If you want to do anything in your life, you have to face risk. Percentage of risk may vary depend on situation and personâ€™s capability to take it. The risk is the danger you have to face. Taking ahigh percentage of risk without any plan is very harmful to the person.
Those persons who take calculated risk win the race. Calculate risk is when you already knew the consequences of the risk and harm you can sustain. You have analyzed the situation and you have calculated it and then based on acalculation of your sustaining level you are taking therisk.
Risk involvement in the business is more as compared to other work. Businessman has to face thefollowing risk
- What if business doesnâ€™t work and all their hard earned money is gone
- What if the risk they are taking by filing for some tender and it doesnâ€™t pass and all money is gone?
- What if they are investing the money in some work and it got delayed to give areturn?
- What if you got the tender but finance you require is not available?
- What if you have it is taking more time to get returns as it should have taken and now your employees are upset about it?
His/her total success depends on the capacity of good risk management.
Risk management is
- Identifying the risk that might arise in the near future
- Prioritize the risk situation. Arranging them according to their arising time and importance, you can prioritize them. after prioritizing them, you will search for asolution. It is avery important step. If prioritization is done wrongly, therisk may arise in different time schedule as you have predicted, it may cause havoc situation. Also if you have already prepared a solution, thesituation may arise that it will not fit in that scenario.
- Make theproper solution to all the possible risk and thinking about the consequences of the solution on the then scenario. The solution should be such that it is relevant with time, if situation changes by the time risk arise, it is possible that your solution will be irrelevant.
Online risk management
Computer and machines do all the routine work of the human so that he/she can employ his/her total attention to the innovative task like strategy planning, decision making, risk management, new creative products marketing etc. But some help is needed by human also. Also, chances of error are also more. How to solve this problem?
With the invention of artificial intelligence, many things are changed. It helps mankind a lot. They can help you in taking adecision at thestrategic level, managerial level, and staff level. They can analyze the scenario based on thecurrent scenario and future perspective scenario.
Online risk management is done by software available in the market. There are many companies who offer online risk management to the needy one. they will provide you thecomplete package. From installation to thetraining of the employee they will handle.
Raw ingredient required by the software
- Companyâ€™s current scenario
- Location of the company
- Area in which company is specialized
- Products Company is dealing with.
- Future planning of the company
Why should you opt for online risk management?
- Demand forecasting
It is a tough decision to opt for themarket is which investment will give huge returns. If ahuman is taking adecision there are chances that they miss some important points. Also, their decision sometimes may get affected by emotional touch. But online risk management will give you acorrect prediction.
- Strategic decision
Online Risk Management will help you in choosing right market and right product in near future. It will also notify the problem which you will face and how you can overcome it. It is a big decision which will make your profits double. But therisk is maximum. Online risk management saves your day. It will analyze huge data and will give you accurate decision.
- Decision making
Online risk management makes your life easy. Decision taking is a tough decision. In aboard meeting, people will give their advice but it will be affected by emotional touch and may not be right. But online risk management will suggest yourdecision which will be accurate and without any effect of emotional touch.
What can still affect online risk management decision?
- Union problem â€“
Human touch is very unpredictable. With new decision, how theunion will react is unpredictable?
- Taxation â€“
Online risk management predict something based on your budget. But taxation of the country changes suddenly.