SUSTAINABILITY
MITIGATING RISK . IT ’ S a challenge that every company faces but it ’ s sometimes a difficult thing to confront or to feel that you ’ re maximising the potential from .
It can mean anything from having more money set aside for workers ’ compensation to an awareness of transaction risk in crossborder deals – that ’ s why there can often be a reticence in certain sectors to properly address it .
Michael Rosenberg is from WPV Corp , a company which claims to have developed technology that almost completely mitigates the risk of harassment / sexual harassment and workplace violence , using a validated risk assessment and an incident reporting system that is held outside the organisation .
“ Managing risk can literally mean the difference between a company being profitable and being bankrupt ,” he says assertively .
“ Reactive cultures that ignore risk waste millions of dollars literally having to deal with emergencies . It ’ s like a car : if you don ’ t do the maintenance and ignore the risk , it will break down at the worst possible time and cost you a lot of money to fix and replace .
Many organisations still use spreads
“ Ignoring operational risk leads to significantly higher insurance rates , turnover , lost time and most importantly brand degradation .
“ Identifying and preventing operational risk before it becomes a crisis literally is the single largest factor in ensuring a company ’ s survival .”
But what exactly is operational risk and how do you manage it ? “ Typically , operational risk is a highly-siloed discipline in
36 Feburary 2018