Four types of strategies of Risk Mitigation and BCM Governance, Risk and Compliance

If you find vulnerability in your company, risk mitigation is the action you should take to reduce threats and ensure resiliency. Always remember, knowing about and thinking about risk is not the same as doing something about risk. Risk occurs in which some risks are good, some bad, some minor, and some catastrophic. Your ability to reduce risk allows you to proactively accept and accommodate risks.

What Exactly is Risk Mitigation?

Risk mitigation is used to reduce or control adverse effects. Four types of risk mitigation strategies hold unique to Business Continuity and Disaster Recovery. With the aid of these strategies in place, risks can be predicted and dealt with. If you are planning to mitigate risk, you need to develop a strategy that closely relates to and matches your company’s profile. Luckily, today’s technology allows businesses to create their risk mitigation strategies to the most excellent capacity.

Let’s take a look at four different risk mitigation strategies:

Risk Acceptance

While risk acceptance doesn’t reduce any effects, it is still considered a strategy. When the cost of other risk management options may exceed the cost of the possibility of danger itself, risk acceptance is a common option. If you don’t want to spend a lot of money on avoiding risks that don’t have a high possibility of occurring, you should use a risk acceptance strategy with the aid of an experienced information governance consultancy.

Risk Avoidance

Risk avoidance is completely the opposite of risk acceptance. In this strategy, if a risk presents an unwanted negative consequence, you can completely avoid those effects. One way to avoid risk is to exit the business, cancel the project and close the organisation. This step has other consequences, yet it is an option. Establishing policies and procedures that assist the organisation to foresee and avoid high-risk situations is another approach. Testing or screening of products that may have an unused defect which may lead to unwanted and unacceptably high field failures is an option. Information governance & compliance services can help you in following risk avoidance strategies to mitigate risk.

Risk Limitation

Risk limitation is the most common risk management strategy used by most businesses. This strategy limits the exposure of the company by taking some action. Risk limitation is a procedure that employs a bit of risk acceptance along with a bit of risk avoidance or an average of both. For example, A company accepts that a disk drive may fail and avoid a long period of failure by having backups and hiring a professional information governance consultancy.

Risk Transference

Shifting the burden of the risk consequence to another party is the aim of the Risk transference strategy. For example, various companies outsource certain operations such as customer service, payroll, and tax services. This can be beneficial for a company if a transferred risk is not a core competency of them. Risk transference strategy can also be used so an association can focus more on their core competencies. All of these four risk mitigation strategies require monitoring. Vigilance is required so that you can identify and interpret changes to the impact of that risk.

Who Defines and Mitigates Risk?

You know the risk mitigation strategies available, but do you know who facilitates your risk abatement process? Handling risk is a project that must be clearly defined to an individual. This risk mitigator must keep up with a standard, create and then sustain participation, deal with conflict and otherwise manage the energy levels in different groups, be able to guide groups to results, all the although facing uncertainty throughout their work. This suits professional information governance consultancy such as Assured GRC. Make sure the consultant is qualified and prepared with the correct details and supported by management.

How Assured GRC Helps You Mitigate Risk?

At Assured GRC, we advise you and provide you with ideas and solutions to make your business more stable and less prone to a catastrophic loss. While we specialise in information governance and compliance services, our consultants can help you get your other risk management goals through our deep experience in risk management. If you are interested in talking with a professional information governance consultancy to help manage your business risk, contact us at +44 (0)203 4759 932 or management@assuredgrc.com today. We will help you prepare your organisation from the damage any single adverse event could cause.

6 Main Components of Information Governance Framework

In today’s cutting edge world, companies are facing challenges unimaginable to their predecessors. The pace of business in the digital age demands constant and accurate access to information which is mandated by law to be protected and properly stored. Do you want to leverage your business’s collected data to function day-to-day while still maintaining data security and avoiding the back-breaking costs of data mismanagement and breaches? Information Governance is the solution!

What Exactly is Information Governance?

Information governance (IG) is used to describe how organisations ensure that statutory and regulatory information management requirements are met and how information is controlled, protected and utilised to benefit both employees and customers. This programme is emerging as the solution to enable simultaneous data availability and data security. If you want to make your business safe and successful, hire an information governance consultancy to make your business safe and successful. Get your IG right and be perfect on the way to GDPR compliance. But how?

Here are six main components of Information governance.

Strategy

Strategy is one of the main parts of IG which sets out a holistic approach to how information governance will support an organisation’s objectives and reduce risk and cost, whilst increasing efficiency and compliance. A strategy is essential to define the principles and direction for the document and records management.

Policies and Procedures

When asked about IG, most people think of policies and procedures. Policies are essential to describe the information governance service in London, and data protection rules for an organisation relating to how information is grabbed, processed, stored, shared and destroyed. Procedures carry policies and provide organisation-specific instructions on how to implement the policies. It is essential to note that policies and procedures are only effective when the other information governance elements are implemented such as roles, training and monitoring.

Controls

Three main controls are essential for Information Governance Framework. Business Classification Plan Business classification plan provides a function-based view of information across an organisation. They can be browsed to locate information, and support the implementation of retention schedules and access controls. Retention and Disposal Schedule A retention and disposal schedule provides guidance and authority for the disposal of organisational records, based on legislative and business requirements. Access Control Model Access controls deliver information protection where needed. The model should define: ● The principles on which access is determined ● Who determines the access that should be set ● Who is responsible for ensuring the appropriate access is implemented ● How the access controls will be implemented and documented ● A procedure for auditing access periodically.

Roles

For effectively delivering an information governance consultancy framework, there are many roles needed including Information and Records Manager, Senior Information Risk Owner (SIRO), Data Protection Officer (DPO), Information Asset Owner and Information Champion. These roles deliver ownership and accountability for many elements of IG with advice for employees on their legal data protection obligations.

Training

When it comes to building knowledge of good IG practices and enhancing employee information capabilities, training plays a vital role. The success of the IG framework depends on staff recognizing information as an asset of strategic and operational value. Make sure all of your staff is aware of your organisation’s policies and procedures with information governance consultancy. Besides, they have the skills to confidently use information systems and tools.

Monitoring

If you leave your organisation unmonitored, your information environment will become unstructured with disparate repositories, high levels of re-work and end-user frustration. With a monitoring and audit programme, you can ensure your processes are in place to check the information governance consultancy framework is being successfully implemented. To leverage good practice and successfully deliver the framework, you can adjust practices and processes as per your business’s needs. So, these are the six main components of the information governance framework. If you are looking for reliable information security services in London, get in touch with an experienced consultant.

Get Help From Assured GRC For Information Governance!

Assured GRC is an international professional services consultancy specialised in information governance services in London. Our experienced consultants will help you create an IG (Information Governance) solution that will provide a range of benefits including cost savings, reduced risk, increased compliance with unlocking potential and turning your information into a valuable business asset. For information governance consultancy, you can contact us at +44 (0)203 4759 932 or management@assuredgrc.com.