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In The Winery

example that shares the financial impact of achieve the existing ones.
risks.)
As we have discussed, risk management need not
Monitor and update the risk management pro- be a complex and bewildering array of technical
gram. Your winery is a dynamic one that constantly terms, actuarial tables, or probability statistics. On
faces new challenges and opportunities. Risk man- the contrary, risk management is, in large part, the
agement techniques and plans should be reviewed application of healthy doses of common sense and
periodically to make certain that they remain the sound planning.
most appropriate strategy for your needs and cir-
cumstances. Remember that the simpler the risk manage-
ment strategy is, the more likely it is that it will
Conclusion be applied. Yes, there may be items that are not
considered in the first iteration of the plan, but at
The ultimate goal for your winery regarding risk is the outset, it is more important that your program
to create a culture where risk is routinely examined be comprehensible rather than comprehensive. As
and managed, simply as part of your organization’s you continue to develop and refine your plan, what
overall business process. Risk management starts now seems new and strange will become second
with the management of a winery. By operating in nature.
a transparent and ethical manner, a lot of risks are
mitigated by promoting a sense of accountability. As time passes, your plan should become more
We can’t know what lies ahead, but we do want to inclusive as you address more risks in order of
be prepared to respond to future events effectively their priority. As stated at the beginning of this
and gracefully. Make a conscious effort to identify article, risk management is a process not a task,
and manage your exposures. Ask: therefore it is important to constantly review what
you are doing, celebrate your triumphs, and ana-
• Can you avoid or eliminate the risk? lyze the reasons behind any setbacks.

• If not, can you control or mitigate the risk?

• Can you transfer the responsibility of finance?

Reckless leaders take reckless risks; prudent lead-
ers take calculated risks. Risk management is the
“calculator”. Kayode Omosebi

YOUR RISK MANAGEMENT PROGRAM

The next step is to involve others in your efforts.
Remember that an effective risk management pro-
gram can never be the responsibility of one individ-
ual. If you’ve already engaged a group, task force,
or committee in identifying risks and strategies,
you’re well on your way to implementing a risk
management program.

Keep in mind that many effective strategies for
managing risk in a winery may not require any
additional expenses. Time, attention, and resolve
may be all that’s needed to increase the safety of
vital assets. Give your team a deadline—a date by
which you plan to have made significant progress
in achieving your risk management goals. Review
your progress frequently and set new goals as you

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