Risk Platform

The Risk Management Platform is a secure, web-based proactive risk management and safety platform designed to ease compliance, improve risk prevention results, and relieve regulatory pain points. The programs are simple to set up and easily create a comprehensive and cost-effective risk management and safety program.

Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

The Principles of Risk Management

  • Global Perspective: In this we look at the larger system definitions, design and implementation. We look at the opportunity and the
  • Forward Looking View: Looking at the possible uncertainties that might creep up. We also think for the possible solutions for those risks that might occur in the future.
  • Open Communication: This is to enable the free flow of communication between the customers and the team members so that they have clarity about the risks.
  • Integrated management: In this phase risk management is made an integral part of project management.
  • Continuous process In this phase the risks are tracked continuously throughout the risk management paradigm.
Risk management process

The risk management discipline has published many bodies of knowledge that document what organizations must do to manage risk. One of the best-known sources is the ISO 31000 standard, Risk Management -- Guidelines, developed by the International Organization for Standardization, a standards body commonly known as ISO.

The five step risk management process

ISO's five-step risk management process comprises the following and can be used by any type of entity:

  • Identify the risks.
  • Analyze the likelihood and impact of each one.
  • Prioritize risks based on business objectives.
  • Treat (or respond to) the risk conditions.
  • Monitor results and adjust as necessary.

The steps are straightforward, but risk management committees should not underestimate the work required to complete the process. For starters, it requires a solid understanding of what makes the organization tick. The end goal is to develop the set of processes for identifying the risks the organization faces, the likelihood and impact of these various risks, how each relates to the maximum risk the organization is willing to accept, and what actions should be taken to preserve and enhance organizational value.

"To consider what could go wrong, one needs to begin with what must go right," said risk expert Greg Witte, a senior security engineer for Huntington Ingalls Industries and an architect of the National Institute of Standards and Technology (NIST) frameworks on cybersecurity, privacy and workforce risks, among others.