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POPin Blog

CrowdSource For Risk Mitigation

We live in a world where risk of failure is an ever-present constant and millions of companies and their executives face it daily. But exactly do we mean when we talk about risk? We’re not referring of course to risk in the workplace (i.e., hazards, health and safety), but from things such as uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, disasters as well as cyber-attacks. Hundreds of books have been written on the subject and thousands of consultants have built thriving practices on it. (In fact, several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards.) While the complete elimination of all risk is highly unlikely, there is ‘risk management’ where a company tries to identify and assess the risk and then puts together a plan to help minimize, monitor and control it. ‘Risk mitigation’ is somewhat of a better place to be – reducing the exposure to that same risk – and is designed to deflect as many threats as possible and minimize vulnerabilities which can pose a threat. This can be done through policy and procedure, training and education and technology implementations. This is where team engagement is critical. We believe wholeheartedly that leveraging your best resources – your employees, partners and customers – when properly engaged, can uncover critical success factors before they become issues. But it’s not just about brainstorming ideas, but about Crowdsourcing and Crowdsolving. In Crowdsourcing, you’re gathering your employees, partners and customers in an open – but controlled forum – and issues/challenges are broadcast in the form of an open call for solutions. Guide the conversation and let your participants do the rest. Crowdsourcing with sophisticated session parameters also help you establish relevant data collection and exclude information that you don’t want or need. Too often input from employees can get inadvertently filtered through layers of management before it gets to those at the top. But getting anonymous feedback – that layer of privacy – allows senior executives to get everyone’s perspective – even the vocal minority – on a subject without the associated politics and typical filters which can limit access to information at all levels. Selected initiatives are then CrowdSolved with specific discussions to deliver timely and innovative impact to relevant corporate objectives surrounding risk mitigation.