The dictionary simply says risk is the possibility of something bad happening.
Risk is something we all live with every day, in all aspects of our lives. We manage risk, often without realising we are doing so! Taking steps to avoid, reduce and accept it. Yet when it comes to risk in the workplace and within your organisations it often feels too big, too confusing and way too time consuming to even start the process.
It is not surprising it can cause fear and confusion given there are so many listed categories of risk these days; operational, finance, cyber, IT, regulatory, security, fraud, reputational and the list goes on.
We all manage risk, often without realising we are doing so.
We take steps to avoid, reduce and accept it.
In the 60’s and 70’s health and safety was the new risk on the block, because this risk was leading to loss of life the government stepped in and implemented the Health and Safety at Work Act (1974). From implementation to 2007 it has been reported that a reduction in fatalities by 73% and the number of injuries reduced by 76%. Proving, that taking action will reduce your risk. The government is recognising other kinds of risk and taking a similar approach with the Data Protection Act 2018 and PECR 2003.
You wouldn’t start a DIY project without considering health and safety risk
Yet businesses are still avoiding risk management at their peril.
The approach taken in the 60’s & 70’s is still relevant even today, for all types of risk. It requires; management, analysis, prevention, control and training.
You wouldn’t start a project without considering health and safety risk, even a DIY project yet businesses are still avoiding risk management at their peril. Non-compliance can be extremely expensive, and even more importantly unrecoverable from a reputational perspective.
At Net Defence we understand the apprehension and confusion, our professional services consultants are here to help you navigate this and also provide solutions and practical support.
We have developed a multi-step approach to help you manage risk in your business. This follows;
- Identify (assets and risk)
- Analyse (business harm & impact)
- Act (avoid, accept, reduce & transfer the risk)
- Monitor & Review
Once you have completed the initial process you will have a bespoke and business specific risk register. This is key in being able to satisfy legal and regulatory requirements as well as demonstrating your commitment to governance to your customers, vendors, partners and employees.
This is also a really good place to start your compliance journey leading you to longer term goals such as ISO 270001 and IASME Governance Certifications.
Risk is ever changing and evolving but with systemic controls and review you can stay in control, avoiding any nasty surprises.