Compliance is crucial to the success of a business, so any risk of non-compliance must be managed proactively
LONDON, Oct. 4, 2019 /PRNewswire/ -- Businesses have a huge responsibility to identify and proactively manage the many risks they face. These risks vary widely. Today for instance, the way a business responds to threats to employee well-being is considered a huge factor in their overall success. Similarly, the threat of cyber-attacks is rapidly rising.
These are two very different threats. Can such widely differing threats be managed in similar ways? Risk management software supplier Alcumus thinks so. The risks may be different but risk management has some simple and consistent steps that can be followed.
In an article published in the Telegraph and Business Reporter, Alcumus make it clear that compliance with organisational goals is the principal objective of risk management: "Properly embraced, compliance can help unlock an organisation's true potential, in a way which needn't be daunting, distracting or expensive."
They propose four steps to implement successful risk management:
- Introduce a management framework providing the structure needed to manage risk effectively
- Achieve accreditation in the areas relevant to the risk being managed, such as quality, environmental or health and safety; this will improve business practices
- Use technology and software to drive efficiencies, deliver accurate reporting and improve performance visibility
- Manage staff efficiently and avoid common employment law pitfalls
But why is compliance important? Tom Martin-Ball, information security sector manager at Alcumus, says: "The greatest risks are the ones you don't think about". He adds: "Thorough training and awareness can be as important as technology, and a combination of the two can prove instrumental to a business's success."
This is why a set of strong solutions must be in place. Businesses can then demonstrate that they acknowledge their accountability, and are taking productive steps towards improving their management of risks.
To learn more about how a business can increase success through compliance, read the full Alcumus article here.
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SOURCE Business Reporter