What is Operations Risk Management?

Most, if not all, organizations today are focusing more and more on the operations risk
management. Small and even large organizations face the problems of smooth operation
and this has been a major challenge.  Assessing and controlling the risks inherent in all
operations are now being studied and implemented.

All businesses accept the fact that deviations in the normal flow will occur.  This is the
reason why operations risk management is always a key point in every business planning. 
This gives organizations an assurance that they are still able to achieve their goals even
with the hindrances facing them.  With a good operations risk management plan,
organizations are able to detect, analyze, mitigate, control and ultimately resolve
disruptions as they happen.  Without a plan, the business is bound to fail over and over

These days, managers who rely on their own knowledge and experience no longer
succeed in the organization.  Traditional managers expect that operations risk
management are to be solely resolved.  Traditional managers do not involve the team. 
However, modern managers understand that the business world has become so complex
and the advances in technology outpace their learnings and experiences.  They
understand that there is now a need for a scientific approach to their operations.  With a
well planned operations risk management procedure, managers are able to anticipate
possible risks that could result in business losses.  At the same time, they have a plan on
how to address these risks properly and ultimately avoid them permanently. 
Additionally, in cases where these risks cannot be avoided, they still have a plan of action
on how to lessen the impact of disruptions on their businesses.

A systematic identification, analysis, and prioritization of these risks will help you in the
preparation of your operations risk management plan.