The strategy aims to resolve at least 75% of reported risks throughout the year by employing a structured and comprehensive approach. The first step involves assessing and classifying all reported risks, which includes compiling a list, categorizing them based on severity and likelihood, and setting deadlines for addressing each risk category. It also involves assigning team members, holding monthly progress meetings, and regularly updating the risk classification.
The strategy further includes implementing effective risk mitigation techniques. This involves developing action plans, allocating resources, monitoring implementation, and conducting training sessions. Additionally, a risk-tracking software will be used, and effectiveness evaluations will be conducted monthly.
Lastly, fostering a risk-aware organizational culture is essential. This includes conducting workshops, encouraging transparency through a risk reporting system, integrating risk management into company strategy, and celebrating risk management successes. A risk management committee will be established to provide continuous education and facilitate open discussions about risks.
The strategies
⛳️ Strategy 1: Assess and classify all reported risks
- Compile a list of all reported risks from the last year
- Categorise risks based on severity and likelihood
- Prioritise risks that have the highest severity and likelihood
- Set deadlines for addressing each risk category
- Assign responsible team members for each risk category
- Review and update the risk classification quarterly
- Hold monthly meetings to assess progress on risk resolution
- Develop a risk assessment template for future use
- Identify any new risks during regular risk assessments
- Document lessons learned from resolved risks
⛳️ Strategy 2: Implement effective risk mitigation strategies
- Develop specific action plans for each prioritised risk
- Allocate necessary resources for risk mitigation
- Monitor the implementation of each action plan
- Conduct training sessions on risk mitigation techniques
- Implement a risk tracking software
- Create a risk communication plan to inform stakeholders
- Evaluate the effectiveness of risk mitigation efforts monthly
- Adjust mitigation strategies based on effectiveness evaluations
- Engage external experts when necessary for high-risk items
- Ensure all mitigation activities are properly documented
⛳️ Strategy 3: Foster a risk-aware organisational culture
- Conduct regular risk awareness workshops for employees
- Create a risk reporting system that encourages transparency
- Include risk management goals in performance reviews
- Celebrate successes in risk management to motivate staff
- Integrate risk management into the company strategy
- Establish a risk management committee
- Provide continuous education on emerging risks
- Facilitate open discussions about risks and solutions
- Set up an anonymous reporting system for risks
- Encourage leadership to model risk-aware behaviours
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
