected the organisation (based on historical trends) Then develop Risk Models based on the risk appetite of the organization, Identifying potential areas(departments/verticals/processes) and scope-in for risk assessment.

Prioritizing risks while aiming to achieve organizational objectives involves a strategic approach. Here's how you can effectively decide which risks to prioritize: 1. **Assess the Impact** 2. **Evaluate Likelihood** 3. **Analyze Strategic Alignment** 4. **Stakeholder Input** 5. **Review Historical Data** 6. **Resource Availability** 7. **Regulatory and Compliance** 8. **Reputational Impact** 9. **Create a Risk Matrix** 10. **Continuous Monitoring and Review** By systematically assessing impact, likelihood, strategic alignment, and other factors, you can effectively prioritize risks and ensure that your organization remains focused on achieving its objectives. 🌟

That’s a crucial aspect of effective risk management. Prioritizing risks should align with their potential impact on objectives and the likelihood of occurrence. Balancing strategic goals with resource allocation ensures the focus remains on high-priority areas.

When prioritizing risks while pursuing organizational objectives, I assess their impact, likelihood, and alignment with strategic goals. High-impact risks that threaten critical objectives take precedence, especially if they have a high probability of occurring. I also consider the organization’s risk appetite and available resources. Risks with a potential cascading effect on multiple areas are elevated in priority. Stakeholder concerns and regulatory requirements influence decisions. Lastly, I balance short-term urgencies with long-term implications, ensuring mitigation strategies support sustainable growth while maintaining agility in addressing emerging risks.

Lo primero es identificar claramente los objetivos y todas sus dependencias, una vez identificadas iniciar el analisis de los contextos internos y externos de estas dependencias, elaborar escenarios posibles, plausibles y relevantes que puedan afectar su ejecucion para en consecuencia identificar las actividades que pueden aumentar las posibilidades de exito

In my current finance role at @versafile where profitability is our key objective, I prioritize risks by evaluating their direct impact on our bottom line. Meeting reporting deadlines and providing regular insights to management is crucial, so I assess risks through their potential to disrupt these critical functions and affect financial outcomes. My approach leverages fundamental risk management principles including risk velocity, interdependency analysis i.e. how quickly a risk could materialize or how risks might compound or trigger each other, and alignment with organizational risk appetite. With a comprehensive risk matrix, I can effectively identify which risks demand immediate attention versus those requiring ongoing monitoring.

Align Risks with Objectives Conduct Risk Assessments Assess Strategic Importance Evaluate Cost vs. Benefit Consider Stakeholder Impact Monitor Regulatory and Compliance Risks Focus on High-Impact, High-Likelihood Risks Incorporate Expert Opinions Review Continuously Engage Stakeholders