Managing Your Risks

Risk Management in relation to Business Continuity

Business Continuity focuses on severe events or circumstances which, if unmanaged, could lead to damage or even failure of the business.  Business Continuity Planning is a contingency-based response to the pereceived risk.

Other aspects of risk mitigation consider risk reduction or risk avoidance approaches. Contingency planning can be seen as one of these.

Risk Management can also widen the range of problems we look at, from rare but quite severe events to relatively familiar incidents which are usually better understood and whose effect is to impact business performance.

Risk Assessment & Mitigation

Recognise the threats to your business processes and the risk they present.  Evaluate the cost-benefit of different risk reduction approaches and choose the most effective approach (strategy).

Control your Risks

Managing risk is a continual process of:

• risk mitigation – a technical or organisational response – where it is cost-effective
• recognising situations where recovery targets are not assured
• planning for emergencies – from drills to ensure best possible outcomes, through crisis management, to business recovery within targets and longer term resumption such as insurance settlement, salvage, etc.