SMART BUSINESS

The terms used to describe the various aspects of risk management are bewildering, even to an experienced project manager. At least I find them bewildering. I’m going to examine some of the terms used to describe risks and the way they are managed and hopefully shed some light on what they refer to and what they mean. I hope to clear some common misconceptions up at the same time.

The first misconception I’d like to address is the meaning of the word “risk”. We tend to view that word, especially in the project world, as having a negative connotation. Frequently it does imply a negative consequence, but not always. Actually a risk can have a positive outcome such as when we risk money on a lottery ticket and our ticket wins. Risks that have a positive outcome are called opportunities and risks that have a negative outcome, such as when we refer to the risk of a car accident, are called threats. We take action to encourage our opportunities, such as buying lots of lottery tickets, and we discourage our threats, such as when we get inoculated against the threat of a flu virus. Both opportunities and threats are forms of risk, the key difference is our approach to managing them.

There is a great deal of confusion around the terms used for our difference approaches to managing risks. We commonly refer to our management of risk as “mitigation”. The dictionary definition of this verb is “to make less severe: to mitigate a punishment”, or “to lessen in force or intensity, as wrath, grief, harshness, or pain; moderate”. While it is true that we mitigate some of the risks to our projects, mitigation is just one strategy used to address potential risk. Sometimes we choose to avoid a risk altogether, such as when we respond to the risk of encountering a traffic jam on an expressway by choosing an alternate route (we may still risk encountering a traffic jam, just not the traffic jam on that expressway).

Transference is another term used to describe our response to risk. The classic example is when we buy insurance on our car to deal with the risk of an accident. We aren’t necessarily reducing the chance of an accident, or even reducing the impact of the accident, we are simply reducing the impact on us should the risk event (the accident) happen by sharing the financial burden with the insurance company. There are other types of transference. Outsourcing work to an organization with more skill and experience in performing the work than we have is another example. In that case, our intent is to reduce the likelihood of the event happening by having someone more skilled and experienced do the work. We may also be reducing the impact on ourselves, depending on the type of contract we choose.

Mitigation is the strategy we use when we can’t avoid the risk altogether and we can’t transfer the risk, or don’t want to. Mitigating the risk requires us to take some action that will reduce the severity of the impact of the risk event if it should happen. Another way of looking at our traffic jam scenario is the relative likelihood of a traffic jam occurring on the expressway as opposed to the alternate route. If the alternate route has never experienced a traffic jam we could view that response as avoidance. If traffic jams happen on the alternate route less frequently, we’ve simply reduced the likelihood of being caught in one, or we’ve mitigated our risk. This is where common usage departs from the dictionary. We commonly refer to any strategy that either reduces the impact of the risk event, or the likelihood of it happening.

Contingency plans are a specific type of mitigation. The contingency plan differs from a other mitigation strategies in that no action is taken until the risk event happens, unlike other strategies that require the action to be taken before the risk event can happen. Taking the alternate route is only effective if we plan our trip that way. It isn’t much use when we find ourselves in a traffic jam on the expressway. A contingency plan to deal with our expressway traffic jam might be bring along a flask of hot coffee or cold drinks to refresh ourselves while we wait for the traffic jam to clear. A term that should always be associated with a contingency is trigger. Trigger refers to the circumstances, or set of circumstances that will cause us to deploy our contingency plan. Pouring ourselves a cup of hot coffee from our flask while we’re cruising down the expressway at 60 mph is not a good idea, it is likely to cause a crash and involve us in a traffic jam, the very event we seek to avoid! We shouldn’t indulge in the hot coffee until our car is stopped and we can see from the traffic ahead that it isn’t likely to start moving again anytime soon. This set of circumstances is referred to as the trigger.

Another common response to a risk is to simply accept it. We usually do this when the probability of a threat happening or its impact if it does happen make it impractical to spend any money or effort on a response. I’ve planned to walk to the bus stop to catch a bus and the weather forecast calls for a 50% chance of showers. It’s summer, I’m wearing jeans and a tee shirt – do I want to buy an umbrella to avoid getting a wetting? Probably not, I’ll probably be hot by the time I get to the bus stop and a rain shower may be refreshing! In this case I’m simply accepting the risk. Another term sometimes used to describe this response is “assume”, as in I assume the risk. Assume means to take on or to appropriate. I’m doing neither when I walk to the bus stop without the umbrella. The risk is already there, I don’t have to appropriate it. When I hire an insurance company to protect me against a collision, they assume the risk, or at least the financial impact of the risk. When I choose not to respond to a risk, I’m accepting it.

