Warren Buffet commented that: risk occurs when you do not know what you are doing. In
dealing with risk, not being aware of what you should be doing is the last kind of
situation you want to be in. To avoid being ignorant of what you ought to be doing,
participate in risk management seminars and workshops.
The main point of sound risk management seminars and workshops is to help organization
members identify, predict and prepare for the onslaught of threats, risks and hazards that
may harm, impair, or injure their ability to function.
Business Impact Analysis helps organization members become aware of what vital dependencies
and process exist within their organization. Members should be able to calculate and
anticipate results when they fail to achieve minimum desired service levels. Members should
then estimate time constraints under which they will function when attempting to organize
recovery from risk. Members should also know how to balance meeting organizational goals
and recognizing feasible recovery strategies.
In Risk Assessment, the members are encouraged to predict what risk, threats and hazards
could affect the functions of their organization. They should be able to come up with
cost-effective means by which such negative factors can be reduced in severity of impact on
the organization. The Business Impact Analysis should then be analyzed as part of the step
of analyzing the cost of risk reduction and planning business recovery.
It should be stressed that all procedures, steps and means that the members come up with
ought to have practical and realistic applications to real situations that they expect the
organization to face in the future.
The people who ought to attend such risk management seminars and workshops must be:
– executives who are tasked with addressing risk (such as financial officers or controllers);
– managers who are assigned in Planning for Business Recovery along with Disaster Recovery;
– the head of the Disaster Recovery Program of the IT department of your organization;
– you are the person in charge of maintenance and upgrade of Business Continuity efforts of
the organization; or
– you are writing a Business Continuity Plan for your organization.