Risk Management 101: Mitigate

This week we're continuing the risk management process by discussing mitigation. In the last few weeks, The Byers Group has laid out the ground work for identifying and assessing risks for a company. After we have established what the risks are, we lay out a process and procedure for how to handle such situations. This leads in to our mitigation process.


Within this risks, the responsibility of each needs to be established. In other words, for whatever the risk might be, there needs to be an employee or a branch of the company that is handling it's impact. These employees are handling how to manage such risks from happening as well as the procedure for how to handle it when and if it does hit.

Another layer of the mitigation process is to measure the prioritization of the risks. This allows for whoever is responsible for the risk to lay out the proper procedure. If the likelihood of such a risk and impact are both not high, at the point other priorities should rise above that one. However, risks that would have a high impact and are fairly likely should have a firm procedure set in place. That's where The Byers Group steps in. 

As a company that specializes in strategic services, we would help your employees know how these risks should be handled. It is important that a plan be set in place at that time. That's what we are here for, to help you and your company keep on the up and up when it comes to staying informed. After this plan is set into place, we would move on to monitoring and reviewing said plan. Next week on the blog, we will discuss how this aspect pans out.