What is Resource Allocation Resource allocation, in the scope of risk management, is the process of how an organization distributes its resources across the company for specific uses. This includes assigning personnel to specific tasks or projects, machines or equipment, and of course monetary resources as...
Developing an action plan for cyber-physical systems is an integral part of a complete risk management program that continues to grow in importance. According to Gartner, “By 2023, 75% of organizations will restructure risk and security governance to address new cyber-physical systems (CPS) and converged...
Managing risk is an essential component of every organization accomplishing its key objectives effectively. Risk management not only requires a reliable process to capture risks, but also needs a method to document and administer the organization's response. An appropriate risk management tool always helps the risk...
Vendor Risk Assessments It’s important to assess vendors to accurately determine the risks of doing business with your third-party partners. At the minimum, most businesses will assess their vendors on an annual basis. In a 2018 report by Opus that surveyed over 1,000 CISOs, CIOs...
When we look at successful businesses, it can be difficult to gauge every positive contribution to their accomplishments. One certain factor, though, is the combination of unforeseen risk and the quality of risk management implemented. Poor risk management and exhaustive risk management both directly affect...
Construction Risk According to the U.S. Census Bureau, the U.S. construction industry was worth $1.3 trillion in 2019. Within such a large industry like construction, risk is inherent in all activities. Depending on the action, you carry the potential loss of time, resources, money, or reputation....
The Top Risks in Retail Whether your business is a brick and mortar location or you operate as an online entity, retail organizations require specialized risk management to meet their needs. To stay profitable, companies need to watch their bottom line and a retail risk management...
Reputational Risk Every organization, despite its size, location, or industry, has reputational risk. While any risk carries the possibility of causing undesirable consequences, damage from reputational risk can be disastrous for a company of any size. This blog will aid you in avoiding reputational risk by...
Top 5 Risks in the Insurance Industry Insurance companies place an abundant focus on protecting their customers and minimizing their impact from risks. However, it's vital for these insurance companies to acknowledge and prepare for their own risks as well. When there are thousands of risks...
Third-Party Risk Third parties are a necessary risk for many organizations, helping them to expand their reach and services to limits far past what could be achieved on their own. For many, this boils down to the cost-effectiveness of certain functions, keeping revenue highest by outsourcing...