Identify and Manage Top Risk Areas Within Your Organization
Article

Identify and Manage Top Risk Areas Within Your Organization

October 02, 2023

The list of business risks organizations face seems to grow with each passing day. Proactively identifying your potential threats and developing a plan for how to mitigate them is crucial, but where do you start?

This video series addresses some of the top risk areas challenging business leaders today — from cybersecurity, talent, supply chain and economic factors to Environmental, Social and Governance (ESG). Dive in to learn ways to proactively identify, manage and reduce risks throughout your organization so it can function at its best.

Table of Contents



5 Areas Where Leaders Should Look for Risk

Stay one step ahead with proactive risk management and be ready to tackle challenges head on.

  • Cyberattacks: Safeguard your digital assets from evolving threats.
  • Talent gaps: Address workforce shortages to stay competitive.
  • Supply chain issues: Diversify and plan for disruptions.
  • Economic fluctuations: Monitor and adapt to market changes.
  • Changing ESG standards: Stay compliant with evolving sustainability rules.
VIDEO: 5 Areas Where Leaders Should Look for Risk

Ways to Strengthen Your Cyber and Data Security

Is your organization ready to tackle cybersecurity risk head-on? The following evaluation can help you strengthen your current framework and maintain your business reputation:

  • Stay current: Review your policies and procedures to stay up to date with security updates.
  • Check vulnerabilities: Make sure you keep up with annual cybersecurity assessments.
  • Boost team expertise: Determine if your team is certified and knowledgeable to meet cybersecurity needs.
  • Consider external resources: Evaluate outside resources to provide additional training, as needed.
VIDEO: Ways to Strengthen Your Cyber and Data Security

Do You Have the Right Talent?

Overcome people-related risks with strategies designed to help you tackle staffing issues and nurture your team’s talents:

  • Nurture talent development: Provide training to enhance skills and growth opportunities.
  • Foster a positive work environment: Recruit and retain team members who create a supportive culture.
  • Encourage innovation: Create spaces for creative idea-sharing designed for your organization.
  • Align goals and strategies: Ensure team objectives align with business goals.
VIDEO: Do You Have the Right Talent?

Knowing Risks in Your Supply Chain, Outsourcing and Third-Party Relationships

Discover the hidden risks of third-party vendors and suppliers to reduce your organization’s vulnerabilities.

  • Establish robust control systems: Implement protocols to monitor and manage relationships.
  • Diversify your supply chain: Reduce overreliance on a single vendor or supplier.
  • Develop disaster recovery plans: Plan for contingencies to mitigate the impact of vendor or supplier disruptions.
  • Conduct regular risk assessments: Proactively shield your business from potential harm with ongoing evaluations.
VIDEO: Knowing Risks in Your Supply Chain, Outsourcing and Third-Party Relationships

Why It's Important to Understand Macroeconomic Risks to Your Organization

Prepare your organization for economic uncertainty by learning strategies to assess and mitigate economic risk.

  • Understand the impact of the economy: Gain insights into macroeconomic factors.
  • Monitor key indicators: Stay current on the data points that affect your business.
  • Conduct scenario analysis: Evaluate potential economic outcomes and the impact to your business.
  • Strengthen financial resilience: Develop a financial foundation to navigate the challenges of the future with confidence.
VIDEO: Why It's Important to Understand Macroeconomic Risks to Your Organization

An ESG Strategy Prepares You for Sustainable Success

Drive sustained success and meet stakeholder expectations as you run an ethical business that thrives in the ESG era and sets the foundation for a better future.

  • Adopt non-financial metrics: Integrate ESG targets and track progress toward your benchmarks.
  • Enhance transparency: Provide comprehensive ESG reporting.
  • Engage stakeholders: Foster dialogue and collaboration.
  • Embrace responsible practices: Implement sustainable policies and initiatives.
VIDEO: An ESG Strategy Prepares You for Sustainable Success

Get Strategic Solutions to Your Top Risk Challenges

Effectively mitigating the multiple threats your organization faces can be a tall order. But you don't have to tackle these challenges on your own. Reach out to Armanino's Audit & Assurance experts to get clarity into your top risks and identify the smartest ways to address them.

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