The importance of risk analysis.

By Global Trust Association

03 July, 2019 | 16:07hrs

Reputation or brand damage, cybercrime, political risk, and terrorism are some of the risks that private and public organizations of any type and size must face most often. The purpose of risk management aims at helping create and protect value by making the best possible decisions. These decisions mainly concern the adoption of measures (or not) in order to achieve and secure the objectives (things related to social, organization and individual aspects that are valued or which represent a value).

The process can identify the threats that may affect the company and set a priority order to allow management to focus on the biggest risks. In addition, it allows management to examine all currently identified concerns, prioritize the level of vulnerability, and then select an appropriate level of control or accept the risk. Risk management is not aimed at eliminating all risks, but at minimizing the risk to an acceptable level.

A risk analysis should be performed whenever money or resources are to be spent. Before starting a task, a project, or a development cycle, the company must understand the concepts of risk analysis and apply them to the needs of the company. An organization’s safety culture requires attention.  Safety culture must be invested in. When a safety culture is sustainable, it allows transforming the safety of a single event into a life cycle that generates safety returns forever.

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