Hackers and cyber attackers can get a foot in your network’s door with the smallest of weaknesses. Managing risk on a daily, continuous basis is commonplace for many types of businesses today for this very reason. As hackers are becoming more clever and IT compliance environments are becoming progressively more strict, having a consistent approach to risk management is the way to achieve the best levels of protection. 

risk management

Anticipating Issues & Reducing Uncertainty with Operational Risk Management 

The Basel Committee on Banking Supervision has described operational risk as “the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events. As such, operational risk captures business continuity plans, environmental risk, crisis management, process systems, and operations risk, people related risks and health and safety, and information technology risks.” Enterprise risk management and technology risk management overall are not to be overlooked. 

There are several big reasons why companies today are taking advantage of operational risk management: 

  • Improving the reliability of business operations
  • Improving the effectiveness of the risk management operations
  • Strengthening the decision-making process where risks are involved
  • Reducing losses caused by poorly-identified risks
  • Identifying unlawful activities
  • Lowering compliance costs
  • Reducing potential damage from future risks

With a wide range of positive results from implementing risk management solutions, there’s no wonder why so many organizations today are using strategic risk assessment to move forward in their respective markets.


Why Should You Outsource Small Business & Enterprise Risk Management?

Risk management can be a very neglected aspect of many businesses; a seemingly cost-heavy and time-wasting activity. More and more often, however, companies are giving risk management responsibilities to employees whose core competencies lie elsewhere outside of IT. 

While the perceived downside of having an outsourced provider runs rampant, in reality, outsourcing risk management functions is well worth it in the long run. Here are three of the biggest reasons why your small business or enterprise company should consider outsourcing risk management issues:

1. Lowering costs and time needed

Having lowered costs is often the number one reason for many companies to embrace the use of an outsourced service, risk management included. With the money saved on an annual salary and benefits expenses by hiring an expert who is not on your payroll, in addition to training costs associated with such an important role. Crimson IT experts understand the ins and outs of every task needed and come to you with years of experience in handling any scenario. 

 

2. Building a risk management framework

The real test of how effective a risk management plan lies in how quickly your company can fully recover after a data breach or security crisis. Outsourcing risk management professionals will help you to develop a crisis prevention plan that is catered to the unique needs of your company. Getting expert advice from Crimson IT staff and having a solid backup plan in place is invaluable to ensuring your business’ future. 

 

3. Analyzing and projecting future risks

While it’s impossible to know exactly what will happen in the future, a risk management professional is trained to be able to identify and assess risks, as well as figure out how to best stop IT crises from occurring. Crimson IT technicians put together a complete risk management assessment by reviewing every part of your company to find hidden risk exposures and make projections of any future risks that might occur within your specific industry.


Putting the Risk Management Process into Place

All risk management processes follow the standard steps needed to assess potential issues and deliver actionable solutions: identifying and analyzing exposures, examining feasible risk management techniques, selecting the most appropriate risk management solutions, implementing the chosen techniques, and finally, monitoring the results. Implementing these decisions requires thorough planning, organization, leadership, and resources.

At Crimson IT, our small business and enterprise risk management services follow a simple, yet effective process that enables your company to thrive.

 

Step 1: Risk Identification 

We uncover, recognize, and describe the risks that might affect your project or business outcomes, making note of every potential vulnerability. 

 

Step 2: Risk Analysis

With the risks identified, we are able to determine the probabilities and consequences. With this knowledge, we’ll work with your teams to develop an understanding of the nature of the risks and their potential to affect goals and objectives. 

 

Step 3: Risk Evaluation 

With an analysis in place, we evaluate and rank each risk by determining the risk magnitude - the combination of both, likelihood and consequence. Armed with this information, we help you make the necessary decisions about whether the risk is acceptable or serious enough for a response.

 

Step 4: Risk Response

We use the final ranked list of risks and develop a thorough plan of action. By creating risk mitigation strategies as a part of this process, plans to help prevent risks in the future become much more in-depth.

 

Step 5: Risk Review 

With a complete risk management plan in place, we are able to continuously monitor, track, and review specific risks to your business. 

 

At Crimson IT, we offer full-service risk management solutions that cover every area of an organization’s risks, including the initial risk assessment, operational risk strategy, risk decision-making, and ultimately the implementation of risk controls. 

As security threats evolve and competition gets smarter, we provide transparent business risk management that delivers a greater understanding of all the risks your organization may face. Crimson IT offers the most complete solutions where risk assessment is concerned, providing consistent means of performing dependable risk management. Using our deep understanding of your industry’s needs, your business will benefit from having more security-centered practices that manage risk on a daily basis.

Maintenance

Hackers don’t stop, and neither do our IT experts. Providing ongoing checks and maintenance to ensure that our risk management plan works for your company is a top priority.

Implementation

After creating a thorough plan of action for your small business or enterprise's risk management, our expert IT staff will help you implement everything seamlessly into your current setup.

Planning

Developing a risk management plan with a well thought-out strategy is the key to long-term success. We look at your business and industry, as well as its enforced regulations, to come up with the best risk management plan possible.

Assessment

The initial risk assessment lays the groundwork for our overall strategy. We first gather all the information we can about your systems, networks, and devices to better understand and identify potential risks.

“The entire Crimson IT team is made up of high level professionals that ensure my organization is operating at peak performance at all times. I would highly recommend them for any company.”

Michael Barker \ CEO & Managing Director \ Barker Pacific Group

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