Colin John Latham Helps Identify and Manage Business Risk
Colin John Latham states that risk management has become popular among businesses because the economy isn’t as strong as it was prior 2008. In the economic environment, an unexpected surprise can destroy your business if you didn’t have a risk management strategy.
External links that include politics, weather, interest rates, and exchange rates, are out of control but their impact can be limited. Internal risks are in your control, on the contrary, and include non-compliances, breaches, lack of insurance, and much more.
Colin John Latham says that the very first step in creating a risk management plan is to prioritize risks or threats. You can do it by using a universal scale based on threats that are –
- Likely to occur
- Has some chances of occurrence
- Small chance of occurrence
- And very little chance of occurrence
But on an obvious note, a risk that falls into the top category should take priority over the others and plan to prevent, or at least mitigate, these risks should be put on place. However, there is one thing to consider, says Colin John Latham If a risk falls into a lower rung yet presents the potential for more financial damage, then it should take priority. Colin John Latham leverages intelligent tools to identify important information about prospective new talent, third party suppliers, potential partners, or anyone that the organization interacts with, and use it to access the risks of meetings with them or while making a contract, to ensure a successful outcome.
Colin John Latham is an Enterprise Risk Management professional who attended the St. Virgil’ College. He was also the elicit member of the Student Council in the Hobart University, from 1984 – 1987. Colin is fitness savvy and has competed in Olympic Distance Triathlon in Melbourne, Sydney, Noosa, Gold Coast, and Fiji with a best time of 2 hours and 12 minutes. He has also competed in Open Water Swimming Events at Lorne, Torquam, Williamstown, St. Kilda, Brighton, Mt. Martha, Portsea, and multiple times on Australia’s Sunshine Coast and International Distance upto 2.5 km.Colin does a lot of Charity and considers supporting his community his social responsibility. To work for the cause he annually participates at “Murray to Moyne” 24 hours cycling event to raise money for the hospitals.