Every business whether it?s a large conglomerate or a small and medium enterprise, risk is an integral part of any business process. Organizations plan their business strategies keeping in mind the risks involved in the industry sector. Risk management thus is a part and parcel of the business operations. With the advent of technology and businesses spanning across the globe, risk management has become more than necessary and is generally a part of the Application Lifecycle management process in a techno savvy business environment.
Risk management, a process through which the companies control their level of risk is often a part of the compliance function. Risk management system includes functions such as Risk Identification, Assessment and Control.?Policy, procedures and standards are the key elements of an effective risk management programme. Policy describes the objectives, procedures determine the process of implementation and standards provide guidance on particular issues.
This simple in-built process for managing the potential risks in a project constitutes activities such as:
- Identify Risk Area: identification of risk prone areas in Technical field, Business operations, Marketing, Legal, Financial, HR, and Admin.
- Assess and Prioritize: The identified risk is assessed and prioritized according to its severity.
- Preventive Action: Documentation of the preventive action and this need to be effected before the occurrence of the risk.
- Establish and Implement Corrective Action: Implementing corrective actions reduces the impact of the risks
- Monitor and Track
- Associate Issue: Tracking, recording the issues creating the risks.
The technological evolution, have facilitated the development of web based and configurable risk management solutions. With a wide array of features these are easy to use, flexible and customer friendly entry-level solutions. Through these solutions it becomes easy to view the existing risks in the system, trace the risk linked elements and its relational dependencies. In case of real-time cases, the risk management software facilitates multiple operations such as updating the priority and severity listing of multiple risks, cloning of multiple risks at the same time.
The risk management process involves a practice of systematically selecting cost effective approaches for minimizing the effect of threat to the organization. The strategies to manage risk include transferring the risk to another party, avoiding, reducing the probability of the risk, and also accepting some the consequences of a particular risk, as at times the financial and practical limitations come in way of risks mitigation. Use of various testing tools facilitates monitoring of the IT environment, analysis of security data, risk evaluation & prioritization of remedies.
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