Think Like a Pro: Strategic Risk Management Tips Every Business Needs

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Summary

In this conversation, Michael Venner and Aaron Furphy discuss various aspects of ISO standards, risk assessment, and the aerospace industry. They delve into the importance of evaluating internal and external factors for effective risk management, emphasising the need for organisations to recognise their strengths and weaknesses.

Auvas Website: www.auva.com

Aarons LinkedIn Bio: https://www.linkedin.com/in/aaron-furphy/ 

 @auvacertification  

Apple Podcast:  https://podcasts.apple.com/gb/podcast/by-all-standards/id1771677594

YouTube:  https://www.youtube.com/@auvacertification/podcasts

Spotify: https://open.spotify.com/show/79OUNj3vY9dmESR3okwHJa?si=871837f56dc149b6

LinkedIN: https://www.linkedin.com/company/auva-certification-ltd 

Instagram: @auvacert

Michael Venner:  https://www.linkedin.com/in/michaelvenner-isocertificationexpert/ 

Takeaways

• Recognising strengths and weaknesses is crucial for businesses.
• Evaluating internal and external factors helps in risk management.
• ISO standards play a significant role in organisational success.
• Organisational risks differ from product risks in assessments.
• Proactive career pursuits can lead to better opportunities.
• The aerospace industry has unique challenges and considerations.
• PESTLE analysis is a valuable tool for understanding external factors.
• Certifications like AS9100 are important for quality assurance.
• Effective communication is key in risk management discussions.
• Final thoughts should always include actionable tips for organisations.

Chapters

00:00 Introduction to Risk Management

03:01 Understanding ISO Standards and Risk Assessment

05:50 The Importance of Strategic Planning in Risk Management

08:35 Risk-Based Thinking in Business Growth

11:41 Implementing Risk Management Early

13:22 Approaching Risk Management: Tools and Techniques

17:48 Effective Management Controls for Risk

19:05 The Importance of Preventive Measures

21:28 SWOT Analysis in Risk Management

23:31 Identifying Opportunities Amidst Threats

25:01 Engaging Teams in Risk-Based Thinking

28:18 Strategic Risks in New Sectors

32:39 The Importance of Risk Assessments

34:43 Consequences of Poor Risk Management

39:31 Practical Tips for Risk Management