What is Risk Management?

Risk management is a systematic approach to assessing risks and their associated preventative and corrective controls, to ensure a more resilient organisation. Critical to achieving resilience or a sustainable future, is understanding your key business risks and opportunities. One of the first steps in the process is to define your Risk Appetite (how much risk can your organisation absorb before it is unsustainable).

Illume can help you define your risk appetite and with your input can create a register which highlights which risks exceed your risk appetite.

To Value a Risk, consideration must be given to the maximum foreseeable loss, corrective controls, likelihood of the risk and any preventative controls.

Risks that exceed your risk appetite trigger what is called a Business Continuity Event. By definition a business continuity event, is a major disruption to your business that has the potential to severely disrupt business operations for a significant period of time.

All business continuity events need a Business Continuity Plan. Illume can help you prepare your Business Continuity Plans.