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“Risk management in business with thick-skinned attitude”
Risk is an essential element in all kinds of businesses. It is a potential danger that could affect and cause harm to the company’s operation, revenue, and reputation. Therefore, it is crucial for businesses to have a plan in place to manage all kinds of risk, including financial, operational, strategic, compliance, and others.
One of the critical factors in effective risk management is the attitude of the management and employees towards risks. In Thailand, there is a saying that “ไช่หนา” (chai naa), which means having a thick skin or a tough attitude towards challenges and criticisms. Adopting this mentality is vital in managing risks, especially in a competitive and constantly changing business environment.
To become a successful entrepreneur and reduce the impact of risks effectively, the following strategies must be kept in mind:
1. Risk Assessment
Before a plan is effectively designed, the management must identify and assess the types of risks involved in the business. Assessment of risks can help identify risks that each area or department has and how to minimize the potential negative consequences.
2. Contingency plans
Contingency plans have to be evaluated and implemented to help mitigate the risks identified in the risk assessment phase. A contingency plan is a process outlining the actions that must be taken to handle unforeseeable risks. Devise these plans ahead of time and ensure everyone in the company knows the plans.
3. Risk Awareness Culture
The culture and attitude of the employees towards risk management are crucial. All employees must be aware of the importance of managing risks and the measures taken to ensure that everyone must act responsibly towards mitigation. The risks identified in the assessment phase should be documented in detail in a visible space in the company to maintain constant awareness.
4. Training and Development
Periodic training and development educates employees to instill corporate culture in better procedures to reduce risks. Sharing past experiences of risks and how they were mitigated will help the employees to gain more knowledge and skills, reducing uncertainties in decision making.
5. Monitoring and Control
Monitoring should be frequent and thorough, ensuring that any detected issues are handled swiftly. The implementation of proper controls will improve employees’ understanding and the management’s ability to identify potential risks.
6. Continuous Improvement
Risk management is a continuous process of improvement alongside the business. Ongoing evaluation and adoption of new strategies ensure that the risks remain manageable, and new risks are minimized.
7. Making decisions
Good judgement along with the courage of Chai Naa should be part of the management tool kit. Making decisions that benefit a Companies risk management strategy using their undaunted willpower can be invaluable in achieving success.
In conclusion, the implementation of the “chai naa” culture and mentality should be a priority when it comes to risk management. It’s not an easy concept to apply, and it takes time to cultivate it. Once fully adapted into the business operations, it will lead to a better environment that not only reduces risk but sets up for future success.