Post by jonrojas on Aug 18, 2021 13:20:33 GMT
Is Risk ever acceptable? If so, how much risk is acceptable?
A: I think risk is acceptable as long as it is a calculated risk. It is hard to give a blanket value to how much risk is acceptable because every situation is different. You will be very hard pressed to avoid risk all together and it is important to understand there will be risks as you push forward toward your goal. I think that a risk that can managed is an acceptable risk and it is crucial to keep in mind the difference between a risk that can be managed and a risk that can't be managed. This should drive your decisions moving forward when it comes to taking risks. Risk mitigation can be a powerful tool when dealing with risk as it allows you to take control of a bad outcome very quickly.
How would you assess your program/company’s overall risk appetite?
A: I think it would be important to start out with a discussion to get a feel for how the risk is effecting those around you. Effectively communicating the risk and getting feedback could help to figure that out. Team meetings with upper management would be set to get their thoughts on how we as a program or company would handle risk. It would then make sense to make a move with a small amount of risk to test the waters.
Is operating without risk a smart business decision?
A: I think every business needs to be willing to take risks if they plan on growing. A business would become stale if they aren't willing to make decisions with risk involved.
Given its growth, what are some risks that The Fedcap Group faces? (include reputational, financial, structural etc.)
A: I think The Fedcap faces many risks as it continues to grow. Reputation risk is a big one as they continue to combine with new programs and take on new contracts. Fedcap could easily be seen as this big NY company coming in to take over. Fedcap will have to handle every combination with care. The company also has to maintain it's finances as it continue to bring on new programs which means new employees, hardware needs, software needs, real estate needs, and more. The structure of the company will also have to be maintained and they use the cube structure to do this. There are also many obstacles when it comes to culture as well as Fedcap brings a very strong culture of its own to the table.
How do we engage staff in understanding and actively managing reputational risk?
A: In my experience, the best tool that you can give an employee for managing risk is information. I would start out with training on what a risk is, what risk management is, and the importance of risk mitigation. Once they understand what the problem looks like, we can begin to talk about solutions. Making sure that the employees know there is a solution in place for future problems can be very comforting and help to drive a can-do culture. You leave the employees with an understanding that it is okay for their to be risk, risk can be managed, and not every outcome will be good.
Discuss a specific example of reputational risk that is directly relevant to your program/company?
A: Reputation is very important for us in the IT Department. We get bunched under customer service at the end the day and it is important that we are seen in a good light. Our reputation effects how users deal with us on a daily basis and if we start off with a bad reputation it can create tension before we even begin to deal with the user. When we take on projects as a department, we always discuss the risks to not only our network but also our reputation within the company.
A: I think risk is acceptable as long as it is a calculated risk. It is hard to give a blanket value to how much risk is acceptable because every situation is different. You will be very hard pressed to avoid risk all together and it is important to understand there will be risks as you push forward toward your goal. I think that a risk that can managed is an acceptable risk and it is crucial to keep in mind the difference between a risk that can be managed and a risk that can't be managed. This should drive your decisions moving forward when it comes to taking risks. Risk mitigation can be a powerful tool when dealing with risk as it allows you to take control of a bad outcome very quickly.
How would you assess your program/company’s overall risk appetite?
A: I think it would be important to start out with a discussion to get a feel for how the risk is effecting those around you. Effectively communicating the risk and getting feedback could help to figure that out. Team meetings with upper management would be set to get their thoughts on how we as a program or company would handle risk. It would then make sense to make a move with a small amount of risk to test the waters.
Is operating without risk a smart business decision?
A: I think every business needs to be willing to take risks if they plan on growing. A business would become stale if they aren't willing to make decisions with risk involved.
Given its growth, what are some risks that The Fedcap Group faces? (include reputational, financial, structural etc.)
A: I think The Fedcap faces many risks as it continues to grow. Reputation risk is a big one as they continue to combine with new programs and take on new contracts. Fedcap could easily be seen as this big NY company coming in to take over. Fedcap will have to handle every combination with care. The company also has to maintain it's finances as it continue to bring on new programs which means new employees, hardware needs, software needs, real estate needs, and more. The structure of the company will also have to be maintained and they use the cube structure to do this. There are also many obstacles when it comes to culture as well as Fedcap brings a very strong culture of its own to the table.
How do we engage staff in understanding and actively managing reputational risk?
A: In my experience, the best tool that you can give an employee for managing risk is information. I would start out with training on what a risk is, what risk management is, and the importance of risk mitigation. Once they understand what the problem looks like, we can begin to talk about solutions. Making sure that the employees know there is a solution in place for future problems can be very comforting and help to drive a can-do culture. You leave the employees with an understanding that it is okay for their to be risk, risk can be managed, and not every outcome will be good.
Discuss a specific example of reputational risk that is directly relevant to your program/company?
A: Reputation is very important for us in the IT Department. We get bunched under customer service at the end the day and it is important that we are seen in a good light. Our reputation effects how users deal with us on a daily basis and if we start off with a bad reputation it can create tension before we even begin to deal with the user. When we take on projects as a department, we always discuss the risks to not only our network but also our reputation within the company.