“For every action there is an equal and opposite reaction”. The actions we use to respond to opportunities are just about the direct opposite of those used to respond to threats. Instead of avoiding the opportunity, we exploit it. Exploit is not the grammatical opposite of avoid, strictly speaking. Seek or confront are probably closer to opposite. Exploit is used in reference to risk management because it more accurately describes the action we take. Whenever a poker player sits down to play the game for money there is an opportunity to make money. A cheat, or card “mechanic” will exploit this opportunity by fixing the cards so they can’t lose. Potential victims of the cheat can avoid falling prey to their exploitation by avoiding playing in a game with the cheat. If there is a chance that a telecommunications company can capture a large market share by being the first to market with some new technology, they will exploit that opportunity by shortening the time to market.

Rather than transfer a risk to someone else, we share an opportunity. Usually we share the opportunity with someone, or some organization, whose strengths are uniquely compatible with our own and our partnership will improve the chances of realizing the opportunity. This is corporations enter into joint ventures. Each corporation can contribute something to the venture that their partner cannot. Singly they cannot deliver what the project calls for but collectively they can. The opportunity in this case is may be a contract they bid on together, or the capture of a market share for a product they jointly produce.

Instead of mitigating a threat we enhance an opportunity. Enhancement takes a very similar approach to mitigation. We may do something that will increase the impact of the opportunity if it occurs. For example, we will prepare an ad campaign that boasts of our being first to market with our new technology. This does nothing to improve our chances of getting to market first, but will increase our market share even more if we do get there first. Alternatively, we may choose to improve our chances of getting to market first by shortening our development time, or we may do both.

The term accept has the same meaning for both threats and opportunities. In both cases acceptance of the risk means that we do nothing to avoid it, exploit it, transfer it, share it, mitigate it, or enhance it. If it happens, great, if it doesn’t, that’s OK too. We may be able to enhance our chances of winning the lottery by buying many tickets (although not much), but most of us are willing to accept the opportunity presented with a single ticket.

I hope this clears up any misconceptions you held about risks, threats, and opportunities. Just remember two things: risks include both opportunities and threats, and mitigation is only one response to dealing with threats.

If your most recent risk assessment shows that your business has a high level of risk, it may be time to start thinking about how to address them. Safeguarding your business from possible risk usually involves making one of two choices: first, risk avoidance – i.e. avoiding activities and commercial opportunities that present a high risk – and second, actually changing your business practices and working conditions in order to positively combat the risks you currently face.

While the first option may be beneficial in the short term, the second is undoubtedly the choice with more long-term potential. By positively addressing your biggest risk factors and adopting a risk mitigation strategy, you’ll be bolstering the foundations of your business, preparing it to absorb shocks and weather storms in any volatile years that may come.

Steps To Implement Risk Mitigation

Large, multinational companies often draft in consultants and contingency experts to help them implement comprehensive risk mitigation strategies. However, if you operate a small business, there are some simple steps you can take without bringing in the experts. First, ensure your business data is backed-up and protected. This may involve employing an external data storage company, who will sync your system with an off-site data centre. So if your commercial property should experience an event that leads to your on-site servers being damaged or compromised – like a fire, flood or a security breach – your data will still be accessible from these off-site servers.

You may also wish to establish how your business will operate if your premises should be damaged and rendered unworkable. Some small businesses may be able to operate with all their employees working separately at home. However, this requires the setting up of a reliable virtual system that lets all workers access their emails and work files remotely. Others may prefer to move to a temporary serviced office that can be paid for on a monthly basis until the original commercial property – or a completely new one – is fit to be used again.

Power and Temperature Control

It’s also important to prepare for risks that may affect certain parts of your business but not others. For instance, if a large proportion of your energy comes from natural sources – like tidal, wind or solar power – it may be advisable to have a plan in place for generator rental. This ensures that you have an electricity supply in place should these sources of energy be affected by changes in weather.

Similarly, if your office operates in severe temperature conditions – for example, in a very hot climate or a very cold one – a breakdown in your temperature control mechanism could be disastrous for your business. Ensuring that you have back-up heaters or air conditioning in place – usually, by making arrangements with a rental company – means that business can continue with as little disruption as possible.

