June 28, 2017 - How do you handle risk in your organization? Do you do an assessment before you write or review your plan? After your plan? Are you a risk avoider? Take a look at this issue for some info about risk and how to handle it.
There has been a lot of discussion and buzz around risk lately. Let's just assume that we all agreed on how to determine risk, whether quantitative or qualitative. Then what? We have a level of risk -what can we do to make business decision around this? There are four ways an organization can deal with identified risk.
Preparing for and responding to negative events, from the mundane to the catastrophic, from the predictable to the unforeseen, has become a fact of life for businesses and governments around the world. We don't have to look any further than the seemingly daily reports of cyberattacks on governments, corporations and individuals to comprehend the severity of the problem. Tackling these risks requires an integrated and holistic framework with the capability to identify, evaluate and adequately define responses to the circumstances.
Risk management is an important function in organizations today. Companies undertake increasingly complex and ambitious projects, and those projects must be executed successfully, in an uncertain and often risky environment.
Emerging risk is an issue that can show potentially significant impact on the business but cannot be fully assessed. It can affect the viability of whole organization's strategy if ignored in the initial stages. Factors that can contribute to the increased growth of these emerging risks include new economic, technological, sociopolitical and environmental developments.
We live in a world where bad things happen in the workplace. As much as we fear the acts and despise the perpetrators, the reality is that these events have become commonplace. In addition to these acts of terror, the safety of your team can be at risk due to natural disasters and other unexpected events.
Did you know the world's most dangerous animal is not a shark, or a bear, but is in fact a mosquito? What's certain is that human perception of risk is notoriously flawed; often, the events that concern and outrage us the most are the least likely to happen. From political and economic tremors to cyber threats, 2017 represents another minefield of risks for businesses. For organizations, forging a deepened understanding of both threats and risk factors is crucial for remaining robust, resilient, and most of all, ahead of the competition. Part of this involves separating the myths from reality. So, what then are the real risks to business today?
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