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ENTERPRISE RESILENCE – RISK IDENTIFICATION AND RISK MITIGATION IN THE NETWORKED ECONOMY

ENTERPRISE RESILENCE – RISK IDENTIFICATION AND RISK MITIGATION IN THE NETWORKED ECONOMY

The information society resting on IoT (Internet of Things) has birthed one of the most dynamic and booming networks which connects people from across the globe, while enabling information sharing with anyone, anywhere, anytime at just a click of a button. This information society network is termed as Networked Economy where every public or private entity along with trillions of individual users are participating members.

  • With tonnes of data transactions and interactions every nanosecond, it has become the need of the hour for Networked Economy community to ensure smooth functioning by understanding all risk involving factors and having them identified, assessed, analyzed and managed appropriately.
  • From a business point of view, the successful survival of any organization depends upon the immune system designed in order to keep the enterprise protected from any risks.
  • This system should be capable of enduring challenges while adapting to and combating any continued functional or non-functional disruptions.
  • Therefore, to possess a strong framework which communicates consistency, swiftness, and transparency; companies invest in having a well-defined and a sought-after system to protect the organizational structure from collapsing.
  • THIS, continuous protective and safeguarding structure built to keep a ceaseless healthy workflow is Enterprise Resilience (ER).

Once a well-planned enterprise resilience framework is in place, it becomes extremely important for the team to asses it’s reliability. Therefore, comes in picture two of the major functionalities of a successfully designed Enterprise Resilience Model; which are Risk Identification and Risk Mitigation.

There are a couple of questions which arises alongside, which are:

  • ? How does it all work in the information society where everything is digitalized and every communication or piece of information is designed and generated, integrated, curated, distributed, used and stored on an ICT (Information and Communication Technology) based network
  • ? How do Risk Management solutions help in risk identification, analysis, evaluation and mitigation in the Networked Economy?

The answer is quiet basic!!

  • Enterprise Resilience and Recovery is one of many services which can also be outsourced to experts.
  • These service experts possess a fine understanding of your business and have a customized approach while crafting Risk Management Solutions & Risk Mitigation Framework for your business.

Now the question arises:

  • ? How do we know which service provider makes a good choice? Or,
  • ? What are the limitations and benefits of having an in-house team vs hiring a specialized service partner?

To begin with,

  • There are several service partners in the market catering to solutions such as Enterprise Risk Management, Risk Mitigation, and Information Security etc.
  • Likewise, there are companies who provide specific and targeted curation of services to all their clients.
  • Many of these companies belong to the infamous and not so glamorous security industry who not only provides security guards or facility management services but, has an array of technical systems & solutions under their belt.
  • Services such as IT Integration, Risk Mitigation, Strategic Planning & Consultancy, Cyber Security, Surveys & Security Audits, and Disaster Management is provided by these companies.

However, there may or may not be many limitations attached with having an in-house team; but, the experience and knowledge of a specialized service partner would comparatively be more sophisticated, updated and most importantly – unbiased.

One of the major benefits hiring a specialized service partner is in providing solutions which are specifically crafted to your business needs resulting in an automatic reduction of any premeditated risks in the future.

  • Their dedicated team of highly experienced and sharp professionals ensure you receive a customized enterprise risk management solution integrating every aspect of your business.
  • Consequently
    • ✓ It helps in bringing transparency at all levels in the organizational structure,
    • ✓ Helps to measure the business progress aptly,
    • ✓ Boosts situational awareness by infusing a sense of understanding of various interdependencies and complexities along with,
    • ✓ Enriching the internal and external Business Intelligence Models (BIM)

Therefore, making Risk Identification and Risk Mitigation in the Networked Economy an affable task.

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