Business Continuity NewsBriefs - October 24, 2018
These NewsBriefs are produced and delivered weekly by Attainium to keep our friends and clients current on topics relating to Business Continuity, Disaster Recovery and Crisis Management.

Risk Management

October 24, 2018 - Managing risk is an ongoing process. You can't assume a "once-and-done” attitude toward this important activity or you might find yourself in trouble. So, even if you have a risk management policy, you might want to take a look at these articles to see if and how it can be improved.

QUOTE OF THE WEEK
"Green light, STOP - if you want to see where you are taking the most risk, look where you are making the most money."
-- Paul Gibbons, author, speaker & consultant --

1. Five Potential Consequences of Ignoring Business Risk Management

Maybe you're too busy. Maybe your outlook is "Don't go looking for trouble." Perhaps you don't understand business risk management, and you don't know if it matters for businesses that aren't giants. Just in case you're not completely sold on the vital importance of sound business risk management for the health of your company, let's examine some of the potential consequences of just rolling the dice and seeing how it all comes out.
https://www.americanexpress.com/us/small-business/openforum/articles/5-potential-consequences-of-ignoring-business-risk-management/

2. Identifying and managing business risks

Running a business can be a dangerous occupation with many different types of risk. Some of these potential hazards can destroy a business, while others can cause serious damage that can be costly and time consuming to repair. Despite the risks implicit in doing business, CEOs and/or risk management officers, no matter the size of the business, from small to corporate giant -- can prepare for them if they know what they are.
https://www.investopedia.com/articles/financial-theory/09/risk-management-business.asp

3. Risk Management...the What, Why, and How

Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives. Proper risk management implies control of possible future events and is proactive rather than reactive.
https://bia.ca/risk-management-the-what-why-and-how/

4. Five Potential Consequences of Ignoring Business Risk Management

5. Risk Management 101 for Small Business Owners

Risk is an inherent part of being in business. It can be managed and its adverse outcomes can be mitigated. The greatest challenge for small business owners is to find the proper balance between peace of mind and profitability. Trying to completely eliminate risk from your business is unrealistic and can be prohibitively expensive or cause you to institute policies that may be so risk averse that your business never grows.
https://www.americanexpress.com/us/small-business/openforum/articles/risk-management-101-for-small-business-owners-1/

6. Six Steps to a Good Risk Assessment Process

Effective enterprise risk management is becomingly increasingly important in today's regulatory environment. Regulators and rating agencies expect that companies have a good understanding of their risk profiles and have implemented the appropriate governance structure to mitigate their risks.
http://www.genre.com/knowledge/blog/steps-to-a-good-risk-assessment-en.html