The purpose of risk management is to identify potential problems before they occur, so that risk handling activities may be planned and invoked to mitigate adverse impact on achieving a company’s objectives.
Why is risk management important?
Too often, companies are reluctant to invest into formal ways of managing risks, usually because they ignore the tremendous benefits of that discipline. At best, they conduct one or two risk identification sessions per year but fail to do any follow-up on the assessments and treatment of the risks, thus making the entire exercise futile and frankly useless.
We, at Pragmatic Edge, strongly disagree with such ad-hoc, one-time practices. We advocate a formal framework to identify, assess, treat and continuously monitor risks, with strong buy in and sponsorship from Top Management.
Consider this:
- Comprehensive risk management allow a company to create and maintain trust about its operations, better fulfill their customer agreements, and demonstrate strong best practices to their customers.
- Risk management helps builds barriers to better protect a company’s exposure to cyber and other environmental threats, reduce its losses and penalties, and minimizes losses of productivity.
- Risk management fully aligns with a company’s business continuity management, in fact risk contingency planning directly supports business continuity.
- Formal risk management practices are a key pre-requisite for any company seeking an ISO-27001 certification.
We can demonstrate to you that risk management can be made simple, but it requires a method & tool support, rigor, and commitment…