Achieving resilience depends on understanding risk, anticipating the effects and managing the consequences. Because we live in an era of unpredictable change, and because change is the enemy of probability, RiskLogik does not rely on estimates of “Likelihood” and “Consequence” to analyze risk. In reality most risk environments are complex and all the risks in them are connected to others in a "causal network." RiskLogik creates a dynamic risk network that visualizes your risk environment as it really is so you can make meaningful decisions on how to make your organization resilient.
Inherent risk is the strain your organization operates with on a daily basis, before anything unexpected happens. The more stress your operations are under the more fragile they become and the less shock they can withstand. The first step to resilience is to understand your inherent risk and reduce it as much as possible. RiskLogik helps you discover your inherent risks, and prioritize them for treatment. The result is a Dynamic Risk Control Framework showing how all the parts of your operation interact and where the inherent vulnerabilities are. It becomes the baseline for Risk and Options Analysis and becomes the foundation of the Calculation Plan – the auditable record of your risk treatment.
With a Dynamic Risk Control Framework in place and Inherent Risk understood, RiskLogik takes each of your risk scenarios – individually and in combination – and shows you what effects (and costs) you can expect from each one. RiskLogik compares these to your organizational risk thresholds (Risk appetite). As risk factors change, your risk management team can adjust the scenarios and replay them in RiskLogik to maintain an accurate risk picture to keep your operations continuously resilient.
When you understand what can happen and what the operational and cost consequences will be, you can respond for resilience. With RiskLogik you can model and test risk treatment options against each risk scenario, individually and in combination, to arrive at the most operationally and cost effective resilience solution. RiskLogik shows you what to do in what priority to achieve your desired resilience outcome and meet your risk thresholds. When the situation changes your risk management team can immediately understand the impact on your operation and recommend adjustments to your resilience plans, making sure that no matter what happens, your organization is never caught out.
Contact us to engage RiskLogik solutions within our managed resilience services model.