risk perspectives
   
what drives operational risk awareness
risk perspectives
What Drives Operational Risk Awareness

Operational resilience, regulatory compliance, corporate citizenship, meeting contractual conditions, fiduciary duty, insurance due diligence and the safety and security of employees, customer and partners are urgent issues in the C-suite and boardroom. Better risk identification, assessment and mitigation strategies have become a prerequisite – to contract execution, government funding, healthy media relations, reputation and good corporate citizenship.

At Risk Solutions International we understand the issues that drive risk:

  • Recent crisis experience or insurance loss
  • Increased vulnerability - of sensitive data and protected information - to hacking, cyber attack, malware, intrusion or denial of service attack.
  • Compliance with standards and industry practices, or response to audit comments about deficiencies in risk controls.
  • Business continuity or emergency plans required by partners in service level agreements (SLAs) or as a pre-condition to buying or investing, by banks as a loan covenant, or by insurers as a condition of insurance coverage.
  • Concerns about continuity in the supply chain - vendor resilience, inventory value-at-risk, and risk built into in the global supplier network.
  • Unpredictable and volatile international political and social instability.
  • Elevated risk from sole sourcing and single points of failure as unintended consequences to consolidation or the implementation of lean manufacturing and just-in-time procurement strategies.
  • Risky geographic concentration of production, distribution or intellectual assets.
  • Difficulty in quantifying business and contingent business interruption risk for insurance underwriters, the limited availability of CBI capacity in the market, and its prohibitive expense.
  • Strategic concerns about “black swan” events and atmospheric patterns that produce violently destructive weather.
  • Heightened focus on homeland security initiatives and projects driven by federal and state grants for emergency preparedness and continuity of operations planning (COOP).
  • Stakeholders’ expectations for corporate good citizenship.
  • Corporate/Board governance directives.

 
 

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