Risk Management: A Vital Element When Doing Business | ANT Consulting

 Risk management is a vital element when doing business but so far, not many enterprises concern about it.

According to a recent survey with 522 companies, there are only 43 companies, accounting for about 8%, have the independent risk management department in their business. More noteworthy, the majority of these 43 companies operating in the banking and financial sector, which has nothing new to risk management. In fact, not all banks have independent and effective risk management departments. The negative problems related to the banking system in recent times somewhat showed the picture about the risk management of this sector.

Risk is understood as any events and situations that could harmful to the ability to achieve the business objectives of the enterprise. Risk management is organized in a formal way and is conducted continuously to identify, control and report the risks that may affect the achievement of the business objectives of the enterprise.

So why businesses are not interested in risk management? Part of this problem stems from the awareness of the leaders. In order to build and operate the risk management system in the enterprise, it needs the commitment of the senior leaders. If senior leaders do not aware of this problem, the administration process will be difficult to achieve the desired effectiveness.

Recently, there are many theories and systems of risk management but small and medium enterprises should be cautious when apply because system and theory are just general and they should be adjusted when applying to each business.

In order to form the culture of risk management, the leaders must along with the employees to implement it regularly and for each project. In theory, the risk management process is carried out in 5 steps: identify risk; evaluate its impact; determine the likelihood; action and measures; monitoring and evaluation.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

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How to conduct research in Vietnam from official media source? | ANT Lawyers

 The media is an effective source for us to search necessary information for learning, business activities or for daily life. However, with the development of the Internet, communication has a stronger influence and is the leading tool that we often use to find information. Besides the benefits that the media brings, the media might be abused to pose many risks for users. Therefore, how to find official information in the media source is a topic of concern for many people, whom wish to search i.e. reputation of business partners, record of business owners, shareholders, key officers or management personnel, public information of company or individual, actual business operation of company, government policies, regulatory matters…

It is increasingly important to check sources of information, especially on the internet and using social media. Any individual joining a media network, social network can post any contents and share information, even if the information may be false. In fact, images and videos can also be plagiarized, mislabeled, or fabricated to convey information. Meanwhile, when users do not have time to learn and verify the source of false information and the fact that this information is not censored, it can spread quickly in the mass media.

Therefore, to avoid accessing or searching for fake news, users should not rely on all the information on social networks. Accordingly, users should check trusted news websites or government websites. In addition, users can check the author, title or name of the agency or organization that wrote or published information and articles. Users will then have an initial assessment of whether they are eligible to post and can trust what they have posted.

Further, before sharing a post on social network platforms, users should check if it is reliable and authentic information. However, on social network, it is not easy for users to authenticate information within a short period of time. The best way is that users should get direct information from contacting an agency or expert in this field or refer to reports and content of a reputable news site.

In addition, users should rely on organizations that specialize in field in which the user is looking for information. For examples, if the a person is having health problems and wish to consult the instructions or recommendations on where to go for medical treatment, the user should call a medical facility for guidance and advice from experts or visit the website of the Ministry of Health for the most official and reliable information. Or a foreigners whom wish to find government policy or information for travel and entry for immigration during Covid-19 pandemic time, he/she can contact or visit the website of the relevant Vietnam Immigration Department.

One problem today is that fake channels are trying to design the interface to have a similar look like official websites and insert characters that if not alerted users can easily confuse. Therefore, users should carefully check the website address from which they get information.

In conclusion, it is important for media users to watch out for official and stay away from fake news when searching for information. In addition to being vigilant and looking for official sources to get information, users can contact information search consulting company in Vietnam for effective solutions.

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