The business environment is more complex today than ever before, with new risks emerging from many avenues. Organizations must be more proactive in identifying and managing the risks that could affect their goals and objectives.
At 413data, we utilize a thoughtful approach to help our clients to perform the following:
The first step in risk management is understanding the events that can negatively impact business goals and objectives. Risk identification is critical to ensuring organizations are not blindsided. We work with our clients to identify the current and emerging risks they should be actively managing and monitoring.
After risks are identified, organizations must decide how these risks stack up relative to each other. This is an important step as it informs how resources are prioritized, and helps to define a roadmap for addressing these risks. We utilize a rating system to help our clients prioritize risks in an objective and meaningful way.
Risks must be evaluated to determine what steps, if any, will be taken to address them. We assist out clients by providing the data needed to decide on the appropriate response (accept, avoid, share or mitigate) to each risk. We also assist with identifying the necessary activities to reduce each risk to an acceptable level.
To ensure risk management activities are operating effectively over time, organizations need the right processes and tools in place. We assist our clients with developing or enhancing and implementing tools, including metrics and dashboards, to track, monitor and report on risk management activities over time.