How to Conduct High Stakes Negotiations in the Digital Age without Being Short-changed
Negotiations are Part and Parcel of our Daily Lives Negotiations are part and parcel of our lives. Whether it is bargaining with the vegetable vendor or haggling with the butcher, we are all exposed to negotiations as part of our existence. Thus, one cannot but master negotiating skills if one to has to navigate the […]
Leadership and Control
A set up where individuals from different backgrounds, educational qualifications and varied interests come together on a common platform to achieve certain objectives is called an organization. What is leadership ? The art of managing the employees and extracting the best out of them refers to leadership. Employees should not treat their work as a […]
Why We Need More Self Aware and Less Self Centred Leaders, Who Can Self Evaluate
What is Self Evaluation? Why We Need More Self Aware and Less Self Absorbed Leaders Self Awareness is a key trait of visionary leaders, who know their strengths and more importantly, are aware of their shortcomings, and who work on their weaknesses. In this context, Self Evaluation is a powerful concept and a useful framework […]
Advantages and Disadvantages of Working from Home and Organizational Policies
The Benefits of Working from Home: The Employees’ Perspective A typical challenge for working professionals, especially women, is to maintain work life balance with regards to ensuring that neither their family life nor their career suffers because of the other. In this context, a trend that has been noticeable in the last decade or so […]
Sensation and Sensory Absolute Thresholds
The process of sensation involves transmission of information to the brain by the sensory receptors like nose, eyes, ears, mouth and skin. Sensation and perception though are related, but are considered to be as distinct processes. In case of sensation, sensory receptors play a key role in transmitting the inputs to the brains by converting […]
A risk treatment is mandatorily a part of an effective risk management plan. The plan here means how you respond to the reported potential risks. It details on strategies on how to deal with the various risks - low or high, acceptable or unacceptable. The plan also outlines the role and responsibilities of the team members.
Literally speaking, risk treatment also known as risk control, is that part of the risk management where decisions are made about how to deal with risks either in the external or internal environment. Various options like risk reduction, risk avoidance, risk acceptance and risk transfer.
Before you embark on risk treatment there is something called as risk response planning that needs to be taken care of. It is explained in detail below:
Risk response planning no doubt is an integral aspect of risk treatment. The planning covers discusses and evaluates inputs like risk register, risk profiles and cause control matrix. Strategies are formulated and documented in this stage. The following four different strategies are discussed upon.
By the end of risk response planning various risks and the corresponding strategies are documented. A risk register is ready that contains all details vis-a-vis the time of occurrence, priority and the people involved in handling the risk. The risks have already classified as either internal or external. Relevant risks are assigned to relevant stakeholders accordingly.
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