Risk Management

Your business cannot be risk-free

Before you start your car in the morning, make sure you check the fuel level, tire pressure, oil and signal function. To ensure you reach your destination on schedule and without incident, you should do all of these things. You can drive very carefully while you’re on the road and make sure your car doesn’t cause any problems. You suddenly have a flat tire or another vehicle on the road and it hits your car. Some incidents will happen in your day. You can only take precautions to minimize the impact of these events. In the event of a tire failure, an extra tire can be purchased or you can plan to quickly change your tire. This will save you time and money. Airbags can also be used to protect you from injuries in an accident. Additionally, there are emergency numbers you can call to help your family members and hospital.

There are no ways to prevent these events from happening. In the business world, bad events or incidents can happen without warning or prediction. Risk is more than an unpredicted or uncertain event. It is also when there is no mitigation plan to reduce the consequences of such incidents. While risks cannot be prevented entirely, there are ways to reduce the likelihood of them happening. A risk can have a devastating impact on your business image and goodwill. If you have an online store and many customers buy your product, it may be that one day they realize all their personal information has been compromised by your website or business platform. Are they willing to use your services once again? Your customer may never return to your site again, even if you do everything possible to ensure security. It’s almost impossible to win back their trust after they have lost it. You must be aware of the risks that could bankrupt your entire company. We must learn how to manage such risks before they have a huge impact.

Risk management is the art of identifying and analyzing, assessing, managing, and controlling risk. Because information systems are more targeted, it is easier to find vulnerabilities in organizations and fix them before an incident occurs. It is best to be certified by a reputable vendor to acquire these skills. ISACA, the largest name in IT security, is the certification body for Certified in Risk and Information Systems Control – CRISC. This certification covers all aspects of managing risks within an organization. This is the most sought-after certification for professionals who wish to expand their knowledge in risk management.

Being certified in risk and information system control will confirm that you have the skills necessary to handle such hazards.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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