Risk management
Risk management is the systematic process of identifying, assessing, and mitigating the things that could stop an organisation from reaching its objectives, before they happen rather than after.
It runs in three phases: find the risks (which needs people who actually know each part of the business, not just a central risk team), evaluate how much each one could cost in time or money, and treat it – reduce the likelihood, limit the impact, or accept it deliberately. Skipping straight to treatment without a real assessment is how organisations end up over-investing in unlikely risks and under-investing in likely ones.
It’s not a one-time project. New regulation, new markets, and new systems all create new risks, so the cycle has to repeat – more often in a fast-moving business than a stable one.
See how to set up incident reporting as part of managing risk day to day.