Without risk there is no reward and an ability to assess and manage risk is a crucial organisational capability all contemporary organisations must harness not just to survive but to thrive. We bring clarity and awareness to risk management to empower leaders to confidently respond and seize opportunities
-Theodore Roosevelt
When organisations in highly regulated, high risk sectors are faced with the pressure of regulatory change, they need to respond effectively to improve their performance for both compliance and business growth. But with ever more complexity and compliance it is difficult for these teams to stay up to date , increasing the organisation’s risk exposure and the likelihood of claims, fines and litigation.This risk exposure can contribute to the prospect of reputational damage and increased costs.
Our current business landscape needs to consider all emerging risks including cyber risk, climate change and ESG among others. Combined with ongoing volatility and disruption, traditional approaches to risk management fail to keep pace with these changes and do not always recognise these emerging risks.
Eliminate avoidable costs, reduce threats and even turn risks into strategic opportunities.The Mindful Risk Group are experts in risk management and will ensure your organisation is prepared for all the business risks it may face. As your risk consultant, we provide you tailored advice and have worked across a variety of industry sectors.
Gary Cohn
A risk assessment is a component of the risk management process. Risk assessment allows you to quantify or assess the risks and hazards you have identified as being relevant to your business. This process then allows you to prioritise the risks based on the outcome of your assessment so that you can quickly pay attention to your highest priorities.
Risk appetite is most commonly described as the amount or level of risk an organisation is prepared to accept in pursuit of an organisational objective. It is usually expressed in words( qualitatively) EG Low, Medium, High. Risk Tolerance is most commonly described as the degree of variability the organisation will tolerate in pursuit of an organisational objective without ceasing or modifying the activity. It is usually expressed in numbers (quantitatively) EG +5% -10%. An example of how this could be expressed might sound like this; We have a high risk appetite for undertaking this IT innovation project but have a risk tolerance of 10% budget overrun on this project. If this overrun is exceeded the project must be put on hold until activities are undertaken to bring costs back within risk tolerance.
One key activity you can undertake is to complete a gap analysis or audit of your system. This can include reviewing your policies and procedures, your training and induction systems and your consultation methods to establish how well they have been implemented in your business. ISO 45001 provides great guidance in this area!
It is important to remain current and contemporary, so we advise reviewing your systems and registers regularly, but especially following any regulatory changes or legislative updates, or if you have had a significant incident or event within your business. You should include constant monitoring and review as part of your regular business practice.
Risk controls demonstrate the way in which your organisation is controlling the risks it faces. Some risk controls are mandated by legislation, such as the use of the Hierarchy of Controls for Work Health & Safety risks. You should review your risk controls on a regular basis to ensure that they haven’t been impacted by either internal or external change and that they are still fit for purpose and working as intended.