Harvey McEwan writes to offer information and advice on a variety of areas, from technology to holiday destinations. Read through Harvey’s other articles here to find out more.

Any type of business, whether big or small, is open to risks. Even the successful entrepreneurs would tell you that this is a given regardless if you’re just starting out or already doing business.

Risk is inevitable. In fact, it’s what keep business owners up to their toes most of the time. It’s what makes business more challenging and rewarding. Experts believe that the greater the risks involved, the greater are the rewards that lie ahead.

So if you’re in business, never fear these risks. With the right attitude and the right steps, you can manage them and achieve success moving forward.

An initial step you can take is to determine the possible risks in your business within a month. These could be low sales and loss of income. Then determine the level for each such as if it’s low, moderate or high and then figure out if the risk is manageable or not on your part. This is one effective way of understanding your risk tolerance so you can better manage those financial risks.

In terms of managing your risks, you have several choices. It won’t do you any good if you’ll just ignore them and not take action. What you can do then is to transfer those risks, minimize them or accept them.

To reduce those risks in your business, you need to have a backup plan. This will help you improve results and not experience financial losses.

To transfer risk, on the other hand, requires you to outsource certain tasks to third parties that are better qualified to do perform the work to give you the best results. But remember, you need to get only qualified people or groups that can do the work right the first time they get their hands on the tasks provided.

Your third option is to accept the risks. This entails being ready for whatever loss you may encounter to enable you to develop safety measures moving forward. Some actions you can take to do this are to increase your financial resources, add more staff and time to highly important projects.

Once you’re able to know what needs to be done with those risks in your business, you can take on the challenge to face more risks as you go along. In terms of advertising, for instance, you may want to place a major ad in an online platform or in a traditional media format such as magazine or newspaper. But before you do that, be sure to do your research with regards to your close competitors and the results ad placement can provide.

Avoid jumping on the bandwagon right away without planning and strategizing your next moves. Keep yourself informed about your market, about how your product or service is faring and about how you’re going to achieve your goals moving into the future. If you can, consult with the people who possess the skills you need to proceed with your plans.

Keep in mind that in business, the more knowledge you possess, the less you fear the risks whatever they may be. So be wary of those financial risks and take action to attain your goals.

A risk management certification is a great example of a rewarding and useful business accreditation that is achievable by any individual with sufficient academic training and work experience. These certificates are conferred by a variety of different oversight associations that monitor the risk management industry, and work with professionals and academics to move the industry forward.

Earning a certificate in this area can lead to a variety of different and rewarding careers. Each of these diverse paths represents a unique and exciting opportunity to realize an increased feeling of prestige and sphere of responsibility within the workplace, as well as earn a greater level of income. One example of a career in this area includes becoming a business management consultant that specializes in risk identification, analysis, and mitigation. However, the majority of individuals who obtain a risk certificate become internal risk analysts or risk managers within a specific organization

When an individual completes a certificate in risk, they are exposed to a broad, skill-based management training curriculum. This certification training prepares the individual to become a competent, resourceful, and contributing member of an organizations management team. A certified risk manager is trained how to identify the unique business risks the organization is exposed to, how to analyze both the risks themselves and the factors that drive their occurrence, how to quantify both the probability that these risks occur as well as their impact should they occur, how to prioritize the risks and devote appropriate resources to their mitigation, and how to monitor the organizations operation to predict when risks may occur.

A successful manager of risk must not only understand the ins and outs of risk identification and risk assessment, but must also possess an understanding of resource management and also be an effective communicator. This manager must be able to prioritize the risks the company is exposed to, and focus resources both efficiently and effectively on the mitigation of the most threatening risks.

Some other roles and responsibilities of a typical risk manager include;

• Within some organizations a manager of risk is charged with overseeing the company’s compliance with government regulation, legal code, or industry specification.

• This manager can either me a member of a risk oversight team, or be charged with overseeing the team itself. This team is responsible for conducting the day-to-day processes of risk management, and working with representatives of senior management to guide risk-mitigated decision making.

• Adapting, developing, implementing, monitoring an organizational risk identification and monitoring policy that outlines and codifies the organizations approach to operational hazards.

