Managing your Risk with Flexasoft
Developing and implementing technology-based products and services can involve a variety of risks. Risk is “the potential that a given threat will exploit vulnerabilities of an asset or group of assets and thereby cause harm to the organization. It is measured in terms of a combination of the probability of occurrence of an event and its consequences”.
To mitigate risk properly, your company should implement a risk management strategy. A Risk Management strategy helps to ensure that your business can identify, understand, and control the risks involved with your processes, services, and market.
Flexasoft identifies a Risk Management strategy as a comprehensive process to manage risk to an acceptable level across the entire business. We can help your company to develop and implement a risk management strategy that recognizes and addresses multiple risks efficiently and cost effectively.
Why manage your Business\’s Risks?
Flexasoft will collaborate with your company to develop a risk management strategy that can positively affect your business in a variety ways, such as:
- Save Resources ”“ Time, assets, incomes
- Increase your company\’s ethos and reputation by being more effective
- Reduce legal issues
- Increase your client\’s safety and satisfaction
- Adhere to International standards such as ISO or CNSS
- Increase your service\’s quality
By effectively understanding and addressing your company\’s risk, your company can increase its efficiency and effectiveness.
Reviewing your Company\’s current Risk Management Processes
Flexasoft uses an iterative process to identify and manage your company\’s potential risks. Flexasoft begins its management process by working with your stakeholders to examine your business\’s current Risk Management Maturity Level.
Your business\’s Risk Management Maturity LevelÂ identifies your business\’s current ability to recognize and manage risk through a formal process. These maturity levels vary between non-existent (0) to Optimized (5). By reviewing your project and business level risk management plans, Flexasoft can better understand your business\’s Risk Management Maturity Level. This level helps to dictate the services, resources, and staff that Flexasoft will allocate to helping your company manage risk.
This information helps Flexasoft to create customized solutions for your company and its ability to manage risk.
Managing Risk with Flexasoft
Although Flexasoft tailors each solution to your company and its needs, we often follow a structured method to uncover and solve your company and project risks. Flexasoft System\’s Risk Management method is an iterative process. Your company must continue to implement the following actions to sustain business effectiveness. Flexasoft can continue to work with your company to ensure that the risk management process is sustainable.
Flexasoft System\’s Risk Management services begin with a comprehensive Risk Assessment. We work with your stakeholders and project managers to identify and prioritize your company\’s risks.
Our Risk Assessment method is both a qualitative and quantitative process that begins with a planning phase. During the planning phase, Flexasoft Project Managers work with your stakeholders to discuss your projects, services, and vision. By understanding this information, we can properly begin to analyze and prioritize the risks involved with your business and its individual projects.
Flexasoft System\’s assessment plan involves evaluating your company\’s assets as well as the potential losses caused by risks. We then determine the fiscal loss of a particular risk, the likelihood that that risk occurs in a given year, and the total amount of money that your company can lose in a single year. This quantitative information allows Flexasoft to understand your company\’s potential risks, the risk\’s severity, and likelihood of the said risk.
Flexasoft System\’s initial Risk Assessment also provides a cost breakdown of risk controls and contingency plans.
Flexasoft works with your company to determine the cost-benefit of each identified risk and proposed solution.Â We present our risk management options to your stakeholders and collaborate to determine the best possible solution for your company.
Flexasoft works with your company to identify, develop, and implement risk mitigate solutions in order to ensure your company\’s success. We review your business\’s proposed solutions based on your resources, staffing, and potential risks in order to ensure that they are viable for your company and its needs.
Flexasoft will then analyze the most cost-effective solutions and perform a cost-benefit analysis to ensure that it is applicable for your company and will help mitigate risk at an affordable cost.
Flexasoft will collaborate with your company to implement the proposed risk management solutions. We involve your company\’s management and leadership, team members, and communications department to help implement the new solution. We ensure that your leaders, project managers, and team members understand the solution and are able to sustain it.
Once Flexasoft and your company implement the risk management solution, we re-evaluate your business using the same process in order to find any areas of potential improvement (See Figure 1). This re-evaluation also helps to sustain a culture of risk management and accountability. Working with Flexasoft your company will have the ability and experience to identify and mitigate risks within your company and individual projects.
Managing your company\’s risks can be difficult and extremely complicated. Flexasoft System\’s experience in project level and business level risk management can help your business succeed and meet its goals.
Flexasoft System\’s Services
The following includes some of Risk Management services:
- Risk Analysis
- Cost-Benefit Analysis
- Contingency Planning
- Risk Management Implementation
- Business Maturity Analysis