A risk management system is like a survival guide for your business. It’s an organizational system with layers of policy, process, and protocols in place that helps you navigate through the treacherous waters of running a business. And let’s face it, running a business is no walk in the park. It’s full of hazards, threats, and worst-case scenarios. But don’t worry, with a robust risk management assessment and action plan, you’ll be prepared for whatever comes your way.
That’s why SixFifty, in partnership with risk management expert Todd Duncan, has developed a comprehensive tool to help organizations assess their operational risks, including cyber security, workplace security, health, emergency preparedness, and event hosting, and identify best practices to mitigate them. Todd Duncan was the Director of Safety, Security, and Emergency Preparedness at the Sierra Club, which is the leader in environmentally friendly outdoor group adventures in the world’s most spectacular locales. He knows a thing or two about assessing and mitigating risk, especially in high-risk endeavors. And SixFifty delivers the expertise of Silicon Valley’s leading law firm through the only automated legal expertise platform built for the enterprise. It helps companies write the legal language they need to protect their business through a straightforward Q&A process.
What is a Risk Management Assessment and Action Plan?
A Risk Management Assessment is a gap analysis of the risks inherent in an organization’s structure. It helps organizations identify their weaknesses and shore them up to prevent or prepare for possible damaging incidents. The Action Plan included in the Assessment gives you the guidance you need to fill in the gaps of your existing systems or build out entirely new ones. If you already have systems in place, the action plan can help you refine and review the work you have already done. The goal is to reduce the frequency and severity of incidents—to strategically plan to manage threats and hazards according to a well-defined and intentional organizational approach that coordinates a series of structures and systems to enhance the safety and well-being of all.
“This Risk Management Assessment and Action Plan is designed to help companies identify the core elements of a risk management system, assess their state of coordination and readiness, and provide understanding and actions toward building a plan and system to match your organizational needs.”
-Todd Duncan, Risk Expert and Former Director of Safety, Security, and Emergency Preparedness at the Sierra Club
Why Do I Need a Risk Management Assessment and Action Plan?
In our increasingly dynamic business environment, a sound risk management system is more crucial than ever. A proactive assessment of organizational risk can reduce incidents, streamline operations, create dedicated resources for responding to emergencies and other disruptions, cut costs, and prioritize safety and the well-being of your business community. Even simple, routine safety reviews have massive future benefits and promote stronger organizations.
According to the Occupational Safety and Health Administration (OSHA), businesses see an average return of $4 to $6 for every dollar invested in their workplace safety programs. Furthermore, companies that offer exemplary safety, health, and environmental programs outperform the S&P 500 by between 3 and 5 percent.
There are many types of organizational risk that affect businesses, such as natural disasters, pandemics, political business interruptions, incidents and workplace safety, facility security, staff threats, cyber-security threats, travel safety, and security, brand and reputational attacks, media and crisis relations for incident management, emergency response plan, risk evaluation task force, employee risk reporting method, and general liability insurance. But don’t worry, the Risk Management Assessment and Action Plan breaks down your existing risk management system into its core elements and provides questions to help identify areas for improvement—and a plan for doing so. If an organization does not currently have a risk management system, this assessment is a great first step to building one. If you already have a robust system in place, this can be a great gap analysis and review. A quality risk assessment is useful during both challenging and stable business conditions and, importantly, is most effective for incident and loss prevention. This tool can be useful for businesses at all stages of their risk assessment journey.
With the help of SixFifty’s Risk Management Assessment and Action Plan, you’ll be prepared for whatever comes your way. So, don’t wait for a disaster to strike—be proactive and get your Risk Management Assessment and Action Plan today!
Ready to get started?
Generate your Risk Management Assessment and Action Plan in the SixFifty Marketplace. To see our document generators in action, request a demo today.
For more information on how to create a robust risk management culture, watch our free, on-demand webinar which was hosted by SixFifty and Sierra Club on February 1, 2023.
And remember, safety first, business second.
