As a beginner chess player, you had to react to your opponent’s moves because you might not know to look several moves ahead as part of your strategy. In a reactionary moment, you may have risked your queen to protect your king and face maximum risk harm. As you matured and learned, you weighed the risk of moving a piece to achieve an end objective and created a strategy based on the rules of the game. Although the notion of risk isn’t new, the idea of mastering risk continually evolves because risk events must be managed.
In order to predictively manage risk you must see it, solve it, then learn to prevent, rather than react, to it.
Complete escape from risk is impossible, therefore, preemptive risk mitigation needs to focus on stronger controls to prevent risk harm and predict risk events that make companies secure and resilient.
In this paper, we:
- Provide description of risks and examples across industries
- Explain the Shortcomings of KRIs
- Discuss changing organisational focus from recovery to prevention through KRPs
- Introduce Predictive Risk Mitigation, a proven, predictive technology solution including both software, PredictLens™, and a fully managed service that can be tailored to each company’s situation and adapted to internal processes and policies.