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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. I wish it were true.
A related but higher level concept is that of risk mitigation strategies. There are four main risk mitigation strategies: Risk acceptance. A strategy involving a conscious decision to remain vulnerable to a potential harm, usually based on a cost-benefit analysis. Risk avoidance. Risk limitation.
In addition, technology is a potential source of vulnerability as well as a means of reducing it. There is thus no reason why BCM should not apply to public bodies. Myth 58: For every dollar [pound, euro, shekel] spent on disaster riskreduction, between four and 11 dollars are saved in damage and losses avoided.
A mature risk model has the ability to gather data on risks from across the organization, bubble it up to the senior levels, and boil it down to the handful of areas that are both highly critical and highly vulnerable.
A mature risk model has the ability to gather data on risks from across the organization, bubble it up to the senior levels, and boil it down to the handful of areas that are both highly critical and highly vulnerable.
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