Thursday, December 15, 2011

Eric Visselli: Developing a risk management plan

Anticipating what can go wrong is not a bad thing especially for businesses. Company executives like Eric Visselli of Hamilton Sundstrand Auxiliary Power Systems recognize the need for preparing for the worst, particularly when plans don’t work out.

Eric Visselli Photo Credit: worldcupblog.org

A risk management plan is considered a beneficial tool for companies, especially when tackling special projects. Usually, a risk management plan has the following:

- Background of the project
- Objective of the project
- Possible risks (can be divided into priorities or categories)
- Solution to possible risks (plans A to C, or more)
- Preventive measures to avoid the risks

Eric Visselli Photo Credit: whatisthetrend.net

Project managers are usually the ones in charge of coming up with these plans, since they are the people who know the ins and outs of a certain project. But management experts like Eric Visselli believe that a risk management plan for the company in general should also be made.

In the world of finance for example, some risk management plans involve steps on how to deal with bankruptcy. Eric Visselli, for example, is a Chief Financial Officer who has implemented cost reduction plans to stabilize Hamilton Sundstrand’s financial standings.

Eric Visselli Photo Credit: socialistinternational.org

Encountering problems and glitches is normal for any company. What’s important is having back-up to resolve the said problems. And by creating a risk management plan, companies can prepare for whatever lies ahead.

Visit Eric Visselli on Twitter.