Business risk management – complex but vital
In a world where our climate is threatened; there is political instability; consumer expectations change dynamically, and technology is advancing at an unprecedented level; disruptive events are now more complex to avoid and resolve. This results in increased business risk.
When we talk about managing our risks, what we really seek is avoiding those risks – through elimination of hazards, activities and exposures which can negatively affect our business and our assets. In other words, whilst risk management is about controlling the impact and consequences of threatening events, risk avoidance seeks to avoid compromising events entirely.
This is what we understand to be our resilience capability.
Business resilience for sustainable competitive advantage
The International Standard – ISO 22316 – Security and resilience — Organisational resilience — Principles and attributes defines organisational resilience as:
“the ability of an organisation to absorb and adapt in a changing environment to enable it to deliver its objectives and to survive and prosper.
More resilient organisations can anticipate and respond to threats and opportunities, arising from sudden or gradual changes in their internal and external context. Enhancing resilience can be a strategic organisational goal and is the outcome of good business practice and effectively managing risk.”
Each of our businesses today regardless of size and location need to be resilient to survive and to compete.
Simplification and management of business risk
James Dynan Associates is a consultancy based in Lymington which can support you in simplifying and managing the risks relevant to your business. This will empower you to anticipate and prepare for, respond and adapt to incremental change and sudden disruptions. Being resilient will give you a competitive advantage in providing assurance to your customers, staff and key stakeholders that their obligations can be met in the face of adversity.