Business Risk Analysis & Management:
In today's competitive and ever-changing world, many risks threaten the profitability and success of a company. These risks can go unseen by entrepreneurs and hence leave them vulnerable and exposed. Catalyst helps clients identify and provide solutions to manage or eliminate risks that will guarantee growth and profits for the future.
In any business, ups and downs are natural phenomena and in the risk evaluation phase, some main areas need to be covered. We cater to your every requirement; however, an important thing would be to understand any probable threats. Probably in an ideal world, which we know do not exist, we might be able to identify and protect you from all threats to be able to ensure that your business would be able to continue surviving. You might possibly be held back by the other factors like time, budget and priorities and need to apply some kind of cost-benefit analysis so that we could make sure that we are able to protect your most important business functions. Clearly, the same impact could result from different threats.
We understand that identification of your mission-critical business systems and processes would be another essential building block of planning business continuity. Once the important business systems and process, as well as the possible threats, have been established, we would then need to identify the loss potential and the vulnerabilities. This would require an extensive scanning of the organization to be able to identify the vulnerabilities, as well as analysis to be able to understand those particular vulnerabilities that would have the most impact on your important business processes. This would be able to start clarifying and quantifying potential losses that would help in establishing priorities.
After that, we would do an analysis of the existing controls. This would cover physical security, the people, data, the processes, communication, as well as asset protection.
Next would be to develop a good level of understanding of threat probability, which is factored by the impact, or severity of the threats.
Once the plan is in place, design any mitigation and contingency strategies to support the risk model and communicate the overall initiative to your team. Resume business operations, but be on the lookout for warning signs that are harbingers of risks. Review the plan periodically and update it, as appropriate, when more information becomes available, when certain decisions are reached, or when business conditions change. Lastly, congratulate yourself for taking control of what could have been some very risky business!
Ultimately, the goal is to achieve minimal threats, downtimes, and impacts and to be able to mitigate any losses. Essentially, you need to focus on protecting your people, data, vital communications, assets and your brand and reputation. This would all be to make sure that your business would be able to continue its operation through cost-effective ways.
Also, SWOT analysis is a fabulous method, popularly and widely used for risk analysis. It inspects all aspects of risks involved in the business organization and gives you a clearer sense of understanding for what you do. So next time you do something you are not sure about or think are in trouble, run a quick SWOT analysis and then make your decision. Visit us for more detailed information.