{"id":4576,"date":"2021-11-22T12:48:49","date_gmt":"2021-11-22T12:48:49","guid":{"rendered":"https:\/\/staging3.zealousys.com\/goatrisk\/?p=4576"},"modified":"2021-11-24T09:36:38","modified_gmt":"2021-11-24T09:36:38","slug":"risk-identification-and-risk-evaluation","status":"publish","type":"post","link":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/","title":{"rendered":"Risk identification and risk evaluation – a fresh perspective"},"content":{"rendered":"

Know what you know. And also what you don\u2019t…<\/strong><\/span><\/h3>\n

The US Secretary of Defence at the time of the Iraq War post 9\/11, Donald Rumsfeld, famously fumbled through the concept of known knowns, and known unknowns. Without getting into the detail of the model within which these concepts live, <\/span>business leaders must recognise that, regardless of experience, the biggest mistake anyone can make is complacency. Particularly when it comes to business and risk. Proactive risk identification and risk evaluation is, without question,\u00a0critical\u00a0for success. \u00a0<\/span><\/strong><\/p>\n

The world is in a constant state of change. Every year, a slew of businesses are lost, many with long distinct histories of success and market power. New disrupters with fresh ideas, mindsets, technology and innovation, make the shiny and new more appealing to a vibrant generation who are increasingly making the decisions. Indeed, \u2018the establishment\u2019 is looking and feeling distinctly dated.<\/span><\/p>\n

So the question is: \u201c<\/span>How can we know what\u2019s coming to bite us next, and where should we focus<\/span><\/i>?\u201d\u00a0 In the first of this mini blog series <\/span>\u2018Why risk management is important for your business\u2019<\/span><\/a>, we spoke about the number one risk an organisation faces: Whether its business is still relevant and sustainable.<\/span><\/p>\n

Let\u2019s say you\u2019re fortunate enough to be in an expanding market and your business is growing share. Then congratulations, the chances are your business is relevant. But clearly you\u2019re not out of the woods (there are examples abound of IPO flops, founders shamed, shareholder revolt etc.).\u00a0 So how do you think through what risks you face?<\/span> How do you get to know some of these unknowns?<\/b><\/p>\n

Start with what you know\u00a0<\/strong><\/span><\/h3>\n

As an expert in your own business, the starting point is to look at what you do know. What are the key risks that could stop you from delivering on your objectives, or being successful? Some businesses may not have defined or even agreed objectives, but even those will know the bigger mission, vision or \u2018reason for being\u2019.\u00a0<\/span><\/p>\n

Try to think beyond yourself and solicit inputs from others within the team and wider business, including diverse perspectives from different disciplines and departments. You\u2019ll find this approach will yield surprisingly comprehensive results.\u00a0\u00a0<\/span><\/p>\n

Fresh perspectives – a simple model to gain a holistic view<\/span><\/strong><\/h3>\n

Risks can come from anywhere, so it\u2019s critical to think broadly and holistically. One of the most simple but useful models is the \u2018STO\u2019 (Strategic, Tactical and Operational) framework which helps ensure thinking from these different perspectives. CEOs and Boards are often focused on strategic risks, but forget that day to day operational risks can derail a whole company too.<\/span><\/p>\n

Similarly, those in operations might not think about some bigger strategic issues, such as risks to the business model itself.\u00a0 Finally, those with financial backgrounds might struggle to see past these and other tactical risks.\u00a0<\/span><\/p>\n

This simple model can help shape your thinking through these different lenses and perspectives to gain a more holistic picture.\u00a0<\/span><\/p>\n

\"Strategic,<\/p>\n

A risk universe for the unknowns<\/strong><\/span><\/h3>\n

Conceptually, the <\/span>\u2018risk universe\u2019<\/span><\/a> represents all the risks your business could possibly face. This is a big statement in the context of unknown-unknowns. It\u2019s not a crystal ball, and no model can possibly see the future, but it works by setting out categories of risks, to prompt thinking in the same way the STO model above does.<\/span><\/p>\n

Let\u2019s say you’re a hotel company. You might have initially missed the significant threat of \u2018sharing economy\u2019 disrupters entering the market such as Airbnb. Had you been prompted to think about business model or technology change, you might have been more likely to make the connection.\u00a0<\/span><\/p>\n

Similarly, Brexit or Covid weren’t specifically set out in any risk universe. But you might see broader terms like macro-economics, geo-politics, health & safety or pandemics facilitating the risk identification and evaluation process.<\/span><\/p>\n

