Managing risk in a volatile world has become increasingly important to organizations, we can assist you in this difficult task
Risk is commonly understood to be the probability of a harmful or disruptive event that leads to a failure and/or losses when engaged with vendors. The key to managing risk within your organization is first understanding the potential risk factors for your organization and classifying such risks in terms of impact and whether the risk is (1) financial, (2) operational, (3) reputational or (4) compliance/legal. This process involves blueprinting the key factors for success or failure in your enterprise and segmenting these factors into categories such as processes, people, infrastructure, systems and information. The next step would be to develop a risk-based monitoring program that tracks the vendor’s performance in the identified risk area which helps in mitigating the potential impact. Risk Management is all about identification, quantification, assessment, prioritization, and assignment of both responsibility and accountability. It requires the effective use of resources to implement mitigating actions to minimize, eliminate or anticipate the risk(s) which includes monitoring and reviewing status and testing preparedness. We can help in developing the framework to manage and mitigate risk in your organization.