ExecutiveChronicles | Why You Should Invest in a Risk Assessment Platform | In the wake of the COVID-19 pandemic, cyber-related risks have increased dramatically. For example, according to a 2020 report, active phishing websites increased by 350 percent in the early days of the pandemic. Since then, more companies have shifted to remote work, and more business is conducted digitally than ever before. Due to this significant increase in threats, many more companies consider the value of risk management more closely.
However, there is much more to risk management than being aware of it. Companies need to consider the many benefits of having a risk assessment platform to help them navigate and mitigate these risks. So, in this article, we’ll cover the reasons your company should invest in a risk assessment platform. Let’s jump right into it.
A risk assessment platform can establish your company as a trustworthy organization
When your business attempts to close a deal, the client will likely audit your organization. These audits almost always occur when the client provides you with sensitive data. They simply want to ensure that your business has adequate processes in place to keep their sensitive data secure. If you’re not investing in quality risk management software to keep data safe and meet compliance standards, the audit will show you as an untrustworthy organization. Therefore, your company could miss out on these potential deals without proper incident management. Investing in a risk management platform can shorten deal cycles and build trust with your customers.
Quality risk management can lead to new business opportunities
Just like how risks can impact the deal cycle, it can also limit your company’s potential in new markets. Many different markets and industries have specific requirements to follow to operate in these sectors. Your organization can explore new business opportunities by investing in quality incident management. For example, suppose your company wants to move into the health care industry. In that case, you’ll need to become Health Insurance Portability and Accountability Act (HIPAA) compliant to open many of the doors in this sector. With a risk assessment platform, your company can provide a way to ensure data is secure and complies with HIPAA. As a result, you’ll have many more business opportunities within the health care market. This example is only one of many industries that require specific compliance standards. Therefore, if your company invests in risk management, you stand to gain a lot of profit.
Risk management software can protect your organization when disruptions occur
If one thing in business is constant, it’s that a company needs to be prepared for anything. This preparation starts by ensuring you have a way to respond when disruptions in your business occur. Next, consider if your business would be protected should disturbances arise. Risk assessment software can help your company prepare for these threats, establish a plan, and reduce the chance of a risk event disrupting your business. If you don’t properly prepare for risks, you’re only reducing your chances of handling these situations quickly and efficiently.
Start preparing with a risk assessment platform
Now that you have a better understanding of incident management and why you should invest in it, you can take steps to start the process. It begins with evaluating your company’s exposure to risk events that may impact your daily operations, such as a data breach or someone stealing a company file filled with sensitive information. It would be best to estimate the damage these types of events would cause to your company’s bottom line, resources, and reputation. To evaluate these situations, you’ll need to understand every element of your business and the industry it operates in. That’s where a risk management platform can help. These systems can evaluate your company and its risk exposure and help you prepare for these possibilities.