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RISK MANAGEMENT BLOG

The Risk Management Process – In 5 Steps [Updated for 2018]

Good risk management doesn’t have to be resource intensive or difficult for organizations to undertake or insurance brokers to provide to their clients. With a little formalization, structure, and a strong understanding of the organization, risk management planning can be rewarding.

Topics: Risk Management Process 5 steps to risk management identifying risk solution to risk frequency and severity of risk

How to Build a Risk Map

What are risk maps, and how do you build one? A risk map is built by plotting the frequency of a risk on the y-axis of the chart and the severity on the x-axis. Frequency is how likely the risk is or how often you think it will occur; severity is how much of an impact it would have if it did happen. The higher a risk ranks for these qualities, the more threatening it is to your organization.

Topics: Risk Management Process risk mapping Risk Map business risk management how to map risks how to make risk maps

The Importance of Risk Mapping

Why should your organization be using risk maps? Building a risk map brings valuable benefits. You will have a thorough understanding of your risk environment and how individual risks compare to one another. You can use this to strategically prioritize your risks and determine where to use your limited resources.

Topics: Risk Management Process risk mapping Risk Map business risk management

You've Identified Risks... Now What?

You’ve successfully identified the risks that are facing your organization. (If you’re just joining us, check out our blog post from last week!) But now what? Risk management isn’t just about figuring out what risks there are: you have to know what to do about them and create a thorough plan for staying on top.

Topics: Risk Management Process frequency and severity of risk risk monitoring risk analysis business risk management

6 Ways to Identify Risks in Your Organization

Whether you realize it or not, you’re probably employing some kind of risk management in your organization already. As you conduct business, you develop procedures over time to make sure things don’t go wrong. Conducting a risk management plan is simply about formalizing that process and being able to devote your resources more effectively.

Topics: Risk Management Process identifying risk how to identify risk business risk management

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