Page 24 - RMAI Bulletin July 2024

RMAI BULLETIN JULY 2024

Analyse customer complaints - As in the above point the organization pass the risk to third party and pay
we have discuss about the employee feedback is im- something for the protection cover. Today environment
portant to identify the risk , similarly clearly identify include various type of risk , organization must focus
the customer complaints and provide best solution as on their core activity and must not indulge in the find-
soon as possible is important for the company. ing the best possible way to deal with risk. (Insurance,
performance bonds, warranties, etc).
Consult external research - Every industry has a set of
unique trends and frequent occurrences. If your com- Accept it - It not necessary every risk will affect the
pany is not in a completely new field, you can learn a whole organization, there might be some risk that
lot about identifying risks from others who have come must not damage too much to the organization. The
before you. Professional groups may be able to pro- organization decide to retain the risk with them. Ev-
vide educated insight on the risks that firms like yours ery risk might not necessary to transfer to third party.
commonly face. They might have access to market Mitigate it - There are risk which can be controlled by
research or trend data that reveals common threats. using the mitigate methods that will reduce the impact
You can keep an eye on businesses that are similar to and likelihood of the risk. Various control measures can
yours or your competitors. To identify comparable risks be taken by the organization so the chances of the loss
in your organisation, you can use losses, risk manage- must be reduce and there might be less probability of
ment successes, news releases, or even legal prece- suffering loss.
dents. Avoid it - There are many instances in which organi-
zation avoid taking the new risk, but that is not always
Developing a risk response strategy possible to survive in competition world. For eg, the

Once the emerging is identified by the organization, its competitor brand launches the new product and to
needs to be considered and mitigation must be make able captured the huge market shar, then the organi-
to deal with the risk. Every organization must have zation either to launch new product or avoid taking the
their different risk response strategy (how differently risk, organization might decline to expand into new
rating for impact and likelihood of each risk). geographical area)
How much the severity of risk in relation of the busi- Conclusion

ness terms and related business objectives as which of Emerging risk is an important concept if not control
the actions to take then lead to huge losses for the company. The various
emerging risks discuss in the project help the organi-
Transfer it - This is best to deal with the risk, in this zation to already prepare for the emerging risk.

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