Risk assessment

The basis of effective business continuity management is a sufficient knowledge of the threats to the company's operations and assets. When the risks are known, the necessary actions can be targeted effectively. After agreeing on the subject of the risk assessment, we identify risks together with key company personnel and assess their potential impact and likelihood. A risk map based on the results is used to assess the current state of critical risk management and the need for development. The risk assessment results in a concrete action plan with a defined objective, tasks, timetable, responsibilities and monitoring of results.

The first step is to identify potential risks, the realization of which threatens the continuity of the business. These include internal and external risks such as financial risks, operational risks, information security risks, reputational risks and so on. Various methods can be used to identify risks, such as risk surveys, workshops and interviews. Each identified risk is evaluated based on its likelihood and effects. This assessment helps the organization understand the importance of risks and prioritize related interventions.

Some of the risks can be avoided entirely by changing business practices. This can mean, for example, abandoning risky activities or avoiding risky markets. Risk can be managed and reduced through a variety of measures, which may include, for example, security arrangements, process improvement, training programmes and risk management systems.

Reducing the impact of the realisation of risks minimising the resulting damage is a key part of risk management and business continuity management. Predictive preparedness and planning help an organization respond quickly and effectively when threats materialize.

Some risks may be transferred to other parties, such as insurance companies, contracting parties or external service providers. This can happen, for example, through procurement contracts, insurance or external service contracts. Some of the risks may be so small or insignificant that the organization can accept them without special measures. In this case, the organization can rely on its existing internal capabilities or be prepared to respond to risk situations when necessary.

Risk management is an ongoing process in which risks are regularly monitored and reviewed. The organization should regularly assess risks in a changing business environment and make the necessary adjustments to the risk management measures as necessary.