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As a professional who performs services for your clients, one of your primary considerations should be "What is your exposure?"
Exposure is simply risk, which is the probability of an unfavorable outcome. In theory, the sources of risk that could impact a project are virtually infinite in number. In practice, the number of statistically significant sources of risk is relatively small. As a professional you have the responsibility to know what your risks are and how to manage them in order to minimize the probability and severity of an unfavorable outcome at the lowest long-term cost to your organization.
Our Management Advisory on Risk Identification, Assessment, and Management provides tips on managing risk in your company.
In addition to understanding your overall sources of risk and how to manage them, look more specifically at your organization's clients, and the projects you select.
The Management Advisory, Questions To Help You Identify Risk can help you identify and quantify risk. They may even help you describe the techniques available to manage that risk. When properly implemented, these questions can help individual members of the same firm address risk management from a common perspective. Knowing and managing your exposures are a key element to a successful and profitable practice.
You can count on Schinnerer for a comprehensive risk management program. For the thousands of small firms we serve, Schinnerer provides online access to a secure, proprietary risk management network. You'll find a library of articles on a wide range of topics with answers to your questions.
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