Many organizations, especially larger company’s with expansive operations, have a top-level risk oversight position, such as a Chief Risk Officer. This C-suite level position is responsible for the overall effective and efficient governance of the organizations business risks, and reports to the company’s executive committee or its Board of Directors. Any individual that is interested in reaching this exciting, rewarding, and prestigious executive position would be very well served to earn a risk management certification.

Lately, there have been a number of articles on professional athletes who have lost millions of dollars due to poor financial decisions. The athletes range from golfers to boxers to professional baseball players and their poor decision range from buying cars, women, and tigers to battling gambling addictions and making poor business investments. There are also those who have been swindled by their agent, their accountant, or their ex-wives. Most of these problems are due to a lack of education and some are due to a lack of maturity. Whatever the case maybe, these problems have opened doors to entrepreneurs who are in the business of financial and risk management.

One startling statistic states that 78% of NFL player enter bankruptcy or financial distress within two years of retirement and 60% of NBA players go broke within five years of retirement. These athletes know that they have plenty of money and do not think about what will happen when they stop receiving those multi-million dollar checks. A lot of them do not understand business and/or finance. Some of them may have never even taken a single class of either one in college. Some professional athletes may not have time to focus their finances. The stress of having to produce on the field does not leave much time to focus on off the field issues such as investments or retirement plans. Raghib “Rocket” Ismail, a former professional football player who signed the largest salaries of his time in 1991 at $18.5 million over a four year period, once said, “I once had a meeting with J.P. Morgan and it was literally like listening to Charlie Brown’s teacher.” It’s not that he is not an intelligent person but without focusing on the details many professional athletes find themselves left out in the rain when their money is gone.

Of the athletes who have gone broke have not all have necessarily lost their money because living extravagant lifestyles. Some have tried to make investment and plan for their futures but did not have people that they could trust managing their money or they tried to manage it themselves but did not have the time or knowledge to do so properly. Some of them have invested in high risk businesses that flopped and some invested in businesses that had no chance at all. One player once invested in an invention that consisted of and inflatable raft that attached to the bottom of a couch so that people who lived in areas with high rainfall could pump up the raft and float on their couch when their area flooded. Had this player had someone in the business of financial/risk management that he could trust and that was reputable then he would not have lost his money on such a silly investment.

Financial/Risk management companies that athletes should use are those that have a good reputation with all of their customers, not Uncle Joe’s accountant down at the local strip mall. These companies should try to educate their clients on things that they do not understand by offer consultation sessions and possibly workshops on financial management and personal finances. If they are trying to keep the athlete in the dark then they are probably trying to get over on them in some way. Every investment does not have to be a “homerun.” These companies should try to keep the athletes risk within reason.

Financial/Risk management is key to the financial stability of everyone no matter how much money they make. If every investment a person makes is going to be high-risk and high-reward then they might as well go a casino because all they are doing is gambling anyway. Although it is bad that so many athletes are having this problem, it is opening doors for those entrepreneurs in the risk management business. Athletes have to understand that even sports are businesses and they have to view themselves as independent contractors who have to run and manage their business.

Dustin Ramsey is currently a college football coach with past experiences in entrepreneurial ventures. He topics usually consist of athletics and business ventures. Webmaster and other article publishers are hereby granted article reproduction permission as long as this article and it’s entirety, author’s information, and any links remain intact. Copyright 2011 by Dustin J. Ramsey.

A risk management certification is a great example of a rewarding and useful business accreditation that is achievable by any individual with sufficient academic training and work experience. These certificates are conferred by a variety of different oversight associations that monitor the risk management industry, and work with professionals and academics to move the industry forward.

Earning a certificate in this area can lead to a variety of different and rewarding careers. Each of these diverse paths represents a unique and exciting opportunity to realize an increased feeling of prestige and sphere of responsibility within the workplace, as well as earn a greater level of income. One example of a career in this area includes becoming a business management consultant that specializes in risk identification, analysis, and mitigation. However, the majority of individuals who obtain a risk certificate become internal risk analysts or risk managers within a specific organization

When an individual completes a certificate in risk, they are exposed to a broad, skill-based management training curriculum. This certification training prepares the individual to become a competent, resourceful, and contributing member of an organizations management team. A certified risk manager is trained how to identify the unique business risks the organization is exposed to, how to analyze both the risks themselves and the factors that drive their occurrence, how to quantify both the probability that these risks occur as well as their impact should they occur, how to prioritize the risks and devote appropriate resources to their mitigation, and how to monitor the organizations operation to predict when risks may occur.

