Sample interview questions: How do you assess and manage risks associated with strategic decisions?
Sample answer:
Assessing Risks:
- Identify Potential Risks: Conduct a comprehensive risk assessment to identify all potential sources of risk that may impact strategic decisions. Consider both internal and external factors, such as market conditions, technological advancements, regulatory changes, and competition.
- Quantify Risks: Assign each risk a likelihood and impact score to determine its severity and potential consequences. Use analytical tools, such as SWOT analysis and scenario planning, to gather data and make informed judgments.
- Prioritize Risks: Rank risks based on their severity and prioritize those that pose the greatest threat to the organization’s strategic objectives. Focus on mitigating or managing high-priority risks first.
Managing Risks:
- Develop Risk Management Strategies: Formulate specific strategies to address each identified risk. Consider various options, such as risk avoidance, mitigation, transfer, or acceptance.
- Implement Risk Control Measures: Implement appropriate risk control measures to reduce the likelihood or impact of identified risks. These measures may include policy changes, process improvements, or technology investme… Read full answer
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