Expert Contributor Kevin Benedict looks to the post-pandemic version of normal, interrogating the extent of our new-found awareness of risk. Encouraging strategy that includes a focus on risk can certainly help organisations and governments better prepare for disaster response.
If you manage your data badly it can lead to a blow to reputation, a cost to fix the result of a data loss, and at worst action from the ICO. So maybe we should think of it like stock in a warehouse, great to have, and an asset on the balance sheet, but costly to maintain.
There are many risk management methodologies in existence but it is not uncommon to come across large firms still following today simplistic, dysfunctional or flawed practices, in particular around operational risk management.
The main issue with many of those approaches is that they are plagued by a fundamental theoretical issue, which goes far beyond semantics: There is an abyss between managing “Risk” (broadly defined as “the impact of uncertainty on objectives”) and managing “risks” (events or scenarios that might have an undesirable outcome).