4 Risk Management ((hot)) -

Even experienced managers falter. Avoid these traps:

Risk Avoidance is the most proactive and defensive of the four strategies. It is the deliberate decision to eliminate the possibility of a risk occurring by changing the plan or stopping the activity that generates the risk. 4 risk management

Risk transfer is not free. You pay for it through insurance premiums or the fees associated with outsourcing. Furthermore, while you can transfer financial liability, you often cannot transfer reputational damage. If an outsourced partner fails and causes a data breach, the insurance may cover the fines, but the public relations hit to your brand remains your problem. Even experienced managers falter

Knowing the four steps is academic; executing them is transformational. Here is how to make a lived reality: while you can transfer financial liability