A solid risk management platform should be scalable from the smallest details to the largest aspects in a project. In essence, the entire system must give the company the assurance that no matter what changes or alterations are made to the current plan, the overall approach will still be effective. Additionally, these platforms should allow any given project to be easily moved from medium to high risk status without requiring drastic modifications. Therefore, risk management solutions should allow for any given company to keep managing their risk portfolio in any given situation.

 

All risk management solutions at the  Riskonnect have risk management policies and procedures in place in order to detect and mitigate threats before actual damage occurs or before it becomes a problem. It should also contain a procedure for contingency planning in the event that severe threats or other unforeseen events take place. This will help to reduce the amount of time a business is forced to spend monitoring and mitigating risk, while giving them the time needed to make adjustments that will ultimately benefit their bottom line.

 

When looking at different types of risk management solutions one can find some risk management solutions based on natural disasters and others based on financial risks. Natural disasters include earthquakes, hurricanes, and tornadoes. Financial risk can refer to credit risks, market risks, economic risks, and overall economic situations. Since there are so many different natural and financial risks, it is easy to see why a good portion of insurance providers, bank, and law firms focus primarily on natural risk mitigation rather than financial risk. After all, if something terrible were to happen would they still be able to open up an account?

 

A good example of natural disaster risk mitigation is flood mapping. This is a procedure where computer scientists to create climate change maps for areas of the country in anticipation of future flooding. If the maps are ever outdated, they can be adjusted accordingly, allowing businesses to more easily and quickly assess risk and prepare accordingly for future catastrophes. Visit https://riskonnect.com/enterprise-risk-management/expanded-role-risk-management-healthcare/ for more insights on this topic. 

 

Another example of risk assessment mitigation is the implementation of the No Kill Insurance program in the United Kingdom. The program was implemented in regions of the country experiencing high populations of nuisance animals. One method used to reduce the probability of these animals causing death or injury is to implement anti-venom campaigns in schools and other places where potential hazards might exist. While this method can eliminate a threat to humans, it does little to prevent animal damage to property or the costs of animal damage to crops.

 

Computer scientists are currently working on developing a predictive risk identification algorithm. Once the algorithm identifies a hazard, it can be modified to reduce the likelihood of encountering that hazard in the future. This will allow businesses to identify both new and existing threats, which will allow them to mitigate against those risks, and reduce the costs of possible future threats. All risk assessments and mitigation strategies should attempt to identify the most common causes of risks, and then provide methods by which to control or reduce those risks. To get more enlightened on this topic, see this page: https://en.wikipedia.org/wiki/Risk_management_plan.