Take Action
Having measured your risk exposure in a key segment of your business, you are ready to take action to mitigate the likelihood and impact of that risk occurring.
The following steps help streamline the risk management process:
Set targets and make a plan: Knowing what your risks are, the first step is to decide what the ideal outcome is - where you want to get to. Do you need to remove a specific risk entirely, or is mitigation adequate? You can then chart a course from where you are to where you want to be, and create draft objectives with key results that get you there.
Communicate: Engage with your teams and the supply chain in the chosen segment to communicate your intentions and solicit feedback and input. Establish a shared understanding and agreement for why the objectives must be met and shared responsibility for meeting the objectives.
Refine the approach: Analyse and adopt appropriate feedback, refining key results and actions to better align with operational imperatives and the supply chain in order to cement shared commitment. Communicate the plan.
Collaborate: Work closely with teams and the supply chain to facilitate shared working towards the objectives, with regular mutual progress reporting, feedback, and refinement to stay on track in a changing world. Act as a single team across organisational boundaries with shared ambition. Transparency is key.
Iterate: Keep sharing, learning, and refining until objectives are met. When your risk exposure in this key segment is reduced to an acceptable level, move on to the next segment.
While these simple, practical steps will help business to mitigate climate, environment, and social risks, there is complexity in the detail. Shared Stewardship is here to join your collaborative and share the load to help you navigate the twists and turns to get your Planetary Debt under control.
To find out how we can help, get in touch today.
