70% of organisations only evaluate their risk profile on an annual basis, limiting their ability to tailor their risk management plan and business strategy to mirror the ever-changing commercial landscape – EY
The guiding standard for risk management, ISO 31000, defines risk as the effect of uncertainty on objectives. Whilst this framework can be helpful, in establishing the context, and identification of the risks to the business, the framework needs to be implemented to its full extent to ensure that the identification of risk translates into taking action to treat the risk.
A one-time risk assessment will not add any sustainable value in the long term, without the follow up monitoring and reviewing required to execute a risk management plan and deliver a continuous assessment and review process to mirror the constantly moving parts to a business.
If you are in need of understanding where you stand please reach out to our team at Victual we would love to help guide you in making the right choices for your business. For further insight for risk management you can download Victual’s tailored insight to the food and beverage industry “Creating Value Through Managing Risk” detailing the 5 ways in which risk can create value for your business.
Sources:
https://www.ey.com/en_gl/risk/is-now-the-time-to-reframe-risk-as-opportunity
https://www.iso.org/iso-31000-risk-management.html