IT GovernanceRisk Management

Fortify Organizational Resilience by Managing Dynamic Risk

Every aspect of our daily lives revolves around the cloud, including shopping, business, education, healthcare, and travel. Strategic leaders who stay focused on building organizational resilience do so by connecting present and future risks. Organizations can achieve better results by managing risks jointly by viewing them through a single lens at the enterprise level. No risk management system can prepare a company for every eventuality, regardless of its complexity. Businesses may be reluctant to invest in skills and resources to deal with an impending threat if it appears implausible. This article at Security InfoWatch by Matt Bradley speaks about how you can effectively manage risk and strengthen your security posture.

Organizational Resilience Is the Top Priority

Organizations are focusing, discussing, and spending more on risk mitigation strategies than ever before. Per Forrester Consulting, over 99% of the 450 risk and security professionals surveyed endured a cyberattack between 2020 and 2021. There are an array of threats that companies need to address such as climate change, cyber threats, active shooters, and supply chain crises. Risks are an inevitable part of the business. Therefore, companies must understand the risks at the root level to eliminate them and build organizational resilience.

Risks are often as unpredictable as their consequences. Their resulting harm differs from the damage expected at the outset. Managing dynamic risk is a unique challenge because it requires constant pivoting. Therefore, it is necessary to plan for a multitude of potential co-existing threats. This will broaden your view of where and how these threats may occur.

Reinforcing Risk Management for Improved Resilience

Companies face the danger of risk silos and repeatedly committing the same mistakes. Risk silos occur when risks are managed separately instead of in an integrated way. Handling risks with a myopic lens makes it more challenging to remain aligned with your business strategy when things continuously change. Therefore, managers from all departments must collaborate, communicate, and collate risks to understand and analyze risks effectively.

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