Risk management is an increasingly important business driver, and stakeholders have become much more concerned about risk. The risk may be a driver of strategic decisions; it may be a cause of uncertainty in the organisation, or it may be embedded in the organisation’s activities.
Understanding Risk Management
An enterprise-wide approach to risk management enables an organisation to consider the potential impact of all types of risks on all processes, activities, stakeholders, products, and services. Implementing a comprehensive approach will result in an organisation benefiting from what is often referred to as the ‘upside of risk’.
There is a need for all types of organisations to understand the risks being taken when seeking to achieve objectives and attain the desired level of reward. Organisations need to understand the overall level of risk embedded within their processes and activities. Organisations must recognise and prioritise significant risks and identify the weakest critical controls.
Benefits of Risk Management
When setting out to improve risk management performance, the expected benefits of the risk management initiative should be established in advance. The outputs from successful risk management include compliance, assurance, and enhanced decision-making. These outputs will provide benefits by way of improvements in the efficiency of operations, the effectiveness of tactics (change projects) and the efficacy of the organisation’s strategy.
Our consultants operate using the ISO 31000 ‘Risk Management – Principles and Guidelines.
The assistance of integrators with system component SDK and API integrations
XtraVision assist end-users to evaluate the status of their systems in terms of;
- System design methodology
- System Status
- System performance in addressing the above Risks, Concerns and Threats
- Compliances to International and local best practices and standards
- System shortfalls, if any
- Detailed report of findings and recommendations for improvement
For more information about our services, visit us at https://xtravision.co.za/contact/