Reuters: Small Business News: Management Tip of the Day: An open discussion of risk

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Management Tip of the Day: An open discussion of risk Jul 2nd 2012, 13:05 Tweet Share this Email Print Related News Get into the zone Fri, Jun 22 2012 Challenge the budget status quo Wed, Jun 20 2012 When the unexpected happens, act Tue, Jun 19 2012 How to nurture emerging leaders Fri, Jun 15 2012 Management Tip of the Day: Curate your personal job feed Thu, Jun 14 2012 Analysis & Opinion Paradise regained: Clayton Christensen and the path to salvation Counterparties: The Supreme Court's healthcare tax argument Workers cross London Bridge, with Tower Bridge seen behind, during the morning rush hour in London September 30, 2011. Credit: Reuters/Paul Hackett BOSTON | Mon Jul 2, 2012 9:05am EDT BOSTON (Reuters) - Some risks arise from events outside the company that are beyond its influence and control. It makes sense to openly discuss what those risks could be as a way to manage the unexpected, says Harvard Business Review. The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:\\www.hbr.org). Any opinions expressed are not endorsed by Reuters. "You can monitor and control preventable risks â€" such as those resulting from employees' actions or breakdowns in routine operational processes â€" by setting rules and using standard compliance tools. But, rules often can't prevent strategic and external risks, neither of which you have much power over. To deal with these kinds of risks, encourage managers to openly discuss them. Use tools, such as maps of likelihood and impact and help team leaders envision risks through scenario planning. Then engage them in finding cost-effective ways to manage those potential risks that can't be avoided by regulation alone." - Today's management tip was adapted from "Managing Risks: A New Framework" by Robert S. Kaplan and Anette Mikes. (For the full post, see: here) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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