Welcome to the Managing CRE Risk podcast, where we believe that if you can identify, understand, and manage risk, you can take huge leaps in your CRE journey and find more success along the way. Today, we have an interesting topic to cover. We talk about what risk managers do in huge corporations, and how you can implement their processes into your own business. We guarantee that this episode will shift your concept of how risk works on your properties.
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“Whether you have a risk manager or not, these five steps should be happening in your business.”
Even if you have a small business, you can implement the processes that risk managers do in big corporations. Today, we share with you 5 steps that you should take when you’re navigating the risk with your portfolio.
- Risk identification.
Look at your properties, contracts, and your relationships with other people and identify where are the weaknesses in your systems.
- Risk impact.
Review the physical, relationship, external, and system risks you just identified, and try to understand their impact on your business.
Find the biggest, most impactful issues in your business that need to be solved the fastest.
- Manage the risk.
Address the issues you prioritized and find the solution for them.
- Monitor the situation.
Now, that you solved the most impactful issues, make sure to monitor them over time.
Go through this cycle over and over again. In big corporations, risk managers go over this list at least once a year, but sometimes every quarter.
So now, we encourage you to go through these 5 steps to manage the risk in your business. Share your insights with us on social media!
Mentioned in the show:
- Jeremy’s LinkedIn
- The REI Clarity Framework
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