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The Yellow Brick Road to Risk Management
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Lowebrew
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Lowebrew,
User Rank: Author
1/6/2021 | 4:46:26 PM
Re: Risk Transfer & Risk Management
Hey mcavanaugh1,

Thank you for continuing the conversation!

Risk transfer for sure is an important part of a comprehensive management program, along with being an important risk management method. Other important risk management methods include risk avoidance, risk acceptance, risk mitigation, and other risk management methods, which all can fit into the puzzle we have to piece together to build a risk management program to manage risk. Risk is never possible to completely eliminate, no matter what framework or software is implemented/deployed, but we have the tools and methods to make that risk footprint smaller.

Risk transfer utilizing a comprehensive insurance program is a very powerful tool, if your budget allows it. Risk transfer should be considered, based on the risk tolerance of your organization, severity of the risk itself, and the cost of damage that can occur if the risk is not managed properly. Along with insurance programs, you can also transfer risk by utilizing cloud to take on the technical and environmental risk such as having technical experts in a protected enviroment that has failsafes in place for your data, and aren't disrupted by mother nature due to database placement of the cloud providers' facilities.

Thank you and Happy New Year!
mcavanaugh1
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mcavanaugh1,
User Rank: Moderator
11/19/2020 | 9:09:23 PM
Risk Transfer & Risk Management
One portion of a comprehensive Risk Management program that you are forgetting is Risk Transfer. Risk Transfer is just as vital to the success of a Risk Management program as the implementation of any software platform or roll-out of a framework. 

It is impossible to remove all of the risks in any activity without completely avoiding it however the risk can be managed by mitigating the risk where possible and transferring the risk where it cannot be mitigated or avoided. The primary way to transfer that risk is through an insurance policy designed to cover that exposure.

Utilizing a comprehensive insurance program (Cyber, CGL, E&O, etc...) to transfer the risk is just as important as any piece of software.

 


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