4 Ways Organizations Mishandle Asset Risk

Posted on Sep 13, 2016

Managing risk is a complex organizational task at every level. With the continued evolution of risk types and geographical factors, it's critical that every organization has a plan in place that is both defined and fluid. Every company is going to have different types of risks and different vulnerabilities. However, there are common threads that can be seen from years of research as well as from evaluating past security issues. Not only that, but as safety and security solutions become more well ingrained in your organization, asset risk management should continually grow stronger.

Risk Mitigation Strategies | Strategic Planning isn’t About Control

With all of that said, there are some very specific ways in which organizations mishandle risk. Below are four that have stood out over time.  

1) Relying Only on Historical Data: While past history can be a useful tool in a very general sense, using it exclusively can be a major issue. Even if your risk areas are less technical based, common risk failures often result from assuming that the signposts from the past will come into play, yet again. Risk predictions and their solutions take imagination and thinking outside of the box. 

2) Overlooking Known Risks: While keeping in mind the above, it's important to also stick with the basics. It's most likely that the risk you will face is the very one you've been expecting. And often this factor can lead to organization-wide overconfidence. Be prepared for a known enemy.

3) Failing to Communicate Effectively: This could very well be the biggest factor in safety and security solutions: communication breakdown. A plan is only as good as its execution, and additionally, with evolving threats, companies need the ability to react and improvise with speed. A weak communication infrastructure can lead to an organization that cannot respond quickly to an ongoing attack. Good communication is critical at all stages of risk preparation.

4) Ignoring Real-Time Data: Known risks and historical data all have a part to play in risk management, as does the plan and careful communication. However, nothing takes higher precedence than staying alert to data as it comes in at real time. The ability to react to what you are seeing, as opposed to what you've planned for or what has happened in the past, is paramount. Keep an open mind as a risk evolves, especially in modern times where such evolution can occur by the minute.

These four common errors that organizations make when it comes to asset risk are by no means the only thing to keep in mind when protecting assets, but they are important, nevertheless. With great awareness, risk management is always improved.

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