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:
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 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 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.
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
today. We will help you prepare your organisation from the damage any single adverse event could cause.