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6 Crucial reasons to avoid Mismanagement of Risk

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Business organisations are known for accepting and managing risks. With increasing digitisation and competitiveness in the global market, the frequency of occurring risk has tremendously increased.  Today business entrepreneurs are ready to take risks if in return they are getting the most loyal customers with high revenue rates. But this is not as attractive as it sounds. Taking risks and managing it successfully requires a high level of perfection, prediction, knowledge, experience, and a backup plan, etc. Your one step in the wrong direction can ruin your business and lead you to face heavy losses.

Even though companies like UK call centre and other contact centres contain a backup plan for any calamity or risks. But not every time that backup plan will fit into the scenario and save you from facing pitfalls. They are after all in the business of taking huge risks, investing capitals, setting factories and various other investments. Therefore, there are huge chances of falling into the pitfalls of risks.

When risk management fails it can be due to the below-mentioned factors:

Following the older trends and historical data

  • Any risk management enterprise forecasts the current and coming trends by comparing and analysing the past data and information received. They are already prepared with more than three to four plans for the upcoming years. The one which suits the best at that particular time is carried forward.
  • For example, a company has invested in three different share markets, the one which will yield the maximum result after three years will get the maximum investment. Even after analysing and assuming the various factors, your decision can go wrong and you can face losses in your deals. Therefore, just relying on the historical data will not make you richer every year.

Read Also: Tips to Mitigate the Risks Associated with Outsourcing

Not focusing on wider approach

  • Smaller organisations do not go for bigger investments and returns as they are afraid to lose such huge capitals. And so their approach towards any market is generally narrow. They fail to realise the various aspects of risks that can occur.
  • The most prominent way to analyse risk is measuring risks on daily basis, i.e., Value-at-Risk(VAR). This process can create an estimate of the greatest loss that an organisation can face. But the greatest disadvantage with VAR measurement is that it takes every little penny to restrain and manage loss through VAR, that an organisation becomes imbalance to further support the capital.

Not considering the easy risk

  • Organisations usually overlook the risks that are easy to manage. An inbound call centre usually prepares for risks that occur outside their risk management classes. Usually, companies focus on those risks that are hard to solve and therefore they forget to realise that these larger risks can be the cause of many smaller mistakes correlated to each other. While solving many smaller problems one can reach the solution of one bigger risks that was hard to manage earlier. Before companies can realise these areas, it is already late to cover those mistakes.

Read Also: 5 Phrases Successful Call Centre Agents Never Say

Communication failure

  • Any risk that occurs out of the blue is the result of smaller overlooked risks. These risk if communicated within time can be minimized to a great extent. If these risks are reported effectively, within time and in a proper manner to the risk managing departments, it can be mitigated to such extent at lower levels.

Improper delivery of responsibility

  • At times, an agent knows when a situation like risk can occur. But due to their busy schedule or indulged in some other works, they avoid taking the necessary risk mitigation measures. Hence, facing huge responsibilities later on and unable to get the desired output.
  • In order to get the proper status of a project, it is a manager’s duty to involve with your crew members and create a sense of trust between channels, so that an agent can come up with the queries one is facing. 

Read Also: Perks of Having a Virtual Assistance for Your Organisation

Reducing risk but not in real time

  • One of the reason for risks to amplify is not managing it in the real time. The occurrence of risk is an unplanned process, therefore, it requires continuous monitoring, managing and analysing it within the given time, and taking the required measurements for it.
  • Estimating risks can be a tricky business indeed but the outsourcing call centres in UK have experts who are hired just to analyse flaws in the system and process and report it to their immediate supervisors so that proper measures can be taken within time.

Conclusion

There can be pitfalls and flaws in the process which might not be possible to detect each time. Therefore, in order to improve the risk mitigation techniques, inbound call centre agents need to specialise in their field and leave no stone unturned to find the best possible ways to reduces risks.

Read Also: Put your best foot forward with proactive customer service

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