Risk can be good. Without risk, there would be no reward. The purpose of risk management is not to eliminate risk, but to understand it so that you can take advantage of the upside and minimize the downside. This requires clarity on what risks you are prepared to take, how much, and that you have processes in place to manage these risks.
Managing risk - or not?
Risk management can be defined as the culture, processes and structures directed towards realising opportunities whilst managing adverse effects. An explanation for the increased interest in risk managament is the opportunity to apply new thinking and tools on the “new risk reality”. We believe risk management should be an integral part of good business practice at both a strategic and operational level.
The core of risk management is to assess the uncertainty of the future in order to make the best possible decision today. All risk management and all decision-making deal with this general issue. The benefits of risk management are the benefits of better decisions; fewer surprises, improved planning, performance and effectiveness and improved relationships with stakeholders.
- The new risk reality
- Advances in risk management thinking and tools
- Better decisions, but not always better outcomes
DNV work
Risk management is a key component in most of the work DNV does for our customers. What varies is the scope of our work. The work can be split into three areas:
- Risk/issue analysis. The subject can vary from mechanical integrity, vulnerabilities in ICT systems or food safety
- Risk management systems - design, evalution and improvement. This includes the policy, process, structure, tools etc. of effective risk management
- Risk management – implementation. A key challenge in risk management is the change of heart, minds and ultimately actions of the risk owners.
Read more about some of DNV's risk management services here or browse through 'Our services' to find how we can help you.
Sustainability
The power to build trust is linked to risk management. Sustainability is about environmental, social and governance issues –linked to the trust you enjoy. Sustainability risk management enables you with the power to build trust
Risk Management after Deepwater Horizon
The offshore industry invests considerable amounts in safety; these investments have resulted in a steady improvement in safety performance. Despite this – accidents still happen. Why is this, and what can we do to improve even further?
Asia, the Pacific and the Middle East: Where the action is
"The growth in Asia is impressive, and DNV is eager to make its contribution to companies and governments in ensuring that the growth is sustainable," says Remi Eriksen, newly appointed COO and Head of Division Asia, Pacific & Middle East in DNV. "I am convinced that our services to help customers identifying, assessing and managing risk will be valued - and needed - in the rapid growth of Asian economies."