Business Risk, or risk management, is about identifying, analysing and then acting to mitigate uncertainties that could either pose a threat or an opportunity to your business.
What what is "risk"? BS ISO 3100:2009 defines risk as;
"The effect of uncertainty on objectives".
Many of us are familiar with responding to risks on a daily basis, it's part of what we do and how we operate. Risk Management simply strives to formalise this process, making it consistent throughout your organisation, to ensure that you are as prepared as you can be. Risks could arise due to internal or external factors and could affect any activity that your organisation is involved in.
What are the benefits of risk management for your organisation?
- Increased likelihood of achieving your business objectives
- Enhanced proactive management
- Compliance with relevant legal and regulatory requirements and international norms
- Improved reporting
- Improved governance
- Improved stakeholder confidence and trust
- Improved operational effectiveness and efficiency
- Minimise losses
- Maximise opportunities
- Improved organisational resilience
For a useful introduction to Business Risk and Resilience watch the Institute of Risk Management (IRM) Webinar - available here. (Opens in a pop up)
To find out more please email email@example.com
Last Updated: 7 August 2020