iii. Risk

the need

to know risk is to know profit …. no risk = no profit

risk is the threat or possibility that an action or event will adversely or beneficially affect the enterprise’s ability to reach its objectives.

Below we provide you with information and links to get more details about the various services and tools we offer that help your bottom line.

Click on any of the hyperlinks and get more information about the tool and/or service:

• SERVICES
  • A governance and risk assessment
    • 1 governance
    • 2 compliance
    • 3 risk (you are here – scroll down to read more)
      • a risk assessment
      • b internal controls
      • c risk management
  • etc.

Here it is also important to address and articulate the amount of risk taking that is acceptable to the organization and helping staff to understand the relative significance of the risks faced by the organization.

In turn, this allows for more efficient and effective risk management.

the value proposition

1	Risk means	the product of a hazard (such as damage costs) and the probability that this hazard occurs.
3	Calculating risk means	(probability)x(hazard) = risk. The first two values must be known or at least estimated in order to define risk.
3	Risks that are left untracked	can cause serious damage to the firm (e.g., being part of litigation, product flop or failure in the marketplace) and its efforts to achieve its strategic objectives (e.g., growth, cost management, profitability)
4	Solution	implement and monitor appropriate control and risk indicators to manage risk mitigation satisfactorily
CyTRAP Labs provides clients with tools that facilitate the:
A	better articulating and documenting of the amount of risk taking that is acceptable to the firm, and
B	more efficient and effective risk management to assure better risk governance

EXAMPLE

In the health care industry, data services and IT are often being outsourced to the firm that sumbitted the lowest bid.  Considering electronic health cards with plenty of information being stored on them, at the hospital and the IT services provider (e.g., on its servers), hospitals are having to assess the risk regarding data security breaches of patient records.

In proper risk management at the outsourcer and the hospital that gave the firm patients data to process and administer can be extremely costly when things go wrong:

4 data security breach regulation – Verus Inc – IT service provider had to close

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