What We Think

In risk management we apply no-risk thinking

Risk Management is a process of thinking systematically and proactively about all the possible risks. What can go wrong ? How can we prevent it ? What resources should be in place if it happens ?

We know it is impossible that we can anticipate the future; therefore we put our efforts in decreasing the impact of the threats beyond control. Instead of trying to anticipate low-probability, high-impact events, we try to cut down our client’s vulnerability to them. No one has predicted the recent economic crisis. Only things got worse for some organizations that placed greater emphasis on earning profits than on avoiding losses. Most of them are struggling today.

Using the past to predict the future we think it is wrong. It is a common excuse heard especially from business owners: “We have no problem, it’s been working fine for so many years now!” Or from larger companies: “Those systems have been in place for many decades now, we have no problem!” We just think it is wrong to use hindsight as foresight.

Neither we adapt old remedies to tackle new challenges. We apply detective-style investigation: what, where, why, when, who, by digging deep for an exhaustive analysis of systems, procedures, work places, attitudes, finances, culture, the market environment, and every aspect of the company, in order to address potential threats and hazards.

The risk management process is most effective when it is applied to every facet of your business. We call it: The 360-degree EXL Approach. If the company vehicles reflect lack of care and attention, people may see the company the same way. The same can also be applied to the staff and how they conduct themselves, especially in uniform. A major risk to company reputation, the brands, and eventually the financial status if people stop buying.

The risks of Risk Management

Organizations now employ highly-qualified mathematicians to quantify risk for them. So why did they not foresee the credit crunch? Maybe a lot of mathematics is no substitute for a little bit of common sense and an open mind. And some – make that a lot – experience.

When there is a question about insurance like the price of premium or the level of coverage, there’s always someone who knows the answers. They’ll tell you about their policy or the policy of a friend of theirs. They can be helpful, but they’re often useless, or worse. What works for one company rarely works for another, so it’s difficult to answer questions about insurance with anecdotes about other policies.

Not listening to advice. Because business is not just a case of making profit but also of avoiding losses. Acts of commission may be different from acts of omission but they may have the same economic impact. Money not lost is money earned. Emphasis is not just on earning profits but also on avoiding losses. Besides, a company can also be successful by preventing losses while its rivals go under.

Risk Management is an exciting field to work in. Working for a new client is like living a new life. We feel the responsibility of protecting what they have spent their life building to the extent that we become part of their organization – of their lives. They entrust the future of the enterprise to us. How can we let them down?

Risk Management is for people who are passionate about taking the calling.

Find out what our passionate and enthusiastic team members can do for the protection of your organization.

Please give us a call at +30 210 9803375

In the meantime, we welcome you to our web site and we thank you for your time.

EXL Consulting

 

 
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