Risk can be hard to foresee and preparation is the best risk mitigation strategy an organization can have. As the economic and regulatory environments continue to evolve, organizations face emerging business risks that challenge traditional strategies and assumptions. The accelerated shift to digital operations has made organizations more susceptible to technology and cyber risks.
Many organizations have also witnessed the profound impacts supply chain weaknesses can have on their operations. Meanwhile, political, regulatory, tax, environmental and financial risks have become a focal point for governments and business across the globe. In order to build resilience into operating models and help reduce or manage these threats, organizations need to develop a risk mitigation plan which will help to:
- Assess and quantify risks using a robust enterprise-wide framework
- Implement early detection systems and protocols
- Define risks tolerance at all levels
- Include third-party providers as part of all risk reviews
- Develop plans and implement protocols for mitigating risks and communicating to stakeholders should an issue arise.
