The Importance of Risk Management

Risk management is becoming increasing important. The organizations that fail to allocate
adequate resources to risk management leave themselves susceptible to harm that not only affects
business operations, but also potentially causes irrevocable damage to business reputation. Once
an organization loses its reputation, it is the start of the demise of the demise of the organization.
Organizations must make risk management a high priority. Risk management is fundamentally
an approach in which organizations explore identify, analyze and mitigate the risks that can
affect operations.

Risk Management

Organizations have always had to contend with managing common risks that could cause
detrimental losses, such as fires, thefts and natural disasters, however, now in the digital age,
cyber crime also factors into the equation. Proper planning plays an essential role for successful
risk management. Another key element in effective enterprise risk management is the inclusion
of both positive and negative business risks.

Be Prepared

Organizations should be prepared to face with standard risks of doing business and also facing
the unknown too. Not only do the right systems and processes need to be in place, but they must
be tested and monitored accordingly with constant improvement as the goal.
In addition to just-in-case plans and products, such as a list of alternate suppliers or an insurance
policy, organizations that successfully manage their risks also adopt routine practices to manage
the potential hazards they have identified. In many cases, new positions are created, such as new
departments arise to integrate risk management into everyday operations, including equipment
maintenance and quality assurance teams.
Risk management provides company leaders and stakeholders with peace of mind in a fast-
evolving business climate.
A select few of the International Standards that Redmond Worldwide Utilizes
on our Consulting Practice
  • ISO 27001

Information Security Risks can affect an organizations assets, information and reputation.

  • ISO 22301

Business Continuity Management helps an Origination identify, mitigate and recover from risks
that can affect operations.

  • ISO 31000

Risk Management plays a key role in an organization’s performance. Organizations increasingly
focus on identifying risks and managing them before they hamper business performance.

  • ISO 55001

Asset Management is defined as the “coordinated activity of an organization to realize value
from assets”, therefore, it’s vital for companies because it influences the balancing of costs,
opportunities and risks against the desired performance of identified key assets.

  • ISO 37001

Anti-bribery management system based on ISO 37001 helps companies prevent, detect and
address bribery aiming for improved ethical business culture.

Contact Redmond Worldwide Today
To discuss how we can help you with your Risk Assessments