“Risk” is simply the chance or gamble we take on something. Recognizing that there is the potential for a large gain or loss must be a part of that definition. How we deal with risk is the methodology of Risk Management. At Global Edge, we demonstrate how Risk Management is actually a deliberate process that results in better controlling those forces that can wreak havoc on our client’s business. If mistakes teach us anything, it is that we not only need to ascertain what specific risks we can live with and what level of those risks we can tolerate, but we also need to learn how to minimize risk in order to provide the maximum potential for reward. This is fundamentally what Risk Management is all about: determining, evaluating, quantifying, and making educated decisions. We at Global work with and teach our clients how to better manage their exposure to risk.
Recognizing and accepting that sometimes things do not go as planned, that it is important to be able to determine in advance what is necessary to increase the probability of success, and that the goal of Risk Management is to minimize or mitigate the downside potential, GEI deals with risk specifically by doing the following:
- determining what the basic issue is;
- enumerating our options in treating that risk;
- understanding the risk/reward factors of both the risk itself and our options;
- anticipating the consequences- both good and bad- of that chance we are taking;
- determining which option of risk control works best for us; and
- preparing in advance for the outcome not going as planned
This is the Risk Management process and philosophy that Global Edge’s professionals use.
A business operates to make profits. Risk management serves to protect the three basic components all businesses have: physical, fiscal and human. Since a business does not exist nor operate in a vacuum, exposure of any or all of these areas to external forces necessarily affects the revenue and profits a business.
Risk Management techniques: 1) identify those factors that can negatively impact us; 2) determine the level of tolerance for a potential negative impact- how much are we willing and able to lose or gamble should something go awry; 3) enumerate ways to either mitigate loss or remove it entirely from being an issue of concern; and 4) determine the costs and effects of those mitigation options. Going through this process then allows us to 5) decide which game plan works best for any given situation and put it into action; 6) monitor the results or the level of success or failure of the option; and 7) revisit it as necessary in the future to ensure even better outcomes and to adjust it as needs change.
INTELLECTUAL PROPERTY PROTECTION
Intellectual property may be the most important core asset of a business. If your unique product or service is the key to your advantage in the marketplace, it must be protected against theft and abuse.
Items of intellectual property protection may include patents, trademarks, trade names, service marks, copyrights, trade secrets and other special regulatory or legal filings which protect crucial output of your imagination and ability to innovate from being duplicated (without your explicit permission and authorization) and utilized against you by your competitors.
Global Edge has experienced and highly creative patent attorneys on its Expert Advisory Board who can proactively assist your company in protecting its intellectual property. In addition, these experts can provide guidance and documentation in the event that your company may choose to license any of its intellectual property to another company for the purposes of manufacture or distribution.