Neither is it possible to imagine a business without risks, nor to imagine that the risks can be averted. So, when the rules of the game cannot be changed, change the method of playing it. Michael Saltzstein an expert in risk management can help one do so with the right kind of advice owing to the years of experience that he has in tackling the most difficult risks that can be associated with businesses. His erudition in this is visible even in his voluntary services for USA swimming where he ensures to get rid of sexual misconduct in the sport by drafting an impeccable six-point plan.
The first step in risk management is the identification of the risk. Once it is determined where and how much risk is associated with any business finance, it becomes easier to find ways of doing two things. One is, eradicating it completely and two, at the least devising means that would help to minimize the effect of those risks with the help of risk control measures.
Michael Saltzstein is reputed to adeptly identify such risks and develop plans of optimized risk-management programs. His state-of-the-art expertise is reflected in the designing of the best economic strategies, alternate risk financing methods, loss control, occupational health and safety management, and a whole lot of other similar financial products.
Since this process involves not just the identification of the risk but also the anticipation of the probable affected areas of the risk in the future, this is also known as enterprise risk management. These risks also heavily affect the strategic goals of a business; managing risks would also mean an analysis of that impact on the company.
Risks are not always negative they may have a positive angle to them as well. There are risks that are known to add value to the business. In this regard then effective risk management would not merely mean planning the removal of risks involved but also turning some of the risks into value-adding contracts cleverly.
The risk appetite of a company, in this case, is something that ace risk managers such as Michael Saltzstein should analyze while assessing the risks of a particular company. That is to say, to determine how far the organization is willing to take up a particular risk. However, this certainly has to be directed towards the realization of the objectives of the organization.
Risk management has now become an integral part of any thriving business with the aim to eliminate some associated risks while simultaneously also smartly improvising certain risks and adding value to the company. It has now become an absolutely essential thing to be taken care of right at the onset of the conception of a business. With the constantly altering market, the risks involved in any business also go through a transformation and it becomes the responsibility of every risk manager to have a holistic approach to managing the associated risks efficiently.