A successful manager of risk must not only understand the ins and outs of risk identification and risk assessment, but must also possess an understanding of resource management and also be an effective communicator. This manager must be able to prioritize the risks the company is exposed to, and focus resources both efficiently and effectively on the mitigation of the most threatening risks.

Some other roles and responsibilities of a typical risk manager include;

• Within some organizations a manager of risk is charged with overseeing the company’s compliance with government regulation, legal code, or industry specification.
• This manager can either me a member of a risk oversight team, or be charged with overseeing the team itself. This team is responsible for conducting the day-to-day processes of risk management, and working with representatives of senior management to guide risk-mitigated decision making.
• Adapting, developing, implementing, monitoring an organizational risk identification and monitoring policy that outlines and codifies the organizations approach to operational hazards.

Many organizations, especially larger company’s with expansive operations, have a top-level risk oversight position, such as a Chief Risk Officer. This C-suite level position is responsible for the overall effective and efficient governance of the organizations business risks, and reports to the company’s executive committee or its Board of Directors. Any individual that is interested in reaching this exciting, rewarding, and prestigious executive position would be very well served to earn a risk management certification.

The purpose of earning a risk management certification is to learn how to expect and prepare for the risks than an organization is exposed to in its operations. Completing a certificate in risk management involves learning how to identify and handle possible future scenarios, and preventing any problems that might arise. Of course not all risks that can be identified ahead of time and thus the organization must also prepare general risk control processes that can assist them during any eventuality. Risk training imparts the skills and knowledge to be able to anticipate risks, and the tools necessary to be proactive in resolving them. Achieving either of the risk-related certifications and completing the related training is a fabulous way to become a permanent and contributing member of a senior management team.

This training can take any number of forms generally takes place in a classroom style or independent study style. Risk management training is an excellent opportunity for someone looking to expand their employment options or upgrade their career. Being trained how to analyze and measure risks, and how to respond to possible threats are key concepts that lead to a successful career as part of a risk oversight team. The risk management career path is a valued one, with opportunities in public and private sector and in companies of all sizes and in all fields. Obviously different aspects of risk control apply in different scenarios and in differing fields, but this is another aspect of the training process: know what to look for wherever you may be. The recognition of the importance of risk management’s place in the decision-making management level is growing, and by participating in risk training, you can open to yourself new avenues of advancement in risk analysis or policy implementation.

The training required to complete a certification is provided by the industry oversight association that the student chooses to work with. Each association and program differs in how and when they provide their curriculum. There are also many other sources of risk management training programs, from accredited colleges and universities, online, distance education courses, or night classes, but not all of these result in a tangible accreditation, degree, or certification. Of course, this type of business training is not something that you always have to embark on by yourself; some companies will endorse your academic pursuits and some even offer employee training in risk processes. Regardless of the source of the training, it generally offers reading or lecture and hands on case studies, and leads up to a certification examination. When looking for a source of risk management training it is important to know which certification or designation is, or may be, conferred upon graduation; it is also important to choose training that fits in with the rest of your lifestyle, work hours or other responsibilities. It is important to gain experience working with risk analysis tools, risk mitigation protocols, and real-life case studies to be able to transfer this academic experience into workplace know-how.

Risk management training is the first step towards a career as a risk professional. Somewhere along the way, maybe during your education, training, post-graduation, or upon completion of your training you must become certified. Completing a risk management certification is the key to unlocking the door that this training in this area provides. There are several different certifications available depending on where you live and work, and what you wish your precise role in risk supervision to be. The particular focus of the chosen certificate will guide the subjects that the training curriculum is comprised of. All of the certifications offered by the primary industry associations provide the fundamentals, but also offer the opportunity to build on that foundation with specific ‘electives’ or areas of focus. Completion of the training regimen is a great addition to an individuals existing business training and experience, and the completion of a full risk management certification will no doubt increase an individuals roles and responsibilities in the workplace.

Every facet in life requires safety features. For instants places such as schools and offices are specifically designed to adapt to their users, to create a safe and functional flow. Sport events require on-site paramedics. Transportation systems and even theatrical acts and theme parks have a certain medical risk plan.

Risk management is the formal assessment composed of describing a system, identifying the hazards present, analyzing the possible risks and controlling the risks. With the use of risk management we can’t go about our day without worrying that we or out love ones may be in danger.

