Risk Management

Managing risk with BrickRed

Developing and implementing technology-based products and services can involve a variety of risks. Risk is defined as “the potential that a given threat will exploit vulnerabilities of an asset or group of assets and thereby cause harm to the organization. It is measured in terms of a combination of the probability of occurrence of an event and its consequences.”

To mitigate risk properly, your company should implement a risk-management strategy, which will help to define areas of concern, assess what to do about those areas, and implement a plan to manage areas of potential risk.

BrickRed Systems can help your company to develop and implement a strategy plan that recognizes and addresses multiple risks efficiently and cost effectively.

Why Manage Your Business’ Risks?

BrickRed Systems will collaborate with your company to develop a risk-management strategy that can positively affect your business in a variety ways, such as

  • Saving resources – time, assets, incomes
  • Increasing your company’s ethos and reputation by being more effective
  • Reducing legal issues
  • Increasing your client’s safety and satisfaction
  • Adhering to international standards such as ISO or CNSS
  • Increasing your service’s quality

Reviewing Your Company’s Current Risk Management Processes

BrickRed Systems uses an iterative process to identify and manage your company’s potential risks. We begin our management process by working with your stakeholders to examine your business’ current risk-management maturity level.

Your business’ risk-management maturity level identifies your business’ current ability to recognize and manage risk through a formal process. These maturity levels vary between nonexistent (0) to optimized (5). By reviewing your project and business risk-management plans, BrickRed Systems can better understand your business’ risk-management maturity level. This level helps to dictate the services, resources, and staff that BrickRed Systems will allocate to help your company manage risk.

This information helps BrickRed Systems to create customized solutions for your company and its ability to manage risk.

Managing Risk with BrickRed Systems

Although BrickRed Systems tailors each solution to meet your company’s objectives and goals, we often follow a structured method to uncover and solve the possible risks in the projects you are working on and for your company overall. In using our iterative process, your company will continue to implement the actions needed to sustain business effectiveness. BrickRed Systems will continue to work with your company to ensure that the risk-management process is manageable and sustainable.

Risk Assessment

BrickRed Systems’ risk-management services begin with a comprehensive risk assessment. We work with your stakeholders and project managers to identify and prioritize your company’s risks.

Our risk assessment method is both a qualitative and quantitative process that begins with a planning phase. During the planning phase, BrickRed Systems’ project managers work with your stakeholders to discuss your projects, services and vision. By understanding this information, we can properly begin to analyze and prioritize the risks involved with your business and its individual projects.

BrickRed Systems’ assessment plan involves evaluating your company’s assets as well as the potential losses caused by risks. We then determine the fiscal loss of a particular risk, the likelihood that the risk occurs in a given year, and the total amount of money that your company can lose in a single year. This quantitative information allows us to understand your company’s potential risks, the risk’s severity, and likelihood of the said risk.

Our initial risk assessment also provides a cost breakdown of risk controls and contingency plans.

Our professionals work with your company to determine the cost-benefit of each identified risk and proposed solution.  We present our risk management options to your stakeholders and collaborate to determine the best possible solution for your company.

Decision Support

We work closely with your company to identify, develop, and implement risk mitigating solutions in order to ensure your company’s success. We review your business’ proposed solutions based on your resources, staffing and potential risks in order to ensure that they are viable for your company and its needs.

BrickRed Systems will then analyze the most cost-effective solutions and perform a cost-benefit analysis to ensure that it is applicable for your company and will help mitigate risk at an affordable cost.

Implementing Solutions

BrickRed Systems will collaborate with your company to implement the proposed risk management solutions. We involve your company’s management and leadership, team members, and communications department to help implement the new solution. We ensure that your leaders, project managers and team members understand the solution and are able to sustain it.

Measuring Effectiveness

Once BrickRed Systems and your company implement the risk-management solution, we reevaluate your business using the same process in order to find any areas of potential improvement. This reevaluation also helps to sustain a culture of risk management and accountability. Working with BrickRed Systems your company will have the ability and experience to identify and mitigate risks within your company and individual projects.

Managing your company’s risks can be difficult and extremely complicated. BrickRed Systems’ experience in project-level and business-level risk management can help your business succeed and meet its goals.

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