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Reciprocity Agreements Promote Their Own Rewards And Threats

July 24, 2012 | Comments: 0 | Views: 198

A well-defined agreement is needed when establishing a reciprocity relationship between stakeholders. These agreements should define the roles, responsibilities and needed efficiencies of the relationship and each stakeholder to ensure both collaboration and understanding. This is especially necessary where maximizing opportunities and risk mitigation is a critical path expectation of trusted stakeholders. These agreements ensure the sharing of high quality services while minimizing risks to each of the stakeholders. Further, high quality and efficient services improve the realization of resource savings. Reciprocity agreements are supported by a vision and strategy that is augmented by plans, processes and procedures. This supporting documentation is detailed to the level needed for: 1) quality of service and efficiency, 2) effectively minimizing threats to the parties involved and 3) maximizing leveraged opportunities and innovation.

In these trusted relationships, a well-defined strategic vision supported by standardized, value based and shared supporting documentation and jargon ensures the successful exchange of services. Trust and due diligence is the result which in turn builds stakeholder confidence in achieving quality services around the reciprocation of benefits while minimizing risks to the business.

Reciprocity requires cooperative collaboration and transparency throughout the supporting activities. These activities involve: 1) The initiation and planning of new projects or technologies, 2) The implementation / integration of these projects or technologies into the business environment, 3) The assessment and authorization of the project or technology into the business environment, and 4) The ongoing execution and control (monitoring) of the project or technology to maximize opportunity or to identify risks as they may occur.

A focus and understanding for the purpose behind reciprocity is needed for the trusted relation to produce the desired results. Every party in the relationship must understand that maximum confidence in the quality of services is needed which in turn results in minimizing risks to both the group and the individual parties in the relationship. Minimizing risk while maximizing opportunities to the parties is the priority here not cost savings, time savings, reducing redundant activities or unneeded documentation.

In every reciprocity relationship where "I have your back;" "you have my back" is part of the arrangement, the important aspect of risk avoidance is only as good as the weakest link in the relationship. For these relationships to produce the desired results, i.e. minimize risk and optimize results, a strong ongoing oversight of the activities is required to ensure that the proper level of due diligence in the activities are taking place.

This oversight should ensure that the activities are ongoing using repeatable artifacts that are sufficient to avoid risk while also ensuring that quality services are being provided. Further, this oversight should ensure that the skill levels of the parties involved are both scheduled and sufficient so that the activities are predictable, reliable, efficient and providing high quality products and services.

Source: EzineArticles
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