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Risk and strategic consultancy does not generally involve the operational ‘risk assessment’ carried out by many companies and consultancies. Risk assessment in this sense covers the identification and management of commercial, operational and technical risks within existing operations or known markets.
Risk and strategic consultancy also concerns countries and concerns similar to those of interest to private military companies, though the two industries are distinct.
What is Risk Identification?
As the name suggests, risk identification is the act of identifying negative and positive risks that impact an objective. For example, suppose you are planning a holiday in the Bahamas. After spending several thousand dollars, you’ve bought the tickets and booked your rooms in a luxury resort. A couple days before taking the flight, a hurricane hit the Bahamas and all resorts are closed.
What does Risk Analysis mean?
Risk analysis is the review of the risks associated with a particular event or action. It is applied to projects, information technology, security issues and any action where risks may be analyzed on a quantitative and qualitative basis. Risk analysis is a component of risk management.
Risks are part of every IT project and business endeavor. As such, risk analysis should occur on a recurring basis and be updated to accommodate new potential threats. Strategic risk analysis minimizes future risk probability and damage.
WHAT IS RISK EVALUATION?
Determination of risk management priorities through establishment of qualitative and/or quantitative relationships between benefits and associated risks.
WHAT IS RISK REPORTING?
Risk reporting systems. Establishes a comprehensive risk reporting system that is aligned with other organisational performance management structures and processes. Reports on the strategic and financial impact of risks. Level of Risk Reporting :-
Leadership level
Establishes a comprehensive risk reporting system that is aligned with other organisational performance management structures and processes.
Senior level
Reports on the strategic and financial impact of risks.
Management level
Ensures that risk reporting systems operate efficiently.
Support level
Explains the purpose of measuring and reporting risk performance and the use of technology to support effective risk management.
WHAT IS TECHNOLOGY STRATEGY?
Technology strategy (information technology strategy or IT strategy) is the overall plan which consists of objectives, principles and tactics relating to use of technologies within a particular organization. Such strategies primarily focus on the technologies themselves and in some cases the people who directly manage those technologies. The strategy can be implied from the organization’s behaviors towards technology decisions, and may be written down in a document.
Other generations of technology-related strategies primarily focus on: the efficiency of the company’s spending on technology; how people, for example the organization’s customers and employees, exploit technologies in ways that create value for the organization; on the full integration of technology-related decisions with the company’s strategies and operating plans, such that no separate technology strategy exists other than the de facto strategic principle that the organization does not need or have a discrete ‘technology strategy’.