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In deciding its risk tolerance level, management should analyze the cost to the organization of having its operations offline. An organization that can undergo an outage of five days at no great cost is justified in having a high risk tolerance. Where risk tolerance is high, controls can be relaxed.
Try a Dose of Risk Management As a business continuity professional, I tip my hat to any organization that makes a serious effort to reduce its risks. Unfortunately, many companies do not get their money’s worth when it comes to implementing risk mitigation controls.
BC departments that “speak risk” tend to get more of a hearing, more traction, and more resources. Second, using the risk maturity model pays. Over time, we see risks go down, the number of outages decrease, and insurance and other costs decrease. I’ve seen it here at MHA and over and over again at our clients.
BC departments that “speak risk” tend to get more of a hearing, more traction, and more resources. Second, using the risk maturity model pays. Over time, we see risks go down, the number of outages decrease, and insurance and other costs decrease. I’ve seen it here at MHA and over and over again at our clients.
Local disruptions, such as power outages or supply chain issues, can have a significant impact, emphasizing the need for preparedness at every level. Business continuity is an investment in riskreduction and organizational resilience. Myth 14: Business Continuity is a Luxury for Profitable Organizations Only.
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