According to Forbes, the number of corporate data exposed in the first quarter of 2020 grew by 273 percent when coDesigning the Best Risk Management Training for Your Companympared to the first quarter of 2019. As a result of the dramatic increase in these company threats, many CEOs are paying more attention to risk management. Some benefits of having a risk management training program include: it helps keep employees safe, improves productivity, saves money, creates better customer service, and makes employees happier. Having these advantages will lead to a more secure and more successful company because — as we saw with Amazon in July– EU data breaches can and do happen.
Recognize Potential Hazards
To create risk management training that is beneficial for your company, you first need to identify the most relevant hazards. The goal of the risk management training is not just for employees to know what can happen if they do something wrong, but also how they should react and handle these problems when they do arise. A risk management plan should be created with a combination of top-down and bottom-down approaches. This will help organizations prevent serious incidents from happening.
Learning Risk Management
As your managers learn more about risk management they will find that it chronologically breaks down to the following: identifying the risk, analyzing the risk, prioritizing the risk, treating the risk, and monitoring the risk. The best way to train them on risk management is to show them examples of real-life scenarios and teach them the proper way to respond. This should be done in stages because you don’t want to overwhelm them with information right off the bat. The first stage should only include the basics like what’s their role in risk management and what are they responsible for at work? The second stage should introduce more complex information like identifying risks, assessing risks, and taking appropriate corrective action if necessary.
Monitor and review regularly
The degree of risk that businesses are exposed to is always shifting, with new threats appearing and others becoming less significant. You need to be ready to respond when the time comes by being proactive and frequently checking your company’s exposure. As a result, regularly reviewing protocols is critical as part of this process, not only for management but for all staff. The EU Court of Justice ruled in June that companies can now be sued by any data protection body in the European Union, not just the main regulator, under specific conditions. The EU’s rigorous privacy laws, known as the General Data Protection Regulation (GDPR), were bolstered by the judgment.
For failing to be honest about how it handled personal information, WhatsApp was recently fined 225 million euros under European Union data protection law – they’re an example of a company that could’ve avoided this with better risk management. The best thing about risk management training is that it helps people understand the possible business threats their organization could be facing and to act on them before something like the WhatsApp scenario happens. It also teaches them to identify, assess, respond and manage accordingly Above all, risk management training helps managers to build a culture where employees take responsibility for control of their own personal and organizational risk.