MHA Consulting

FEBRUARY 23, 2023

Many companies spend millions of dollars implementing risk mitigation controls but are kept from getting their money’s worth by a disconnected, piecemeal approach. Successful risk mitigation requires that a central authority supervise controls following a coherent strategy. I wish it were true.

Mitigation 97

Mitigation Authorization Risk Management Risk Reduction 97

Zerto

AUGUST 24, 2023

In our last post, we examined the risk analysis step of risk assessment. The third crucial step in risk assessment is risk control, which involves crafting effective strategies to mitigate the identified risks.

Risk Management 98

Risk Management Management Acceptable Risk Mitigation 98

MHA Consulting

MARCH 2, 2023

Inherent risk is the danger intrinsic to any business activity or operation. Residual risk is the amount of risk that remains in an activity after mitigation controls are applied. Putting it in mathematical terms: (Inherent risk) – (the risk eliminated by your mitigation controls) = residual risk.

Mitigation 95

Mitigation BCM Acceptable Risk Risk Management 95

MHA Consulting

AUGUST 3, 2023

With respect to this process, the total landscape of risk that is assessed and mitigated can be divided into eight risk domains. Finally, everyone involved in assessing and mitigating risk at an organization needs to make sure their work is custom-tailored to that company’s industry and culture.

Risk Management 95

Risk Management Management Strategic All-Hazards 95

MHA Consulting

FEBRUARY 29, 2024

Following the risk assessment. the organization should address each identified risk with one of the four risk mitigation strategies: risk acceptance, risk avoidance, risk limitation, or risk transfer. Identified risks should not just be ignored with the hope the impact will not occur.

Management 52

Management Risk Management Mitigation Strategic 52

MHA Consulting

FEBRUARY 9, 2023

Risk transference is one of the four main strategies organizations can use to mitigate risk. Try a Dose of Risk Management Wise organizations determine how much risk they will accept then make conscious efforts to bring their risk down below that threshold.

Insurance 98

Insurance Insurance Outsourcing Mitigation 98

MHA Consulting

OCTOBER 19, 2022

I included MHA’s definitions of the strategies last time in my post on enterprise risk management. In case you missed it, here they are again: Risk acceptance is a conscious decision to remain vulnerable to a potential harm, usually based on a cost-benefit analysis. It’s engaging in active, mindful risk mitigation.

Risk Management 52

Risk Management Management Mitigation Business Continuity 52