Protecting your business against visible threats is a straightforward process; identify areas of weakness and implement measures to preserve or strengthen them. However, when those weaknesses are hidden within coding in the digital world, how do you protect yourself?
It’s simple: Risk Mitigation. From risk assessments to implementing a robust risk mitigation strategy, this article guides you through the importance of risk management for businesses.
What Does Risk Management Mean?
Also known as ‘limiting risk’, risk management refers to the process of identifying, assessing and acting upon potential risks to an organisation’s people, processes or data. By implementing a robust risk management strategy, you can scale with your business, anticipate new risks, and maintain compliance. It should be a priority for every business owner to protect their growing enterprise from internal and external threats.
4 Examples of Risks for Businesses
GDPR Risk
From clients and customers to employees, as a company, you are trusted to keep personal and sensitive information secure. Sharing or selling this data without consent, even through cyberattacks, means you’re breaching GDPR rules.
Compliance Risk
Every industry has set standards to adhere to. These can be internal or external (e.g., local authorities or the Government), but violations of these rules could lead to financial or reputational risks. In the worst cases, it could result in fines or legal action.
Operational Risks
Internal systems play a significant role. If they are compromised, they can have a negative impact on day-to-day operations, potentially resulting in business downtime and lost revenue.
Reputational Risks
The above risks can all have a negative view of your brand and how your business operates. This could lead to lost customers and clients, reduced revenue, and even lower staff retention.
Creating a Risk Mitigation Plan
An in-depth risk mitigation plan can be the difference between a thriving business and one that fails. Regardless of the size of your enterprise, here are our three go-to steps for creating your risk mitigation strategy.
1. Risk Assessment & Strategic Planning
Step one involves a risk assessment of your people, processes and supply chain. This helps identify potential risks, such as breaches of GDPR, unauthorised access to user passwords and logins, improper storage of personal data, or cyberattacks. Actions are created based on this assessment to reduce the risk levels to your business, and must be reviewed regularly to ensure their efficiency.
2. System Design & Integration
Several human-based solutions can help limit risk, such as cybersecurity awareness and knowing GDPR standards. However, there are also software risk mitigation solutions, including Data Backups, Disaster Recovery, and Remote Monitoring, that can reinforce your strategy. These are tailored to your business and infrastructure, and designed to scale with future growth.
3. Risk Monitoring & Ongoing Support
Many businesses make the mistake of attempting to mitigate and manage risk themselves. However, it requires consistent diligence for optimal results, which can be time-consuming. By partnering with risk mitigation experts, such as Syntec, we can help implement your risk assessment and solutions to reduce risk. We’re also on hand as your go-to IT support team.
Still unsure where to begin in limiting risk? Our IT Strategic and Consultancy Services help you identify potential risks to your business and implement the most effective solutions. Protecting what you have now and preparing you for future success.
Benefits of an Effective Risk Mitigation Strategy
- Protect people, processes & data
- Stay safe & compliant
- Maintain brand reputation
- Creating a better brand culture
- Optimise operational efficiency
- Build towards sustainable success
Your Risk Mitigation Solution
Risk management isn’t about eliminating all risks, because they can also lead to fantastic opportunities. But it’s about analysing the risks before taking the leap. Being proactive rather than reactive, and adapting to change. One sure-fire way to achieve this is by having a risk mitigation team on hand to support you. That’s precisely what the team at Syntec is here to do. Contact our friendly team to discuss your needs and start mitigating risks today.
