Strategy and Business Management Consulting

Risk Management

What is Risk Management in times of crisis?

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.

By updating your plan before events happen, you’ll be able to react quickly and even avoid risks altogether that would have otherwise been fatal for your business. Assessing your risks is an important stage in the process of all areas of business management and growth, but doing so during these times of crisis is critical.

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Operational Risk Management

Operational Risk Management 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. 

Every organization faces circumstances that can present varying levels of risk to that business, therefore Operational Risk Management is necessary to avoid potential business disasters. Achieve your strategic objectives while ensuring business continuity and strengthening confidence among stakeholders.

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Making a Risk Management Plan

Did you see the COVID pandemic before it hit? How about the war in Ukraine? Were rising inflation and interest rates on your horizon? How much are these current global issues affecting your business today?

Some businesses had an updated plan for these events before they happened, allowing them to react quickly and even avoid risks that would have otherwise been fatal for their business.

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Digital Risk Management

Digital risk is inevitably created by the new technologies that a company adopts during its digital transformation. Digital Risk Management refers to assessing, monitoring, and mitigating the risks that stem from the digital transformation unique to that organization.

As organizations continue to welcome their own digital transformation, they must also keep the business secure while still enabling growth and innovation. Companies need to develop Digital Risk Management strategies that take these new technologies into account and provide better decision-making capabilities. Digital Risk Managementbrings the potential benefits of enhanced risk effectiveness and gains in efficiency, productivity, and revenue.

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Risk Management Assessment

Now, in times of war, inflation, and disease, managing risk can be tough, but it is a necessary conversation to have with your Risk Management team and assess current and future potential risks. We have learned a lot these past few years in how businesses survive and thrive in times of crisis, but also in how many others don’t make it.

Risk Assessment is a three-part process that includes risk identification, risk analysis, and risk evaluation.

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