Risk and Business Continuity

How much effort does your organization put into risk management? Is it a prominent part of your business continuity plan? Does the BC team spend time identifying and attempting to mitigate risk? We hope your answers to these questions falls into the "lots of effort" and "yes we do" categories. If they don't, it's probably time to sit down and do some work in these areas. Even if you gave the right answers, have you yet thought about what new risks might turn up in 2015? We'd like to suggest that you schedule some time this week or next to consider the risks your organization might face and what you might do about them. You'll probably be glad you did!

If you don't think risk management is important for your organization, take a look at some of the many occurrences you could run into at any time. (Item #1)     Risk management has become more important today with most organizations requiring quicker recovery times than in the past. (Item #2)     Spreadsheets should be banned from the risk management process. (Item #3)    

This guide explains the methodologies behind risk management and where HR should make a contribution in planning and executing the resulting plans. (Item #4)     Here are some predictions for the biggest potential reputation-related crises for 2015; like all crises these days, they will play out online. (Item #5)     How do your employees add risk to IT and your business? (Item #6)    

As always, we look forward to hearing your comments & insights regarding business continuity. If you have a topic you'd like us to cover, email me at [email protected].

Bob Mellinger, President
Attainium Corp

1. Year in Risk 2014

The years may change, but one constant is that there will always be risks that need to addressed and managed. With natural and man-made disasters, episodes of corporate malfeasance, and technological challenges continuing to make life interesting for risk professionals worldwide, 2014 was no exception. As we make our way through 2015, it is helpful to remember some of the events that helped define risk in 2014 so that we can better prepare for what lies ahead.
http://www.rmmagazine.com/2014/12/02/year-in-risk-2014/

2. Business continuity risk management guide

To be successful, your organization's business continuity plan must be an integral part of your strategic operating plan. It must become a philosophy, a culture, a mindset and a way of life. A predefined continuity plan hastens recovery with solutions that are carefully thought out beforehand, thereby eliminating hasty decisions made under stressful conditions. By providing a more rational, fact-based procedure for decision making, planning allows the opportunity to minimize risk and uncertainty.
https://www.travelers.com/business-insurance/risk-control/protecting-your-business/Docs/Business-Continuity-Risk-Management-58668RMG.aspx

3. Using spreadsheets to manage risk is risky business indeed!

Spreadsheets give everyone their own version of the truth, with complete autonomy to update and amend them as often as they like, without interference from anyone else. But spreadsheets are completely unscalable and, therefore, totally unsuitable for compiling and analyzing information enterprise-wide, or even for individual projects. When applied to a risk management scenario, the potential horrors magnify. Who knows what risks are lurking in a spreadsheet so far undiscovered, with all around thinking that they have 'ticked the box' and that risk is managed. Using spreadsheets and emails to manage risk, is a very risky approach.
http://www.continuitycentral.com/feature1147.html

4. Risk and Business Continuity Management

HR plays a strategic role in promoting trustful and prepared leadership throughout the organization to help reassure employees of their safety. Involvement in risk assessment and BCM fits very much with the strategic role of HR. HR has a duty to make sure that organizations are aware of the human side of a crisis and plan ahead to minimize its effects.
http://www.bcifiles.com/businesscontinuitymanagementguide08092.pdf

5. The New Reputation Risks: What You Need to Know for 2015

Reputation risk isn't new to business. But over the past two decades, it has taken a more prominent role in the business world. The internet and social media in particular, has introduced a new level of transparency to business operations and culture, and a new level of empowerment to consumers. If one employee makes a misstatement on social media, and it gains viral momentum in the community at large, it can be a crisis for the company.
http://www.rmmagazine.com/2015/01/14/the-new-reputation-risks-what-you-need-to-know-for-2015/

6. Help Your Employees Understand Data Risk Management

Theft of confidential information is a risk to business and IT plays a large role in protecting the data. Files that identify customers and employees, Social Security numbers, credit card information and other account data are just some of the forms of sensitive data a company must protect. Failing to protect confidential information can lead to identify theft and fraud. You can lose the trust of your customers and even end up defending yourself in a lawsuit. Data loss is often due to employees who do not follow IT security policies or inadvertently expose the company network to risks. According to the first annual ISACA IT Risk/Reward Barometer survey the top three ways employees add risks for IT and the business.
http://itmanagersinbox.com/1801/help-your-employees-understand-data-risk-management/