In business, risk is everywhere. It could be the financial kind that's borne from bad decision making or physical attacks on your digital resources. It could be the risk of growing too quickly or not growing enough, losing productivity or falling foul of legal compliance.
Without a crystal ball, organisations in every industry will find it difficult to identify and mitigate the most pressing and critical business risks. However, they have one tool on their side – information.
With the right information, companies have the ability to forecast with more fruitful outcomes. Then, if that data is utilised in the right structure and controlled with the most ideal tools, risk management becomes part of the everyday, rather than frantic rush to mitigate something that strikes unexpectedly.
To do this, a business needs to understand that information is one of only four assets available to them – along with financial, physical and human resources. Executives then need to distribute these resources and create information governance that is a part of business governance.
Sadly, some organisations are lagging behind and do not yet understand the benefits of equipping information in this way to minimise business risk, though these advantages are plentiful.
Benefits of risk management
The list of ways that better data management and governance can reduce business risk is long and never conclusive; however, we find some of the biggest benefits an organisation can achieve are:
- Improved business continuity through disaster recovery to lessen downtime
- Extra protection from loss of reputation due to inefficiency, ineffectiveness or illegality
- Better access to evidential documents to defend cases of litigation and/or non-compliance
- Protection of intellectual property
- Reduced loss of knowledge and market insights from documents held by retiring/leaving staff or contractors
- Less dependence on people who hold knowledge, evidence and IP in their heads
- Improved physical and digital data security
How Experience Matters helps
The road to reducing business risk is not a straight one, due to the individuality of any given organisation. However, with better knowledge management, combined with efficient document and record management, your business has the foundation to avoid or confront risks in an effective way.
We understand business risk; we have also helped many organisations treat their information assets in a way that will reduce the constant threats put on a company.
To do this, we work with companies on an individual basis to identify their most pressing and immediate risks, as well as those that could pose a significant threat further down the line. We ensure they have the content management systems and tools to allow for quick, secure and efficient access to business-critical documents and knowledge.
We can then work with staff members and train them on best practices, while helping managers and executives create an environment of effective data, document, record and knowledge governance.
By monitoring success and benchmarking against KPIs and industry standards, business risk mitigation can be a tangible and long-term solution.
What to do next
If you would like to find out how business risk can be managed in your organisation, contact us and speak to an expert. We’re able to create a personalised, efficient and affordable plan to either make minor departmental tweaks or develop from the ground up, without impacting productivity in the meantime.