In business, it’s imperative that leaders know what threats exist with potential to disrupt business operations. There should also be plans in place for the oversight of all current and emerging risks. Three of the most common risks faced by organizations today are related to operations, technology and cybersecurity.
Operational Risk
Operational risk is defined as, “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.” There are three levels of operational risk management. In-depth risk management is used prior to project implementation. This is when there’s plenty of time to plan and prepare. Deliberate risk management is done routinely throughout a project’s implementation. This could include quality assurance, performance reviews and safety checks. Time critical risk management is used during task execution when a high degree of situational awareness is necessary. If the in-depth and deliberate risk management is properly done, this can make time critical risk management a much smoother process.
Technology Risk
Technology Risk is the potential for losses due to technology failures. For example, this could be…
