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EFFECTIVE RISK MANAGEMENT GENERATES BUSINESS VALUE here's how your organisation can benefit

EFFECTIVE RISK MANAGEMENT GENERATES BUSINESS VALUE here's how your organisation can benefit

 

Organisations of all types face internal and external factors that make it uncertain whether they will achieve their objectives. The effect this uncertainty has on an organisation's development can be referred to as risk. Today's business environment is more competitive than ever, characterised by complexity, rapid change and volatility. For this reason, leading organisations regard risk management as a process integral to decision making.

Risk management should be of high concern at all levels in organisations from objective setting through to project execution, and a significant number of companies work with dedicated risk management teams to ensure this risk is identified and mitigated. The perception of risk is moving from tangible aspects towards strategic issues and companies recognise that risk management will play a crucial role in their overall business strategy and affect their performance in the longer term.

The concept of risk can signify not only a negative outcome (an incident or a loss) but also a positive outcome (business profit). This is because effective risk management can create value by preparing organisations to take advantage of unexpected outcomes, as well as protecting against threats.

Forward thinking, leading companies, are already approaching risk management in a structured manner that is integrated in the overall business strategy. Attributes of companies in this leading group include:

  • The company has a risk management strategy and has set measurable goals on risk management.
  • The company uses at least one standard, guideline or framework to define its risk management frame.
  • Risk management is practiced throughout the organisation.
  • When self-assessing risk maturity, the company determines that they are a "leading" or "building" business in risk management.

But how can organisations judge their readiness and how they rank in terms of managing, and benefiting from, the business risk that occurs in their operations?

One of the key methods is to utilise a self-assessment tool to provide a clear understanding of how your organisation operates, where failures may occur, and to generate improvement points for business processes. In this way, the tool offers a structured approach for assessing, planning and testing contingency plans to build organisational resilience.

DNV offers a self-assessment suite as part of our range of digital tools developed to add value throughout the training and certification journey. From training and preparing for your first audit to improving your management system and maintaining your certification, our solution always focuses on our technical expertise, risk-based approach and digital tools.

DNV is one of the world’s leading certification bodies, providing independent expertise in assurance and risk management, empowering our customers so that critical decisions can be made with confidence.

For more information visit www.dnv.co.uk/assurance

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Published: 28-12-2021

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