Posted: July 18th, 2022

Risk Management

Risk Management
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Risk Management
All personnel in an organization should be involved in methods of managing risk. This is because any one of them can face a risk or become a victim of risk. Risk management thus enables them to decrease the possibility and severity of potential organizational risks by identifying them early. If something does go wrong, the employees will already be aware of the approach to apply to address that risk. As such, involving all personnel in risk management better prepares them for the unexpected and allow them to optimize outcomes. The involvement of all personnel also serves to benefit the culture of the organization. Developing an organizational culture where all employees, risk managers, decision-makers, and executives are involved in risk management creates a mindset of prevention and safety that permeates the company and impacts the actions of employees (Gupta et al., 2017). It sets performance expectation and a positive image to the public.
There are several current problems in risk management. They include lack of transparency, overlooking known risks, failure of managing risks in real time, failure to prioritize vulnerabilities, narrow vision, not going past compliance, lack of accountability, failure to take risk assessment seriously, and a lack of risk decision making structure. One method that can mitigate risk pertains to staff training. This is where new and current staff are trained on IT policies, processes and codes of conduct. The key business policies and processes that can be covered include safe handling of infected email, priority actions to take when a security breach occur and protecting the privacy of company information (Kouns & Minoli, 2011). Another method entails taking a business insurance. It is not possible for an organization to avert and avoid all risks; this makes business insurance a vital part of risk management. As such, the organization should frequently assess and revise insurance, particularly in light of new and emerging risks of IT like the augmenting utilization of personal mobile devices for activities that involve work.
References
Gupta, M., Sharman, R., Walp, J., & Mulgund, P. (2017). Information technology risk management and compliance in modern organizations. IGI Global.
Kouns, J., & Minoli, D. (2011). Information technology risk management in enterprise environments: A review of industry practices and a practical guide to risk management teams. John Wiley & Sons.

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Tags: Risk Management