The limitations of risk management are as follows:
The risk management process includes the collection of data in large quantities. However, the data so collected is non-economical in terms of time and money, without the reliability of the data.
The usage of data varies from situation to situation. For example, simple indicators cannot be used in high degree risks. In contrast, a complex indicator cannot be adopted throughout the whole project.
The risk management process is a complex and continuous process of identification and evaluation. Thus, minor errors may lead to major risk accumulation.
Risk management creates an illusion of control over affecting factors. Unfortunately, this confidence sometimes leads the organization to neglect unexpected risks.
The risk associated with the investment sometimes obscures the bigger picture of the future. It makes the organization difficult to understand the cumulative risk of the investment.
The results of the risk management process are majorly dependent on the management executing the process. Thus, the lack of information and understanding may create errors in the calculation.
Examples of Risk Management
Few examples can help in better understanding of risk management as follows:
Example 1: Suppose a company XYZ plans to identify the risks associated with inaugurating a branch of their business in a new location. If the risks related to a particular location are higher, the company can mitigate the risk by selecting another location with low competition and a higher market range.
Example 2: Suppose an investor considers buying stocks of a new company ABC despite knowing that the value of the stock will be dropped soon. In this situation of impulsive action, the risk associated with investment has been displayed, but the investor who bought the stocks expecting greater reward can compensate the risk associated.
Example 3: Suppose a company decided to avoid storing confidential data in their office computers to reduce the risk of potential data damage. The company can control the risk of potential damage by increasing technical and network control. Thus, the risk of potential data damage can be managed by planning for the potential risks.
The management strategies follow a process to evaluate the risk related to an investment which is mentioned below:
Risk Identification: Under this step, the organization identifies the potential risk which might affect the project.
Impact Assessment: Once the identification of risks is completed, the organization quantifies the level of significance of the potential risk. The potential risk may be a low, medium, or high-level influencer. The acceptance or rejection of a potential project is based on the step of the assessment.
Risk Mitigation: After the assessment, the organization tries to mitigate the risk. The mitigation process includes the steps to minimize the adverse effects of the involved risks. It is the process of prioritizing the highest influencing risks and developing plans to reduce them through risk controls.
Implementation of Action: After risk mitigation, the next step is to implement the actions decided in the potential investment.
Control and Management: The final step includes continuous monitoring and follow-up over the risks and potential project.
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