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 83

Mitigation Authorization Risk Management Vulnerability 83

MHA Consulting

FEBRUARY 15, 2024

An emerging hot topic in business continuity and risk management is the software known as a risk management information system (RMIS). An RMIS can help an organization identify, assess, monitor, and mitigate risks, but often they merely seduce and distract companies that are not in a position to make proper use of them.

BCM 84

BCM Risk Management Mitigation Business Continuity 84

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 75

Mitigation BCM Acceptable Risk Risk Management 75

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 87

Insurance Insurance Outsourcing Mitigation 87

MHA Consulting

AUGUST 24, 2023

They include process and procedural robustness and integrity; people, skills, and training; insurance and self-insurance; the supply chain, outsourcing, and inherent risk; infrastructure, systems, and telecommunications; and physical and information security. Knowledge of how to mitigate risks. Accepting risk.

Risk Management 90

Risk Management BCM Management All-Hazards 90

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

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 75

Risk Management Management Strategic Mitigation 75