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Business News/ Companies / How to assess and mitigate risk
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How to assess and mitigate risk

How to assess and mitigate risk

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Regulatory shifts and company board concerns have spurred a renewed interest in risk management. This was further accentuated by the credit crisis, which required firms to focus on managing risk. But that’s easier said than done. A Mint-Corporate Executive Board initiative on exploring management trends.

Myth 1: The biggest risk my company faces is financial risk

Myth 2: My company is safe because we review risks and prioritize mitigation efforts annually

Myth 3: We are good at risk-sensing because we have invested in enterprise risk management (ERM) systems

Myth 4: Our risk assessment is comprehensive because we account for likelihood and impact

Myth 5: We are well protected because we have a strong quantitative model to measure risk

Myth 6: We can sense and protect business better because we manage risks at the business unit (BU) level

Also Read Previous articles from the Six Myths Series

Also See Reality, Facts and Action Steps (Graphics)

Illustration by Shyamlal Banerjee and Graphics by Ahmed Raza Khan/Mint

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Published: 20 Jan 2010, 09:07 PM IST
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