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Your Risk Management Plan is Important!

Things unpredictable happen all the time. It is impossible to know what will happen in the future. The possibilities are endless. What you can do to protect your business is to be prepared. You need to create a risk management plan. In today’s economy, it is essential that organizations have the right people, process, and procedures in place to successfully adapt to their ever-changing surrounding. Here at GLAC Consulting, we are here to help you and understand risk analysis. We are an Orlando based corporation who values professional serves with integrity. Contact us today!

 

GRC and Risk Analysis

Recently, there has been a shift in governance, risk management, and compliance (GRC). Organizations can’t adequately prepare for their companies future if they do not understand the current state of risk management and where it is headed.

 

After being surveyed, hundreds of governance, risk, and compliance professionals across different industries gave information on to what their insight on risk management was in 2018. They were asked to evaluate their vulnerabilities, challenges in connecting governance functions, goals for program improvements, and their senior leadership’s understanding of risk management best practices.

 

Risk Management Plan Results

The results of the survey indicated that while the majority of participants have senior leadership that aims to connect risk management across silos within the next two years, less than half of them think their senior leadership actually understands this integration will prevent risk events. This is a problem. As leaders, they must genuinely comprehend risk management to benefit the company. Only 44 percent of those surveyed have faith that their leadership understand involving government areas in risk management. That is less than half.

 

They also explained that 87 percent aim to integrate 1 or more governance areas into their risk management program within the next two years. Another result from this survey was that 54 percent consider managing cross-functional information the most challenging aspect of integrating governance functions. These were just some of the results. However, the other survey topics generated the same types of effects.

 

The results of this survey indicate that risk managers need to involve all areas of the business in their risk management efforts. Integrating governance functions is a challenge many risk organizations face, and the answer can’t solely come from senior leadership. Risk management should be integrated across all departments, including everyone from the front-lines to the board of directors. This is achieved through good governance and an effective, efficient risk management program.

 

Contact Us Today For More Information

Creating and understanding a risk management plan is essential. Here at GLAC Consulting, you are our priority. Our mission is to Integrate knowledge, experience and cutting-edge technology to decision making that involves basic security, technology, and risk control solutions as well as enterprise risk management for the private sector and the public sector. Our vision is to contribute to the strategic decisions that transform the world of security, keeping our customers at the forefront of technology and project development. We value professional services with integrity. Our risk analysis will help get your business exactly where it needs to be. Visit our office in Orlando to get all the advice you need to be safe and successful. Contact us today!