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Volume 30, Issue 1

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Tuesday, 18 June 2013 16:08

The importance of a sound risk management plan

John F. Kennedy once said, "There are risks and costs to a programme of action, but they are far less than the long-range risks and costs of comfortable inaction".

When making any business decision, there are risks that must be measured. Risk management is a key element for any successful business. It starts with identifying, assessing and quantifying business risks, then taking measures to control or reduce them. The risks are then reassessed and business decisions are made based on the remaining risk vs. reward. Having a clear understanding of all risks allows an organisation to measure and prioritise them, then take the appropriate actions to reduce losses. The same also stands true for government departments, small businesses and individuals.