Every company faces risks of all kinds. ISO 31000 defines risk management as “the effect of uncertainty on objectives.”
Uncertainty can mean natural disasters, project failures, legal issues, accidents or, at worst, attacks from your competitors. The bottom line is that you can’t live without risk – but you can manage the effects and make sure they do not end in shutting your doors.
By taking control of the risks associated with your company, you can mitigate the overall damage and protect your interests.
Risk management allows your company to incorporate a set of guidelines that minimize damage while putting protections into place that make it less likely a given risk will happen in the first place.
In general, risk management involves the following criteria:
Identifying the risks themselves.
Creating an assessment of how vulnerable your systems may be to specific identifiable threats.
Defining how likely a given risk is to your company. In other words, a failed project is probably more likely than an earthquake.
Taking action to reduce those risks.
Prioritizing your risk reduction measures.
Focusing on integrating risk management into your systems is proactive, and minimizes the potential damage to your company.
For example, did you know that one out of every six IT projects incurs cost overruns of 200% and schedule overruns of 70%? Putting structures into place that assume cost and schedule overruns can mitigate this risk.
The level of risk management you will want to employ depends on the nature of the risk involved.
On a grand scale, the risk of a natural disaster taking out your servers is fairly low – and can be mitigated by having backup servers at a different location waiting to be activated.
On a smaller scale, the risk of one of your people selling confidential information to a competitor may be much higher. To mitigate that risk, you would have to have processes in place to monitor what employees do with their devices, perform detailed background checks, and be constantly vigilant.
How you choose to handle risk depends on the size of your business, what industry you operate in, and the full scope of the risks you want to address. You don’t want to waste time on risk that are unforeseeable, but you do want to address real concerns.
100% Security can do a full assessment of your company, identify actionable risks, and put together a plan to manage them. We’ll look at a large variety of risk factors, including:
Again, depending on the size and nature of your business, we may recommend appointing a risk management officer to fully integrate our plan. Or, we may simply present an overall systemic plan to help migrate your risk.
Either way, we can work with your organization to make risk less of a burden for your company, and minimize the total amount of potential damage.