Risk Based Decision Making
Risk-Based Decision Making (RBDM) is essentially a series of basic steps that creates value to the organization by streamlining the decision-making process centered on events with a high degree of uncertainty and the potential for catastrophic outcome. Most organizations face multiple scenarios with varying degrees of uncertainty and impact on the organization's performance objectives.
Benefits of Using BakerRisk
BakerRisk works with clients to identify potential gaps in the existing decision-making process, and assists in developing and implementing policies, procedures and tools to close these gaps. The end result of this effort is a streamlined process that organizes the possibility of one or more unwanted outcomes into a broad, orderly structure. Benefits include:
- More consistent and transparent decision making
- Significant reduction in the number of unresolved items
- Having clear justification for not pursing a course of action
- Discussion centered around specific assumption instead of generalities
- Faster resolution of decisions due to the clarity of the process
- Better management of limited resources
- Better alignment between operating units and overall business objectives