Ever thought of combining two outwardly disparate things to create an innovative object? Sometimes, two seemingly unrelated entities may bring unexpected inventions.
In this article at Help Net Security, Robert Sibik brings forth some unusual viewpoints useful in saving a venture from unfortunate risks. Many organizations treat risk management as a regular workflow, which is a huge mistake.
The process of risk management has become more mature with prudent approaches to resolve or dodge them. Organizations need to lift their simplistic goals of creating a business to demonstrate compliance for a standard or legacy governance policy, to risk management and compliance software tools.
Additionally, it is safe to avoid benchmarking as it may bring misleading conclusions about acceptable risk and appropriate investments. Risks are driven by business strategy, process, customer support, and various other factors. It is essential for businesses to understand the levels of acceptable risk and map them to measure their impact in case of disruption.
An Integrated Right Approach
Organizations can adopt the ‘bowtie model’ that is clubbing business continuity with risk management practices. Based on the preferred neckwear of ‘Winston Churchill’, the first half of the bow represents the probability of a risky event while the other half represents mitigation measures. The middle knot of the bow is the likelihood of disruption like IT services going down, a data breach, warehouse fire, and so on.
To implement this model, organizations need to determine every disruption through a painstaking analysis of the business process. Next, determine the likelihood of each disruption along with mitigating measures to reduce the impact of disruption. Remember, mitigating measures are the key to capture compliance-minded risk assessments.
To get a panoramic view of harmful risks, businesses must consider merging the concepts of business resilience and risk management to fully optimize them. Click on the following link to read the original article: https://www.helpnetsecurity.com/2018/10/22/operational-approach-risk-management/