What’s Your Risk Score?

12 September 2015

When a business chooses to neglect creating or updating its business documentation, that choice is typically accompanied by an attitude of, “I ought to do it, but nothing bad will happen if I don’t, because nothing bad has happened so far.” A better approach is to determine your risk score and choose your next action accordingly.

risk score

risk score

Here’s how it goes in many areas of risk management… nothing bad happened yesterday, so nothing bad will happen today. Tomorrow… something bad happens.

Owners of small businesses are especially susceptible to this belief, and until something bad does happen, they feel justified in perpetuating this mindset.

Proper risk management requires risk planning, risk assessment, and risk preparation. In regard to business process documentation, how do you assess the risk of having poor or incomplete documentation?

I’ve developed a tool for assessing the risk, for the purpose of giving a business owner, executive, or manager a means to determine the current state of their documentation. It includes elements such as where is process knowledge held now and by whom; date of most recent revision of existing documents; document control practices. The tool provides a risk score with commentary about strengths and weaknesses in your current state, and recommendations for improvement

I encourage you to conduct your own assessment of the current state of your business documentation. Don’t wait until there’s a crisis to take action.

Send an email to info@learningmeetsquality.com if you’d like access to our risk assessment tool, or to ask for coaching on how to conduct your own assessment.

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