Risk Management…More than a Trend

Risk management is more than a trend.

Cybersecurity is certainly high on the list of concerns for most executives these days given high profile data breaches and the heightened security risks that come with the increase in remote working.

Businesses should be taking action to ensure their remote workforces are secure, they have better threat detection and response, employees are educated and aware of cyber threats, and internal networks and cloud infrastructure is secure.

Is your business protected and prepared?

While certainly timely and necessary, acknowledging and managing cybersecurity risk for your business is just one facet of risk management and also highlights the need for a more comprehensive risk management strategy that should be reviewed as part of your company’s Strategic Plan.

Depending on the nature of your business, you may require some or all of the items listed below on an annual basis:

  • Incident Response Plan (IRP) – a response plan for a tangible cybersecurity compromise
  • Business Continuity Plan (BCP) – a plan to prevent business interruptions and to keep business operations running in the case of a disaster
  • Disaster Recovery Plan (DRP) – a plan to restore normal business operations after a disaster has struck

Why do you need an IRP?

Commonly used for IT security, an Incident Response Plan can also be applied to public relations (think wearing poppies at work), product safety issues (think lithium-ion battery packs) and even criminal investigations.

The impact and speed of social media suggests your IRP needs to be ready to go before any incident.

Why do you need a BCP and DRP?

The COVID-19 pandemic forced all enterprises into business continuity mode, but is your business prepared to withstand even more extreme threats such as natural disasters or fire? What about more varied threats like logistics interruptions, extended power shutdowns or work stoppages?

Having lived through three major BCP events and leading the recovery in one of them has reinforced to me the importance of being prepared for business continuity.

In my experience, access to spare capacity, relationships with trusted partners and suppliers, designated personnel with clear responsibilities and managed crisis communications with employees and customers are invaluable and needless to say, best established ahead of time.

Plan ahead

Planning for an unplanned interruption (be it a cyber attack or natural disaster) means that you can get back on your feet quickly and protect your assets, personnel and clients from disaster and disruption.

Stratford Management Consulting‘s team can help you manage and prepare for eventual risk in your business. Whether you need help with Strategy, Risk Governance, IT Advisory Services or Operations, we have a team of experts with real-life experience in managing risk for successful outcomes.

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