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.
Risk Management

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.

Risks to a business can be separated into the following categories:

Our specialised team will assess your unique needs and tailor a risk management plan specific to your organisation.

Risk Management

Competition

Risk Management

Compliance

Risk Management

Economic

Risk Management

Financial

Risk Management

Operational

Risk Management

Reputational

Risk Management

Security

Risk Management

Legal

Risk Management Categories

Risks can be separated into three different categories, each category having its own specific way of being handled and managed. The three kinds of risks are preventable risks, strategy risks and external risks.

Successful Risk Management

Resilient Services understands that risk management, much like emergency management, is an ongoing process. Successful risk management is not linear and is rather a cycle that will only be effective if it continues to circulate in the background of all businesses. Here at Resilient Services, we recognise problems before they become emergencies and have the best practices to manage those potentially harmful risks.
Risk Management