Page 145 - UPthEM_Program_Final_December 2020

UPthEM – Upskilling Pathways for Employability
№ 2019-1-BG01-KA204-062299

RISK MANAGEMENT
Every entrepreneur must have a spirit that is prepared to take risks. No risk, no gain. Risk
management is thinking about what could possibly go wrong, deciding how likely and/or
catastrophic that would be, and taking action to avoid either the problem or its consequences.
Risk management, and crucially, the thinking about ‘what could possibly go wrong, and what
should we do to prevent it?’ should be a key part of your strategy development.

Steps for a Successful Risk Management

Assign a Decide on Periodically
Date by Decide how likely Mitigation Review and
Write down Which the each risk is to Have another Close/Move
everything Risk Will happen look at each to the Issues

List
Have
that could Every risk needs a (likelihood). How There are four risk. How
possibly go date by which it much of an main types of much does Review the risk

wrong, will either have impact it would mitigation action your register, and check:
whether it’s happened, or no have on the or strategy: mitigation Progress on

big or small. longer be at risk project if it acceptance, reduce the mitigation
of happening. happened avoidance, likelihood

What Could (impact). limitation and and/or
Quantify
Re-quantify
Possibly Go your Risks transference. the Risks
Wrong?

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