For the past 20 years Immediate Assistants have been one of the most trusted national and international medical risk evaluator and control services provider. Services offered can be designed to specifically fit your needs.

Below is a short list of services offer:

• Medical Risk Planning – involve creating a plan that covers the overall business system. Clients personnel’s will undergo testing programs like vaccination & immunization or drug and alcohol test, proper escape plans and protocols will be made, new technology system recommendations are offered and much more. The goal of the risk planning is to oversee possible risks, take the measures to prevent it and also create procedures for worst case scenarios. Besides planning, training is also necessary to make sure the implemented safety procedures is done properly without disturbing the work flow.
• Medical Personnel – are well experienced for extreme emergency and trauma cases. The team of medical personnel of Immediate Assistants composes of doctors, nurses, paramedics, ambulance officers and physical therapists.
• Medical and Rescue Equipment – is both for sale and for rent. By giving details of the situation, medical personnel’s can recommend and set up a list of the latest equipments and medicines for you.
• Advanced Life Support Clinics
• Clinics for Primary Health Care
• Emergency Medical Transport Packs
• Mountain and Water Rescue Equipment
• Latest Ambulances
• Equipment for Aeromedical Evacuation
• Remote Clinics – like those used for offshore sites or in-land areas can be set up. Immediate Assistants specializes in providing services in remote areas. The medical team can easily coordinate with one another to supply medical facilities, rescue boats, helicopters and set up evacuation sites.

Immediate Assistants is the trusted group to find health care solutions of any kind, certified training and safety risk management assistance.

Immediate Assistants is one of the most sought after medical service provider in Australia. Services provided include customized safety risk management programs for any business or organization, the latest advancement of medical equipment for sale or for rent, set up for remote clinics, outdoor rescues, certification and training and other medical services.

In spite of the considerable investment and development around the preservation of assets and the mitigation of risks across conventional corporate assets such as facilities, information, equipment and products, the same methodology and motivation remains far less advanced in regards to human capital.

Before any organization even explores risk management strategies for their human capital it is fundamentally important that they first determine the value at risk. Not only is it a case of valuing the contributions of the individual or groups of personnel but differentiating the value in which they contribute to the company, whether it be through the provision of specific skills and services or the commercial value they present the company. These distinctions also need to be made between job functions or management/executive levels. No two individuals are contributing to the company in the same manner, much less two diverse business functions. How many companies even know this definitive financial value of their people?

Following the basics of valuation, and any other unique considerations that the company may have (mobile work force, fixed laborers, knowledge capital, research and development) a unit cost can then be applied for prioritizing strategies or expenditure. For example, an individual that reflects a unit cost/investment per hour of $1 will be less likely to addressed as a priority when compared to an individually that presents a unit cost/investment per hour of $100. However, if there are significant numbers of the basic unit cost of $1 at risk, that group as a whole may be a greater priority than that of a single or limited $100 per unit cost individual.

Threats and residual risks associated with human capital are many and varied. Over time a detailed and thorough analysis can be conducted to determine the probability, velocity of onset and other governing factors that will provide a single or annual loss expectancy to the company. A single loss expectancy, such as death, may cost the company significantly more than just the forecast value identified in the first stages. Conversely, an annual loss expectancy, especially in light of the fact many companies are unable to even quantify this loss, may equate to millions of dollars in lost productivity, administrative burden or opportune costs.

To truly understand or appreciate the current or potential losses to a company through their human capital it is imperative to model the disruptions and time loss (inclusive of management and departmental support) to a cellular and group level. If someone falls ill, how long are they unproductive? What does it cost the company? Should the become a victim of crime or their business activity disrupted due to a natural disaster, what is the cost to the company? When applied to our entire human capital asset base, what is our single and annual loss expectancy?

“You can’t improve what you can’t measure” If you are making a truly informed decision on where your assets are distributed, you can then make informed decisions around strategies to preserve their value. You also enjoy the benefits of comparative investment/management. Most companies are surprised to discover that despite their commitment to their people, they actually devalue their contribution by not acknowledging them as an asset and preserving it accordingly. Are you one of those companies?

Companies that have undertaken to approach the management of their human capital consistent with other corporate assets have found the process highly rewarding and very confronting. Conversely, those adverse to such strategies or behind the curve continue to loose more money than the cost of such preparation and mitigation. They too find over time that penny wise turned out to be pound foolish.