Risk mitigation strategies are designed to eliminate, reduce or control the impact of known risks intrinsic with a specified undertaking, prior to any injury or fiasco. With these strategies in place, risks can be foreseen and dealt with.
Our business streams are broadly defined under three categories,
- Govt/Vocational Assessment
- Corporate Assessment
- Product Innovation
I. Govt/Vocational Assessment: At Leadership level, the foremost risk is “business continuity”. Business remains largely impacted by the ever,
- Changing scheme/project guidelines,
- Circumstantial Roadblocks
The guidelines and requirements keep changing at scheme or project level from time to time, but directly impacts the environment and the amount of business a company is able to do in a given timeframe. We have been able to mitigate this risk by enforcing certain practices both at individual and system level.
If we talk about circumstantial roadblocks, these can be due to any unforeseen situations that develop over a period of time or pop up at any time. Covid-19, can be considered one such unforeseen incident which has forced businesses to shut down. It has directly impacted the Trainings being undertaken and viz-a-viz assessments on similar grounds. The best way to mitigate this risk is to change the mode of assessments from physical to remote. With remote assessments taking over the assessment space, it gives candidate more flexibility, a sense of feel-good factor is seen when a candidate is allowed to take assessment, as per his choice of time on the date of assessment. Having said that, administering remote assessment is not an easy task, but worth the effort when cost and time are saved by effective & efficient use of technology.
- Corporate Assessments: These are undertaken based on the specific requirements received from a client. Here the assessments are administered using both summative and formative Risks underlying in this category of assessments are broadly on the outcome of evaluation, where each of your client tries to influence the result based on their need.
- Product Innovation: This remains one of the utmost important aspects in any space today. During the pandemic, it has become although more important to give a bigger role to technology to play. However, it comes with its own risks,
- Risk of loss of opportunity for manpower
- Risk of failure/downtime/bandwidths
We have often heard, that in years to come, tasks being performed by humans will be performed more efficiently with use of technology, and will eventually result in loss of jobs and reduced jobs opportunities for humans. Product that are being developed which are available in the market are self driven. You just need to follow instructions or follow certain steps to achieve desired results. To mitigate this risk, one has to firstly understand & acknowledge ever changing business dynamics and secondly to keep upgrading on modern day technologies to stay abreast in the market. By doing this you will be able to reduce on the probabilities of losing your jobs.
With more dependency increasing on technology, risk of failure/downtime/bandwidths is a constant challenge for companies. While performance of a product may be dependent on its use and application in different streams, at the same time upkeeping is something that gets influenced by external factors. For example, doing assessments in remote/border areas where the connectivity is a known problem. To mitigate this risk, the technology should be able to perform and operate in both offline and online modes.
Since future is not known and element of uncertainty exists there. We plan to address it by increasing further dependency on Technology wherein we have already started investing into latest technologies like AI/ML/NLP to bring in assessment focused innovations at technology level to mitigate futuristic risks to the extent possible. One example of it is the way we are now authenticating and authorizing the candidate during and before the assessment through technologies like face detection, face recognition and object detection. This has also enabled the candidates to mitigate the crisis caused by pandemic like Covid19, by taking the assessments digitally from literally anywhere in the world.