Risk management enables organisations to recognise and deal effectively with the uncertainties faced and to turn them into positive advantages wherever possible.
It is the process of identifying, assessing and prioritising potential threats or unfortunate events or outcomes and following a bespoke plan to monitor them, control and minimise their happening or impact and making the most of them to produce benefits for the organisation.
At Touchstone Renard, we have years of considerable experience of working with clients to enable them to identify and reduce risk.
The process can be applied to the whole or part of an organisation and its activities or to individual projects of any size, where solutions include risk registers or databases, risk reporting channels and mitigation plans.
In our experience, communication is key in dealing with risk and, for this, we find the bow tie method to be of significant value and meaningful to clients, particularly in the workshop settings that we can deliver, where hazards can be described by visualisation techniques.
Management standards contribute to the risk management process generally, for example in dealing with information security, health and safety risks and business continuity. ISO 31000 (previously referred to as BS 31000) is the standard that sets down principles and provides guidance on the steps to be taken in tacking risk and identifying a suitable risk management plan.