There are some very comprehensive risk universe models,. We have synthesised and reconciled these into a shorter (and we believe more useful) set of 26 risks. We\u2019ve built these into <\/span>GOAT Risk<\/span><\/a> – an easy to use, low cost, risk management software platform. Depending on the type of organisation you have, the system even proposes risks it thinks are relevant to your business.<\/span><\/p>\n

Whilst this is a useful shortcut to risk assessment, there’s still the need to think about categories, and describe risks and their impacts in much greater detail. Only then, will they be viewed as a meaningful and action orientated problem set.<\/span><\/p>\n

\"\"<\/p>\n

Know what you know and also what you don\u2019t. Then do something about it.<\/strong><\/span><\/h3>\n

If knowing your risks is step one, not doing anything about them is the same as not knowing at all.\u00a0\u00a0<\/span><\/p>\n

This is the 2<\/span>nd<\/span> of a 4 part series helping you to think broadly about the risks you face. If your plate is already full, then giving you more things to worry about is the last thing you need.<\/span><\/p>\n

Recognising this, our next post is specifically for business leaders who are juggling many balls, and lack time and resources. <\/span>Subscribe to our Blog<\/span><\/a> today to never miss an update.<\/span><\/p>\n

About the author<\/b><\/p>\n

Danny Wong is the Founder and CEO of<\/span> GOAT Risk Solutions<\/span><\/a>.<\/span> He is a thought leader in risk maturity, having engaged with hundreds of leaders and professionals in extensive market research. He has first-hand experience of supporting major corporates in a +20 year career specialising in<\/span> Enterprise Risk Management<\/span><\/a>. Danny saw a market opportunity for a simple, low-cost risk software solution to help organisations improve risk management capability, and launched GOAT in 2018. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Know what you know. And also what you don\u2019t… The US Secretary of Defence at the time of the Iraq War post 9\/11, Donald Rumsfeld, famously fumbled through the concept…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4576","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"\nRisk identification and risk evaluation - a fresh perspective | GOAT Risk\u2122 | Blog<\/title>\n<meta name=\"description\" content=\"Risk identification and risk evaluation. Know what you know, and also what you don\u2019t. Then do something about it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risk identification and risk evaluation - a fresh perspective\" \/>\n<meta property=\"og:description\" content=\"Risk identification and risk evaluation. Know what you know, and also what you don\u2019t. Then do something about it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/\" \/>\n<meta property=\"og:site_name\" content=\"GOAT Risk Solutions\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-22T12:48:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-24T09:36:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging3.zealousys.com\/wp-content\/uploads\/2020\/06\/identification-why.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zeolous\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#organization\",\"name\":\"GOAT Risk Solutions\",\"url\":\"https:\/\/staging3.zealousys.com\/goatrisk\/\",\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/18949403\",\"https:\/\/www.youtube.com\/channel\/UCLAlQ30CBAuRRexoAdsyvDg\"],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#logo\",\"inLanguage\":\"en-GB\",\"url\":\"\/wp-content\/uploads\/2021\/07\/Goat-Logo_White-on-Red-Elongated_CMYK.png\",\"contentUrl\":\"\/wp-content\/uploads\/2021\/07\/Goat-Logo_White-on-Red-Elongated_CMYK.png\",\"width\":3601,\"height\":4287,\"caption\":\"GOAT Risk Solutions\"},\"image\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#website\",\"url\":\"https:\/\/staging3.zealousys.com\/goatrisk\/\",\"name\":\"GOAT Risk Solutions\",\"description\":\"Easy to use, low cost risk management software\",\"publisher\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/staging3.zealousys.com\/goatrisk\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#primaryimage\",\"inLanguage\":\"en-GB\",\"url\":\"\/wp-content\/uploads\/2020\/06\/identification-why.png\",\"contentUrl\":\"\/wp-content\/uploads\/2020\/06\/identification-why.png\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#webpage\",\"url\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/\",\"name\":\"Risk identification and risk evaluation - a fresh perspective | GOAT Risk\\u2122 | Blog\",\"isPartOf\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#primaryimage\"},\"datePublished\":\"2021-11-22T12:48:49+00:00\",\"dateModified\":\"2021-11-24T09:36:38+00:00\",\"description\":\"Risk identification and risk evaluation. Know what you know, and also what you don\\u2019t. Then do something about it.