How much risk is too much? Measures business in the era of unpredictability.
We did not imagine a pandemic; we have managed to adapt to managing supplies in this new situation. We did not imagine a war taking place a few hundred kilometers from our capital city – we are doing better and better in managing supplies and risks. The world’s changes are showing that we can adapt to anything. In one condition – think ahead and automate processes as much as possible.
- ·Risk management and thoughts about recent situation in Europe.
- What are the risk management opportunity nowadays?
- Does pandemic is over?
- How much risk is too much in IT business?
Creating cybersecurity armors is crucial to keep information’s safe. In pandemic time it was challenge to prepare for new world where a virus is disrupting.
We faced coronavirus epidemic, that created problems with the continuity of drug supplies not only in Europe, but in the whole world. Retail industry was facing many problems, not to mention struggling with a lack of people to work. Now in war era, that is coming to Europe we are asking a question how much risk is too much for our world?
We are sure that risk management is not only wide and mature area of management methodology that is built on existing knowledge but that, it is the time to use it!
How to design processes in companies to make sure that risk will be mitigated by organizations and vendors?
The simplest answer is – risk profiling. Verification of controlling mechanism is a crucial part of this process. First step is to verify all mechanism, including control, compliance and risk management opportunities. Then aggregate risk profiles with overall picture of risk at the specific organizational level. As we learned pandemics required a fundamental update in companies’ risk management, now we face the military conflict and war in the Ukraine. Compliance cannot be suspended during any outbreak (Covid, war).
Good practices are not only asking how much risk is too much for each organization’s level but also reflect on paper whole risk profiles. Audits should be mandatory in each level or activities; it helps to find risk management opportunities.
For sure audits will be marked by additional risks and cost. Some companies that are not well prepared will feel negative effects. Compliance is getting more and more important than has ever been. It’s difficult to predict anything right now. Global market has never been so volatile, time will tell what direction will it go.