Risk Management – an increasingly important factor in business

Risk has always been part of business, yet investing in new technologies or embarking on a new manufacturer. Every day decision has a risk factor. Standards have been applied for a long time to reduce the risk and promote better decision making. ISO 14001 is used to address environmental risks for customers, ISO 27001 is the way for companies to manage information security risk, and ISO 9001 is about quality.

London was a victim of terrorist attacks three years ago, hurricanes Wilma and Katarina shake the United States and the tsunami devastated Indonesia. Every month, it appears that there is a new kind of threat. Today, companies have to think about the threat of swine flu to business continuity. According to the latest news, the influenza virus may turn into a drug-resistant dangerous disease. That's why we need to hope for the best, but let's get ready for the worst. The H1N1 virus has launched a series of events that have greatly influenced the world economy. On the basis of these facts, it is not strange that risk management and business continuity often arise in the media. Despite the fact that these things are well-known, companies continue to pose unnecessary risks as they do not organize their security information systems and prevent supply chain interruption.

Surveys reveal a direct correlation between the level of implementation of information security standards within an organization and how the organization prepared to handle security incidents. According to a survey by the British Standards Institution (BSI), 78% of security enforcement companies feel ready for security attacks, as opposed to 28% of companies failing to meet security standards.

In addition, 71% of security companies employ security standards as they are ready to handle supply chain responsibilities, as opposed to 43% who have not introduced information security standards.

The same survey also revealed that many companies perceive the benefits of introducing standards, but do nothing. 87% of top executives admitted that by increasing outsourced outsourcing, the importance of implementing security security standards will also increase. Such standards provide greater certainty that an outsourcing provider operates at a certain level of quality.

With this knowledge, it is difficult to understand the calm approach of companies who do not employ information security standards. It is important to understand that business continuity plans are not limited to internal systems and information technology.

Business continuity deals with everything in the business, from staff to buildings and salesmen. It also deals with legal reaction and communication after the consequences of an event.

Uncertain situation.

In fact, this is holistic risk management. Some people say that risk management is a business continuity planning subcommittee, meaning that all risks pose a threat to ongoing business.
Not everyone agreed on this. There are a number of administrative and business issues (eg theft of intangible assets, late payments and changes in plans), which are largely part of risk management, although not directly related to business continuity.

Risk management addresses basic elements that create a business function. Business continuity plans are an important factor in business. With business continuity plans, companies strive to analyze what needs to be done before and after the occurrence of an event to secure the security of staff, property, and systems. Business Continuity Plans also highlight what knowledge is needed to make the business work and address the company's reputation-related issues.

Business continuity plans are a holistic administrative process that creates an environment that protects your business from potential negative events. They are not limited to a single business or a seller, but should also be considered for the entire company. Business continuity plans that protect your business, reputation, goodwill and trademarks are a key element of risk management.

Business continuity focuses on knowledge management, healthcare, security, crisis management, and public relations.

There are many reasons why companies should think about risk management and, in particular, business continuity plans. Corporate management demonstrates good risk management and good management practices. For listed companies, it is particularly important to quickly develop risk management practices. Successful business continuity management can have unlawful benefits for the company in cases where more than one party has to bear responsibility. You can create a hyphen and increase the company's survival chances.

Source by sbobet

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