\",\"breadcrumb\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/staging3.zealousys.com\/goatrisk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Risk identification and risk evaluation – a fresh perspective\"}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#webpage\"},\"author\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#\/schema\/person\/ab8e8fe1f01bf71a85aa6efcc5ea45ef\"},\"headline\":\"Risk identification and risk evaluation – a fresh perspective\",\"datePublished\":\"2021-11-22T12:48:49+00:00\",\"dateModified\":\"2021-11-24T09:36:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#webpage\"},\"wordCount\":928,\"publisher\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#organization\"},\"image\":{\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#primaryimage\"},\"thumbnailUrl\":\"\/wp-content\/uploads\/2020\/06\/identification-why.png\",\"articleSection\":[\"Blog\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/staging3.zealousys.com\/goatrisk\/#\/schema\/person\/ab8e8fe1f01bf71a85aa6efcc5ea45ef\",\"name\":\"Zeolous\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Risk identification and risk evaluation - a fresh perspective | GOAT Risk\u2122 | Blog","description":"Risk identification and risk evaluation. Know what you know, and also what you don\u2019t. Then do something about it.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/","og_locale":"en_GB","og_type":"article","og_title":"Risk identification and risk evaluation - a fresh perspective","og_description":"Risk identification and risk evaluation. Know what you know, and also what you don\u2019t. Then do something about it.","og_url":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/","og_site_name":"GOAT Risk Solutions","article_published_time":"2021-11-22T12:48:49+00:00","article_modified_time":"2021-11-24T09:36:38+00:00","og_image":[{"url":"https:\/\/staging3.zealousys.com\/wp-content\/uploads\/2020\/06\/identification-why.png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Zeolous","Estimated reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Organization","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#organization","name":"GOAT Risk Solutions","url":"https:\/\/staging3.zealousys.com\/goatrisk\/","sameAs":["https:\/\/www.linkedin.com\/company\/18949403","https:\/\/www.youtube.com\/channel\/UCLAlQ30CBAuRRexoAdsyvDg"],"logo":{"@type":"ImageObject","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#logo","inLanguage":"en-GB","url":"\/wp-content\/uploads\/2021\/07\/Goat-Logo_White-on-Red-Elongated_CMYK.png","contentUrl":"\/wp-content\/uploads\/2021\/07\/Goat-Logo_White-on-Red-Elongated_CMYK.png","width":3601,"height":4287,"caption":"GOAT Risk Solutions"},"image":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#logo"}},{"@type":"WebSite","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#website","url":"https:\/\/staging3.zealousys.com\/goatrisk\/","name":"GOAT Risk Solutions","description":"Easy to use, low cost risk management software","publisher":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/staging3.zealousys.com\/goatrisk\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"ImageObject","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#primaryimage","inLanguage":"en-GB","url":"\/wp-content\/uploads\/2020\/06\/identification-why.png","contentUrl":"\/wp-content\/uploads\/2020\/06\/identification-why.png"},{"@type":"WebPage","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#webpage","url":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/","name":"Risk identification and risk evaluation - a fresh perspective | GOAT Risk\u2122 | Blog","isPartOf":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#primaryimage"},"datePublished":"2021-11-22T12:48:49+00:00","dateModified":"2021-11-24T09:36:38+00:00","description":"Risk identification and risk evaluation. Know what you know, and also what you don\u2019t. Then do something about it.","breadcrumb":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/staging3.zealousys.com\/goatrisk\/"},{"@type":"ListItem","position":2,"name":"Risk identification and risk evaluation – a fresh perspective"}]},{"@type":"Article","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#article","isPartOf":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#webpage"},"author":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#\/schema\/person\/ab8e8fe1f01bf71a85aa6efcc5ea45ef"},"headline":"Risk identification and risk evaluation – a fresh perspective","datePublished":"2021-11-22T12:48:49+00:00","dateModified":"2021-11-24T09:36:38+00:00","mainEntityOfPage":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#webpage"},"wordCount":928,"publisher":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#organization"},"image":{"@id":"https:\/\/staging3.zealousys.com\/goatrisk\/risk-identification-and-risk-evaluation\/#primaryimage"},"thumbnailUrl":"\/wp-content\/uploads\/2020\/06\/identification-why.png","articleSection":["Blog"],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/staging3.zealousys.com\/goatrisk\/#\/schema\/person\/ab8e8fe1f01bf71a85aa6efcc5ea45ef","name":"Zeolous"}]}},"_links":{"self":[{"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/posts\/4576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/comments?post=4576"}],"version-history":[{"count":14,"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/posts\/4576\/revisions"}],"predecessor-version":[{"id":4604,"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/posts\/4576\/revisions\/4604"}],"wp:attachment":[{"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/media?parent=4576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/categories?post=4576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging3.zealousys.com\/goatrisk\/wp-json\/wp\/v2\/tags?post=4576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}