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Risk Management Risk management is the human activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Marina operations are heavy with risk. Management strategies include transferring the risk to another party, avoiding the risk altogether, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. Many traditional risk managers are focused on risks stemming from physical or legal causes (e.g. natural disasters, fires, accidents, death, and lawsuits). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Intangible Risk Management identifies a most overlooked type of risk - a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of ability to identify. For example, when insufficient knowledge is applied to a situation, a knowledge risk materialises. Relationship Risk appears when ineffective collaboration occurs. Process-Engagement Risk may be an issue when ineffective operational procedures are applied. These risks directly reduce the productivity of workers, decrease cost effectiveness, profitability, service, quality, reputation, brand value, knowledge and earnings quality. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity. |
Risk management also faces difficulties allocating resources. This is the idea of opportunity cost. Resources spent on risk management could have been spent on more profitable activities. So, we must remember that ideal risk management minimizes spending while maximizing the reduction of the negative effects of risks. Strategic Planning This is a subject that when approached will get you a different definition with each "expert" who may be asked about it. It is also something that is not widely practiced in the marina business. It is fairly common in the hotel industry....but because most marinas have begun as small familiy businesses, practices of more conventional business operations are often lacking. The definition we like the best is this: Strategic planning is setting an appropriate course and direction for an enterprise which focuses resources, usually on optimizing survival, growth and (where appropriate) profit. It is a mistake to think of strategy as simply a set of objectives. Good strategic planning always involves setting and implementing objectives, but you can do a lot of objective setting and implementation without being strategic. Atlantic Marine Management's approach to strategic planning involves creating a comprehensive plan based on a hiearchy of goals combined with a contingency strategy (or risk management) for every aspect of your plan. Not many people like to focus on risk or changes in the business or economic environment -but unforseen, unplanned or underestimated circumstances are the road blocks of the best laid plans. Whether you need a startup strategy, takeover or recovery model, AMM's professionals will set you on a straight track. Starting from a base set of business goals, AMM will consult with you and your team members to establish guidelines and benchmarks which will be used to trigger each step or process in your strategic plan. AMM can act as 3rd party consultants with minimal oversight in the execution of your business strategies or we can actively participate in any capacity you desire. |
