Nurturing a culture of risk management can help your business turn times of crisis into opportunities.
A resilient organisation can is one that can reduce the risk of being blindsided by unexpected events.
While there are many factors that contribute to strengthening an organisation’s operational resilience, the success of this endeavour is often attributed to an entity-wide culture of risk management.
A strong risk management culture manifests in how an organisation reacts to uncertainty and risk.
Faced with a crisis, a strong culture of risk management can guide an organisation and create an opportunity for businesses that have ensured that they are positioned correctly to allow management and staff to respond quickly in times of upheaval.
Outlining key insights as to how businesses can mitigate the effects of a crisis, CURA has published a whitepaper on the importance of a strong risk management culture.
The key topics on guiding your business through times of crisis are detailed below.
Building a strong risk culture
A strong risk culture is essential for any business looking to build resilience and adapt to new challenges.
To build a strong risk culture, organisations must assess their existing capabilities to measure their strengths and weaknesses – such as their ability to deal with a global crisis like the current pandemic.
A risk management software tool can equip your business to do this by streamlining the management and mitigation of risks.
This ultimately creates value for shareholders, employees, customers, and regulators.
Setting the tone across the business
Key to developing a strong and sustainable risk culture is making sure that everyone in your business is working towards the same goal of building resilience.
Through ensuring employees take responsibility for risk controls you can encourage and reinforce a risk-aware mindset.
This begins with top management, but it is essential that it is adopted on all levels of the business.
Mitigate the risk of being blindsided
After you have evaluated your capabilities, the next step is to identify the greatest risks to your business and determine which events could cause disruptions.
Identifying and documenting these risks will enable you to see how they compare to the risk appetite at all levels of the business.
Good business continuity management is proactive
Planning forward by identifying risks is essential to business continuity, as it helps your business prepare for these events and mitigate their effects.
A well-developed risk management culture also leads to proactive decision-making. This enables your business to react to a potential disruption efficiently and effectively.
Leading companies across the world know this, and rely on CURA to provide a complete solution for business continuity management.
This is best done through CURA’s ERM software, which empowers your business to:
- Embed and integrate risk management in business processes.
- Communicate risk and risk treatment widely and effectively.
- Link risk management to strategy and objectives to inform decision-making.
- Monitor organisational and individual performance against goals and objectives.
- Prevent unwanted and unexpected risks or events from impacting on the business.
CURA Software was the recipient of 5 awards in 2020 and 2021 for excellence in the management of technology, innovation, systems, sustainability and overall excellence.