Risk management is the practice of being prepared: understanding your environment and your exposure to existing or emerging risk factors. The right risk management strategy helps reduce your costs and keeps your business secure. Sound risk management lies at the heart of the success of every business. With the colliding forces of more frequent, more intense catastrophic events, new threats such as cyber, and the promise of new technologies, you need to make sense of the changes, plan, and move forward. From small and midsize companies to global corporations, 8D Global helps solve risk management challenges through our solutions.
Our consultants at 8D have years of experience in helping organizations and project teams improve risk and management. We deliver results tailored to the needs of the client. When it comes to implementing these critical processes, tools, and systems, we know from long experience that “one size does not fit all”. Therefor we work with our clients to help them “get it right”. We help you identify potential risks, examine operational policies and procedures, and suggest ways to better protect businesses from operational risk
Typical Risk Management Challenges
Normally, there are increases in cost and schedule of projects due to certain problems that should have been foreseen if the proper risk management processes are in place.
Failure in Monitoring and Managing Risks
Organizations may face any of the above problems if the risk management processes, tools and systems are not up to the task of being useful and helpful. At 8D, we understand that:
- Risk management is more than “issues tracking”
- Risk management is a key project management process and must be integrated into the planning and execution of the project.
- Risk management, like project management can be continuously improved to bring substantial benefits to the organization and the customer, but it takes management commitment to make it happen and to instill it in projects so that all may benefit from it.
Working with 8D, we will help you address risk management as an integral way of doing business. 8D will help you see gains in the following areas:
8D Risk Management Services provides you significant benefits including but not limited to the following:
Our risk management consulting solutions help businesses respond to change, increase stakeholder value and deliver growth. We have helped many businesses build resilience with engaged employees. We take a comprehensive approach to fully understanding the risk management requirements of your company. We work actively together with your team onsite. In order to support your organisation, we recommend risk improvement solutions that are down to earth, practical and cost effective.
From small and midsize companies to global corporations, 8D helps solve risk management challenges through our integrated consulting and solutions. For the benefit of our clients we have set very high standards for 8D with regards to competence and risk evaluation tools. We assign a designated risk management specialist to every client, the duty of this specialist will be to coordinate all services agreed with your company. The following are examples of 8D’s risk management services.
Typical Risk Management Consulting
Risk Management is the process of identifying, evaluating and responding to risks. At 8D, we believe Organizations must understand every risk involved and their potential impact. Good security measures involve a multi-layered process that protects networks, systems, assets, resources, and people.
With an understanding of risk tolerance, organizations can prioritize policies, procedures and practices in their cyber risk management to meet their security needs.
Our team can deliver a fully integrated range of risk management consulting services from risk identification and assessment to risk and cost reduction. The 8D team of experienced risk professionals provide customized risk management consulting services to help you reduce risk and associated costs, ensure compliance and improve overall performance.
Our experts can work with you to develop a deeper understanding of your business vulnerabilities and exposures with the aim of protecting your assets and minimize risk across your organization.
Enterprise Risk Management
Enterprise risk management activities are designed to ensure that management identifies, analyzes, and responds appropriately to risks that may adversely affect realization of an organization’s business objectives. Management’s response to risks will depend on the likelihood of the event happening and the impact if it does.
Based on this risk assessment, an organization will need to choose whether to accept the risk, mitigate the risk, or transfer the risk to another party. When performed effectively, these risk management activities will ensure that the organization’s limited resources will be prioritized to most efficiently address the issues that will affect them the most.
Risk Assessments
With the risk assessment, our risk management consultant identifies your organization’s security vulnerabilities, inefficiencies, and noncompliance with standards for security policies that are of low-, medium-, and high-risk.
We identify the strengths and weaknesses of your organization to develop new security plans and policies. 8D will justify spending and help your organization make smarter purchases in the long-term to prevent overspending because of potential security and financial exploitations.
We ensure that management and employees in your organization are on the same page about identifying and eradicating cyber risks or threats.
Has your organization done a risk assessment of your entire operations? Get in touch with our risk management consultants to take a Risk Assessment now!
Cyber Risk Assessment
Cyber risk assessments are defined by NIST as risks assessments used to identify, estimate, and prioritize risk to organizational operations, organizational assets, individuals, other organizations, and the Nation, resulting from the operation and use of information systems.
The primary purpose of a cyber risk assessment is to help inform decision-makers and support proper risk responses. Our cyber risk assessment will also provide an executive summary to help executives and directors make informed decisions about security. Our cyber risk assessment process is concerned with answering the following questions:
Our consultants will help you answer all the above questions and help your oranization develop IT security controls and data security strategies to mitigate every identified risk. We will help you achieve the following
Business Continuity Management (BCM)
Business Continuity Management (BCM) provides organisations with the capability to respond to and cope with disruptions to their business. At 8D, we see BCM as an integral part of the overall operational management of the organisation. Our team is led by experienced professionals with in-depth business experience, and our goal is to provide high quality solutions that are easy to use.
All organisations worldwide, either public or private – are vulnerable to disruptions. This has been clearly reinforced by current events, in which organisations are having to accommodate the new norms of pandemic operations. The impacts being felt on revenues, growth plans, strategy, brand and employer relations is something we all have to deal with.
When it comes to Business Continuity Management, We offer a complete portfolio of business continuity consulting services to assess, implement, exercise and maintain the maturity and sophistication of your Business Continuity program.
At 8D, our team of experts will either assess the maturity of your BCM program against best practices or support the development of a bespoke BCM for your oranization.
Business Interruption Assessment
At 8D, we refer to Business Impact Analysis as Business Interruption Assessment because we believe that any adverse impact on your business will surely interrupt the business. Our BIA process identifies and evaluates the potential effects (financial, life/safety, regulatory, legal/contractual, reputational and so forth) of natural and man-made events or disasters on business operations.
The first step in developing a strong, organization-wide business continuity plan is conducting a BIA. Our team of certified business continuity professionals will help you identify and quantify your business risks, make more informed decisions regarding business continuity and fulfill regulatory requirements.
At 8D, our Business Interruption assessments highlight your business interruption potential which may include the following elements:
Our assessment brings together location level data and company-wide internal and external independencies to produce an overall picture of the client’s business interruption potential. We can also support you to analyze your business interruption exposure, and build business continuity and disaster recovery plans.