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Volume 27, Issue 3

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June 27, 2013

The three key stages to managing risk

Risk arises because of uncertainty about the future. It could involve the possibility of economic or social loss, or incur damage or delay. Risk management provides a structured way of assessing and dealing with future uncertainty. This leads to more efficient and effective decisions, greater certainty about the future and reduced risk exposure.

In every procurement transaction a degree of risk is involved, although most of the time it is not recognised and expressed as such. This is true for simple purchases, for example, ordering a meal or a bottle of wine in a restaurant. It is especially true when ordering complex goods or services, where the specification is not pre-determined, the outcomes are unsure, and the provider unknown.

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http://blog.supplymanagement.com/2013/06/the-three-key-stages-to-managing-risk/