By Gallagher

Risk comes in many forms, with varying degrees of cost to your business and recovery times.

Here are a few items worth considering when it comes to producing a risk management strategy:

1. Take care of your people

Staff really are the most important asset within an organisation. From a risk management perspective, it’s important to ask: Are we doing everything we can to create an environment in which our people are comfortable, informed, and safe?

2. Be vigilant in the cyber world

Cyber-attacks are happening everywhere with increasing sophistication. Regardless of the activity the impact could destroy your business, so ensure you take the appropriate measures to limit the possibility of this happening.

3. Understand liability from both the personal and corporate perspective

The world is becoming a more litigious place where someone needs to be accountable for the outcome of any incident – especially when it comes to the safety of people. Does your organisation have appropriate measures in place to understand what this might mean for you? Look at your policies and processes to ensure that you have an effective program in place in the event that something happens.

4. Focus on the important things

It’s easy to say “measure, analyse, assess, and mitigate” for every possible risk, and you won’t have any problems because everything will be covered. However, in reality, it is a lot more difficult to implement and manage. Focus on the most important things first and keep risk in the equation of every decision you make.

5. Plan for it

“Prior Planning and Preparation Prevents Poor Performance” This is as relevant for risk management as it is for almost everything that we do. Plan and prepare to ensure that you won’t be surprised by anything, and you’ll be well placed to safeguard the success of your business.