Risk management is the process of identifying, assessing, and monitoring threats that could lead to project failure. Risks are based on a variety of factors such as financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents and natural disasters.
The importance of risk management
Risks organizations face have been growing and have become more complex. New risks are constantly emerging that are related to and caused by the use of digital technology.
A recent external risk has arisen that caused supply chain issues at many companies due to the coronavirus pandemic.
According to McKinsey’s findings, surprisingly boards spend only 9% of their time on risk which is slightly less than they did in 2015. Furthermore, only 6% of survey respondents believe that they manage risks effectively. Even a core risk area like cybersecurity with increasing importance is addressed by only 36% of boards.
Our digital automation through Strategy Implementation in our Microsoft based platform called SIP® helps you reducing your delivery risk. Also, executives can measure implementation of their strategy and business benefits, and make investment-based portfolio, program, and project decisions on precise real time data.
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