How to Manage Business Risk - Colin John Latham

Risk Management Techniques includes a lot of elements such as – Insurance, financial safeguards, issues related to environment protection, OSHA standards, government legalities, computer backup systems, and a lot more. With all these elements in control these help you in identifying the risk it faces. 

Colin John Latham lists down five point risk management system 

The success of Risk Management requires a business owner to stick to these steps and practice strict adherence to the rules. These five steps include –


  1. Identification of risks
  2. Quantifying risks
  3.  Formulating Strategies to Contain the Identified Risks
  4. Implementing Strategies
  5. Continuous Monitoring of Risk Containment Tasks

Colin John Latham says the best time to setup Risk Management System is when you are formulating your business plan. At that time, all the components of the business are being examined and discussed, so this is the right time to discuss all the risks as well. Setting up Risk Management System helps you to go over your risks from the very beginning.  Colin John Latham at this stage and help you plan effective Business Risk Management process. He will help you shield your business from all the forth coming risks. It is also important to remember that Risk Management System should be periodically reviewed and updated to address the growing challenges. 

Colin John Latham is a Business Risk Management professional who attended the St. Virgil’ College. He was also the elicit member of the Student Council, 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.

Comments

Post a Comment

Popular posts from this blog

Colin John Latham possesses a track record in helping clients achieve fitness goals

Have you ever been to a gym? If you are a fitness fanatic, you might have interacted with fitness instructors. They are employed to help people achieve and maintain good physical health, planning and implementing exercise routines and advising on better diet, nutrition as well as exercise routines. Being a fitness instructor involves helping people to stay fit, either in gym or in any other location. If you strive to make a career as a fitness instructor, acknowledging some skills will help you stand out in good stead. If you desire to make a strong reputation in the fitness industry, just consider these skills -  Be extrovert and cheerful If you think that you are extrovert and highly cheerful, you can be a fitness instructor. An instructor with an outgoing personality will make people quickly get mingled, thus making their minds to have a session with you. An instructor needs to go out of his way in order to connect with the clients and have an insight into their require
Read more

Colin John Latham recommends ways to control and reduce risks

Nowadays, the companies refrain from making any business judgments; rather they focus more on managing the risks. Undeniably, risk is the main cause of any uncertainty in an organization. Thus, the companies have started focusing more on identifying the risks and managing them, before they can affect any business. Well versed with knowledge of the risks, these companies are aware of how to deal with the potential problems. Indeed, risk management is important in an organization, as without it an organization cannot define its objectives. Thus, it is the sole responsibility of the risk management team to assess each risk and determine which of them are critical for the business. Thus, the risk management is always aimed at ensuring that the organization is achieving its primary objectives without worrying about the uncertainties, as all the risks will be under control.  You just cannot ignore the fact that the society and technology has led to a new challenge for the busin
Read more