ADDRESSING RISK IN AN ORGANISATION
It is indeed true that strategic leaders are responsible for ensuring that the risks that may hinder an organization’s success are identified, and appropriate measures are taken. Various scholars have proposed various risk prevention measures, including avoidance of engaging in risky activities, retentions, sharing the problem to other people who could help solve it and preventing the occurrence of loss (Mutua, & Ibembe, 2020). All these are vital facets in any organization and, when properly practiced, can effectively pay off in the long run.
I agree that applying a risk register in any organization is a critical strategy of addressing risk in originations. A risk register is a tool for managing risk that involves fulfilling regulatory compliance, thus acting as a fountain for all the identified risks. It is vital to manage risks as it consists of identifying, analyzing, and planning how to solve the risk. It also helps focus and prioritize resources and create attention and effort on the root of a specific problem (Leva, Balfe, McAleer, & Rocke, 2017).
Therefore, it is significant for leaders of organizations to address risks in a timelier manner by applying the risk registers to build sturdiness and resilience by identifying capability gaps and narrowing down the objectives of managing risks. Strategic leaders should also ensure that they lead with good vision and direction to work the potential dangers properly. They can also ensure that they manage risk by establishing key performance indicators to measure results; they can even identify hazards that can drive variability in performance and establish indicators of risks.
Leva, M. C., Balfe, N., McAleer, B., & Rocke, M. (2017). Risk registers: Structuring data collection to develop risk intelligence. Safety Science, 100, 143-156.
Mutua, A. M., & Ibembe, J. D. B. (2020). Risk Management Processes and Functional Performance in Non-Governmental Organisations of Kenya. KIU Interdisciplinary Journal of Humanities and Social Sciences, 1(1), 28-44.