Risk Management in Times of Crisis
May 19, 2022
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Every organization faces circumstances that can present varying levels of risk to that business, making Operational Risk Management (ORM) necessary to avoid potential business disasters. Achieve your strategic objectives while ensuring business continuity and strengthening confidence among stakeholders by consulting with GEM to manage your operational risks.
ORM is continuously managing the risk of loss resulting from ineffective or failed internal processes, people, systems, or external events that can disrupt the flow of business operations. Operational risk can refer to both the risk in operating an organization and the processes management uses when implementing, training, and enforcing policies. Operational risk may result in an organizational failure that can harm a company’s bottom line and reputation.
Risk assessment is a three-part process that includes risk identification, risk analysis, and risk evaluation.
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Risk Management is when a company recognizes and prioritizes risks and then finds ways to monitor and control the likelihood of negative events or capitalize on opportunities. Doing this while already in times of crisis adds another layer of complexity— how can you prepare for what’s coming while the world around you is changing at an incredible rate?
Answer: Find expert advice and update your risk management strategies plan now.
ORM covers everything from assessing potential losses due to fraud or cyber-attack to understanding how regulatory changes may impact the organization. It requires organizations to identify potential risks before they occur and develop strategies to mitigate them if they come to fruition.
Other than ORM helping to protect against unforeseen events or threats that could otherwise derail a company’s progress, it can also help organizations identify opportunities for growth in areas where there was previously uncertainty or risk. By understanding what types of risks their operations are exposed to and developing plans to mitigate them, companies can better prepare themselves for future challenges and uncertainties that may arise during business.
Furthermore, ORM enables organizations to create more efficient processes and systems that reduce errors and waste while improving productivity and profitability. This makes it easier for businesses to stay competitive in their respective markets by increasing efficiency while reducing costs associated with preventable losses.
Effective ORM practices also help businesses comply with applicable regulations, which can help them avoid costly fines or penalties associated with noncompliance.
No matter what industry you operate in, Operational Risk Management should be top of mind when it comes to ensuring your long-term success as a business owner or executive leader.
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