Several tools and techniques can aid in effective risk management:
Risk Matrix: A risk matrix helps in prioritizing risks based on their probability and impact. SWOT Analysis: This tool analyzes a company’s strengths, weaknesses, opportunities, and threats. Scenario Planning: Scenario planning involves creating different future scenarios to prepare for various possibilities. Key Risk Indicators (KRIs): KRIs are metrics used to monitor and manage risks. Heat Maps: Heat maps visually represent risks to highlight areas of concern.