“Risk comes from not knowing what you’re doing”
To mitigate risk you need to know what you are doing, prepare for and lessen the effects of any threat your business may be faced with by continually monitoring and evaluating the risk process effectiveness.
All businesses encounter risks; risk mitigation strategies are about how you choose to manage those business risks.
Compliance with established rules and regulations will help protect your business or organization from a variety of unique risks, whilst risk management will help protect your business or organization from risks that could lead to non-compliance— which is a risk, itself.
How Evocatus Can Help
We help organisations to mitigate risk by supporting a range of activities, using exercises and rehearsals to make sure that we get each stage of the strategy correct.
First, we support the drafting and testing of risk strategy procedures, identifying what the risks to the business are and then we assess the risk to be better prepared to monitor and manage it.
The main risk strategies are: risk acceptance, risk avoidance, risk mitigation, risk reduction and risk transfer.
The next step is about rehearsal; making sure that everyone who will be using the strategy understands it and can apply any process or procedures required to make the right decisions and to make sure that nothing gets missed when stress levels are running high. Time spent on this stage can not only polish and refine the strategies, but when done right can makes teams more effective through practice.