How to Calculate the Impact and Probability of Business Risk

I was recently asked to explain the “Impact Score” in a Strategic Risk evaluation process. This is easy to do with a tool called the Strategic Risk Severity Matrix.

In this post, I’ll walk you through each step of using this tool, along with a practical example to demonstrate how it works.

Continue reading “How to Calculate the Impact and Probability of Business Risk”

Book Review of “60 Minute Operational Risk Management” by Stewart Lancaster

The book 60 Minute Operational Risk Management is a reference guide for leaders who want a practical framework for recognizing and responding to risk. It breaks down complicated, abstract concepts in easy-to-understand and visual concepts.

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The Ultimate Strategic Planning Framework Tool: A Detailed Review

Your strategic plan doesn’t belong in a cabinet like a set of fine china. In my last post, I talked about the many benefits of using a Strategic Planning Framework:

  • a clear vision for the future
  • foresee vulnerabilities and dangers
  • identify areas of healthy growth
  • effectively get control of your company

This simple tool answers 3 important questions:

  1. Why are we doing this?
  2. What is required?
  3. How will we do it?

Within these questions are a variety of areas that should be included in your strategic planning process. Let’s look at each of them in more detail.

Continue reading “The Ultimate Strategic Planning Framework Tool: A Detailed Review”