Risk Management & Mitigation

Risk Management

Risk management is the process of identifying, assessing, and controlling threats that have the potential to impact an organisation. These threats could stem from a wide variety of sources including strategic management errors, natural disasters, and other accidents, and can lead to threats to personnel safety, legal liabilities and financial uncertainty or loss if not mitigated effectively. Risk management planning lays out the processes and procedures to be put in place before a risk can cause a crisis and will help reduce any potential negative impacts on your organisation. Taking a risk and finding how to strategically manage it before it becomes a threat is the difference between success and disaster.

Holistic risk management approach

Risk management is the basis of any resilience program. To ensure that a holistic approach is taken when looking at risk management, there is a series of steps that should be followed. These steps are planning, identification, assessment, manage risk, monitor and control and review.

As potential risks are not the same for all organisations, following this process will help your organisation to gain a thorough understanding of organisational risks. These risks can then be mitigated or eliminated, and a series of risk management plans can then be put in place to ensure any future potential risks that may arise are managed appropriately. When it comes to risk management plans, processes and frameworks, they are all related, yet focus on different aspects of risk management.

The International Standard Guidelines
At Resilient Services we apply the ISO 31000:2018 Risk Management framework which is the international standard guidelines for risk. We use the standard as it is intended for the design, implementation, and maintenance of risk management. This is imperative for regulators, lawmakers, boards and insurance companies, as it provides a robust methodology for the mitigation and management of risks.

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