Risk is on everyone’s mind, but what can you do to make risk management works in your organisation? Explore these resources to find out how to build risk awareness and strengthen resilience.
How risk aware is your organisation?
Why everyone in your organisation should be a risk manager
Risk identification and management continue to be key concerns for today’s business leaders. But it’s not just executives who have the power to protect an organisation.We recently sponsored research conducted by economist impact that surveyed 656 executives from key industries around the globe on the issue of risk and risk management in their organisations. Nearly 80% of these leaders agreed that risk management must consider all areas of an organisation. Trends point toward new ways of anticipating, identifying, and mitigating risk.
We’ve created this resource centre to help you raise the stakes on risk awareness and empower your people and partners to take on effective risk management.
The research on risk
While 90% of global executives believe risk identification is more important than ever, 57% say their organisation needs to improve cross-functional collaboration to better identify and manage risks.Here’s what it takes to evolve risk management from a siloed function in your organisation to an integrated and active part of your culture.
Sustainability reporting can be a useful tool for identifying KPIs that might not be part of traditional performance measurements and could represent an opportunity for cost savings or operational improvements. Data-driven insights can help prioritise action to minimize risk and accelerate opportunities for organisations.
Compliant and consistent management of a company’s IT assets as they reach the end of their lifecycle is a critical aspect of risk mitigation that is frequently underestimated. It requires proactive efforts to plan, measure, and audit the effectiveness of a program in order to ensure security of the company’s data and data bearing assets.
Risk is a factor in any business endeavour. Our job is to plan for and properly manage the activities that we know can create increased risk. It is also incumbent upon us to share what we've learned from the past to anticipate potential risk. Best practices, experienced personnel, appropriate resources, as well as proper communication and collaboration, are essential to risk mitigation, especially during a real estate change.
Risk at Iron Mountain
Larry Jarvis, SVP and Chief Information Security Officer at Iron Mountain says, “By building resilience against potential future threats rather than merely responding to familiar ones, organisations are capable of adapting to unforeseen risks and seizing emergent opportunities.”
For over 70 years, Iron Mountain has empowered customers worldwide to mitigate risks. We believe everyone in our organisation plays a key role in risk management.
Risk and resilience go hand in hand
Why everyone in your organisation should be a risk manager to strengthen resilience
We’ve all become more resilient in recent years—as individuals, as employees, as employers and, of course, as organisations. But while risk and resilience continue to be popular for large-scale organisational discussion, what does it actually mean to be risk aware and resilient at this level?
In 2022, we sponsored a global study by Economist Impact of 600+ executives across five continents to explore the topic of resilience, which led to our 2023 research on risk. These insights were obtained through survey analysis, desk research, and expert interviews to identify changing interpretations of organisational resilience. Here’s what we uncovered.
Is your organisation as resilient as you think?
Let’s move past the buzzwords and find out.
We’ve all been forced to become more resilient in the wake of the pandemic—as individuals, as employees, as employers and, of course, as organisations. But while all the workshops and town hall discussions are abuzz with great ideas, animated talk, and good intentions, what does it mean to be a truly resilient organisation?
We partnered with economist impact on a global study of 600 executives across five continents to answer this question. These insights were obtained through survey analysis, desk research, and expert interviews to identify changing interpretations of organisational resilience. Here’s what we uncovered.
Is it time to infuse the many facets of resilience into your organisation?
Our research says, yes.
If done right, strategic resilience leads to significant performance advantages in areas such as customer satisfaction, employee retention and recruitment, risk management, and progress towards ESG (environmental, social, and governance) goals.
The solution? Break down the silos. When disruption strikes, cross-functional teams can more easily diagnose issues, react, and recover compared with siloed teams. To drive resilience, the approach must cascade across all levels within the organisation.
So what is organisational resilience?
No real progress on organisational resilience can be made until we recognise that it requires cross-functional collaboration.
This is the only way to get buy-in up and down the enterprise and across global teams and time zones. However, before that happens, all stakeholders need to agree on what the complex—and often misunderstood—topic of business resilience is.
To be a resilient organisation is to be nimble, flexible, and able to withstand both expected and unexpected shocks.
This is the only way to get buy-in up and down the enterprise and across global teams and time zones. However, before that happens, all stakeholders need to agree on what the complex—and often misunderstood—topic of business resilience is.
To be a resilient organisation is to be nimble, flexible, and able to withstand both expected and unexpected shocks.
"Disruption is going to be an enduring part of our business world, so therefore, resilience will need to be an enduring part of our business approach."
The four pillars of modern resilience
Pillar 1: Workplace Transformation
While almost 80% of executives realise that having an agile workforce is a much bigger priority since the pandemic, they have plenty of work to do in these areas:
- True cross-functional collaboration (beyond talking about it)
- Employee engagement
- Prioritisation of employee health and well-being
RELATED: Prepare your office for what's next (whatever that may be)
Pillar 2: Operational Efficiency
You’ll only get past the cross-functional planning and collaboration stages when efficiencies and consistent approval processes are embraced up and down the organisation:
- Top-down management support
- Full-time resources, including technology, dedicated to fostering resilience
- Proper information-sharing and efficient decision-making processes across functions, teams, and time zones
Don’t risk your resilience to future shocks through lack of commitment. Stay the course. Continue to keep an eye on the future. Then you and your organisation can move forward with confidence that you’re prepared for whatever comes next.
Pillar 3: Data Governance & Security
Over 60% of business leaders see the critical necessity to assess risk and consider new information tools and technologies. Organisations of all sizes have increased investments in hybrid work data protection and security applications. This way, proprietary information and digital assets remain as they should—proprietary.
Pillar 4: Sustainability
The only way to go from pontification to implementation is to educate all ESG stakeholders of the broader business and social implications. Our research shows that 80% of executives agree that having dedicated sustainability staff and resources is more important than ever. ESG strategies and opportunities are not fads or feel-good exercises. They are critical to doing business in an ever-changing world.
RELATED: How ESG thrived through the pandemic and what we learned from it
RELATED: How ESG thrived through the pandemic and what we learned from it
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