RiskOctober 10, 2022

Risk Management – What’s in it for you?

When running a business, many things could go wrong. Companies worldwide have spent fortunes cleaning up messes they could have otherwise prevented, and which ultimately could have made better use of their money.

Planning the management of risks will give your business a competitive advantage as it allows you to embed actions in your strategies to defend your business against eventual risks, reduce the costs associated with potential incidents and gives you ample time to implement proper preventive procedures. At the same time, it will also help to comply with regulations.

It is impossible to eliminate risks. However, by identifying the risks that are inherent and pervasive to the business and placing adequate systems and controls, the impact of such risks can be drastically reduced and easier to manage. Organizations are depending on more networked technologies that provide an organization-wide overview of risks, capture leading indicators to illustrate how much a risk has been trending, provide authorization for risk mitigation activities, and enable real-time risk tracking to aid in corporate strategy. This also facilitates the definition of the risk appetite of the company, determining the limits and types of risks your business is ready to shoulder, thus enabling informed decisions to be made.

Managing your risks in this manner gives your company the time to focus on operating your business more efficiently and consistently, with an increased focus on security. A robust Risk Management process in place is not only a legal requirement for some regulated entities, but it is essential for any business whose interest lies in having a strong, defined and well-understood business which is well protected.

Compliance 360 offers a wide selection of services related to risk management, from the outsourcing or shadowing of the risk manager role (and approved by the MFSA) to the creation of risk management policies and framework. Compliance 360 is also the exclusive reseller of Ebos technologies in Malta offering the software solutions necessary to identify and manage risks and monitor actions that mitigate such risks.

Contact Compliance 360 Ltd at info@compliance360.mt to discuss how we can assist you.