of Managing Risks and Exposures,|
Risks are part of every business and risk management, corporate security initiatives and business continuity/disaster recovery efforts are realistic approaches to identify, remove or mitigate them by taking a more comprehensive and pro-active view of operational risk in an organization. These processes can not only support the taking of strategic risks but can also help avoid risks that are too high in relation to the potential benefit. They are also tools for the aligning an organization's strategy, operating and business plans, processes, policies and people in order to manage risk.
Whether risk management, corporate
security initiatives or business continuity/disaster recovery
efforts, managing risks on an enterprise-wide basis has
the benefit of being able to make an entire organization
risk aware. It is a process that moves risk management from
being random and reactive to something that sits at the
heart of strategy and goals. Well designed, supported from
the top and diligently implemented it is a coherent framework
that continuously identifies, assesses and manages risks.
This brings confidence and better informed decisions at
Board, Management and Employee levels.
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When business owners or executives think about recent disasters throughout the world, one reaction is, what would we do if this happen to our company? How would we serve our customers? This could bankrupt the company!" and so on. These are serious questions, but while management panics about such improbable occurrences, companies could bleed millions of dollars per day from other risks like fraud and "dirty data". Organizations need to address the disasters, but they need to do so as part of a comprehensive understanding of all the company's significant business risks.