Managing risk is a balancing act that requires integrated, enterprise-wide approaches to identification and solution development.
An integrated strategy is the key to success when it comes to risk management. Understanding why risk management requires a broad approach is critical to choosing the partner to help develop a resilient and prepared workforce, ready to plan for and address risk at each turn.
Continuity Logic has developed a platform that helps enterprise organizations plan, test, and implement, a comprehensive risk management solution. The Continuity Logic difference is in our approach to helping organizations prepare thoughtfully and act when necessary.
Why is an integrated risk management strategy critical? Much of it has to do with the need to prepare for an ever-evolving suite of threats. From cyberattacks to currency instability to natural disasters, companies today face a full range of risks.
Here are five key reasons that an integrated approach makes sense:
- More Opportunities. Risk needs to be considered not just a threat but also an opportunity. Organizations that take a deep look at each identified risk, and consider both the positive and negative consequences, are better prepared to leverage the turbulence of business today.
- Enterprise Solutions Need Enterprise Approaches. Often, risks emerge in one area of a business, with a unique, niched, nuanced issue. However, these risks can often spread to other areas. Many times, the solutions devised and implemented for one area of a business can be applied more broadly. An enterprise approach to risk identification and mitigation helps maximize the information and solutions for all.
- Fewer Surprises. An integrated risk management strategy means there are fewer surprises. With a deliberate approach to risk identification and solution development, key players will discuss multiple impacts, consequences, and solutions. These insights often lead to the discovery of new risks and resolutions that, while requiring more upfront work, lead to fewer gotcha moments later.
- Reduced Performance Variability. One outcome of an integrated risk management planning cycle is to develop more consistent performance outcomes. As risks are identified and ameliorated, there are fewer wide swings in performance, providing more consistency and more accurate forecasting to internal and external stakeholders.
- Smarter Resource Deployment. The smart approach to risk management involves identifying and ranking those risks by the likelihood of impact. Solutions then are developed for the most critical risks. These solutions are then also ranked, based on cost, timing, and urgency. Collectively, these planful efforts allow for resources to be deployed smartly and carefully.
Risk management needs to be supported by an integrated strategy that coordinates assessment, deployment, action, and assessment.
Integrated risk management is a cyclical process, beginning with the development of a planning framework that identifies the work, the goals, the team, the resources, and the desired outcomes. Risks then need to be identified, assessed, and ranked. Solutions need to be developed that allow for proper use of resources.
Key components of risk management planning are the development of communication and incident response teams. In the throes of an event, employees need to understand their roles and act accordingly.
Finally, post-incident assessments must be conducted to ensure that lessons are learned and adjustments made.
What Makes Continuity Logic Different?
Continuity Logic is the integrated risk management solution that allows for customization, intuitive use, and easy launch for all employees. With Continuity Logic, companies can address all the integrated components of risk management:
- Business continuity
- Disaster recovery
- Incident management
- Crisis management
- Enterprise risk
- Vendor risk
Book a demo to see how Continuity Logic can help your company be prepared and resilient.