Brand and Reputation are important. Once lost, so is trust among consumers. Easy to agree with, but hard to manage without great processes, management and recovery plans when something goes wrong.

That something can be a Cyber Attack that affects clients’ information, product tampering and so many other risks. When you take into consideration organizations that have International Operations, many physical locations, legal and other issues, this can be a daunting task.

In addition, there are Regulatory Standards that may have to be met. Unfortunately, the Regulations may not cover enough of what a Risk Manager must consider. Thinking outside the box for each industry is a must. Risks are changing such as Cyber and weather conditions that are worsening. Mobile technology that can be attacked by include mobile key to open a room in a hotel or office, or home, as well of course as phones, tablets and more.

The answer, which is a must for Operation Risk is Senior Management sponsorship. They provide the funding and approvals that allow great mitigation and recovery plans to be implemented.

Management has lots of reports to read and when you provide your reports follow these simple suggestions:

  • Keep the report simple with only bottom line information. Management will ask for more details if they want them. (Have details available.)
  • Keep the report short
  • Keep the report in an easy to follow and read format
  • Charts that “say it all” are good.