Unexpected risks, undesirable surprises, and unimaginable consequences have plagued organizations across the globe over the past few years. Many are still dealing with pandemic disparities. While climate change, cyberattacks, and social unrest are all top contenders to be the next disaster, it could be something entirely unexpected like COVID-19. Today’s risk management functions are becoming even more important and encompassing. This article at TechTarget by Paul Kirvan discusses how you can address risk with seven risk mitigation strategies and protect your business operations.
Fundamentals to Address Risk
You should perform a risk assessment to determine the likelihood of an event occurring and its impact on the company’s business operations, personnel, and finances. You should make a priority list for each risk based on how likely it is to occur and how severe the impact will be on the company.
Seven Risk Mitigation Strategies
Determine the threat, risk, or vulnerability and plan subsequent actions to mitigate it. Below is a list of the top seven strategies for risk mitigation with some modifications:
Identify and accept everyday risks and deal with them effectively—for instance, budget, project delays, hybrid work, etc.Avoid enduring risk impacts by having a contingency plan for every possible risk. Keep backup plans for common challenges like additional team members to mitigate delay, budget buffer, and risk remedies in place.Identify emerging high-priority and high-impact risks actively and neutralize these risks before any impact. For example, vacate the premises before anticipated bad weather. Have power back up to deal with the power outage, and isolate any infected system before it impacts the whole network.Take action based on priority in case the firm faces multiple risks. If there is a storm and power loss simultaneously, prioritize employee safety and initiate procedures to back up business-critical information.Prepare security and disaster recovery plans for physical security, technology and data protection, and business continuity.Deescalate the risk by engaging a third party to deal with difficult projects. Purchase cybersecurity liability and business interruption insurance.Monitor project costs, operational activities, data exchange, etc., to stay on top of any anomalies and mitigate them with low to no impact.
To read the original article, click on https://www.techtarget.com/searchcio/feature/7-risk-mitigation-strategies-to-protect-business-operations
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