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Risk Assessment Frequency for Organizational Continuity Efforts

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  • Risk Assessment Frequency for Organizational Continuity Efforts

    Risk Assessment Frequency is a very important subject for businesses and organizations to consider. How often should a risk assessment be conducted? Is there such thing as too many or too few risk assessments in business continuity? These questions deserve straight answers for the successful continuity of businesses and organizations.

    Risk assessment frequency in the end will often matter on the size and activities of a business. To remain aligned with the focus on this blog’s topic, in this article, we will focus on risk assessment frequency for smaller and rural-based businesses. Small business owners might be reluctant to even consider risk assessments in the first place without even realizing just how important these assessments actually are for their businesses in the first place.

    Risk Assessment Frequency: Scheduling Your Assessments
    For a small business owner, business related activities and tasks are often strenuous because it is usually the business owner who is the only one doing these activities and tasks. That is expected among small business owners who are just starting out. So in order to truly conduct a thorough risk assessment for your business, your risk assessment frequency should be very well planned out and scheduled in the first place.

    Take a look at your calendar and choose a good day or week where you can take some time out of your busy schedule to conduct a risk assessment of your business and its assets. The time required for conducting the risk assessment will vary pending the size of your business and what critical assets are present but in most cases, the assessment shouldn’t take more than a week at most. The idea though is that you take as much time required to conduct your organizational risk assessment because if you rush this task, you might pass up important opportunities to improve your organization’s resilience to specific hazards and threats.

    Risk Assessment Frequency: Assessing Risks of New Assets
    Once you conduct your full risk assessment of your organization and/or business, you should plan on updating the assessment when it is appropriate. One particular moment where updating the assessment is appropriate is when you add a new asset to the organization. This new asset can be a new department, process, line, facility and so on.

    As an example, if you manufacture products and have added a new assembly line to your factory, conducting a risk assessment for that new line and updating it to reflect your risk assessment as a whole will be an important step in assessing all risks of your organization. If you do not assess the risks of your new assembly line, it will likely not have coverage in your overall assessment. Once disaster or crises strike, this line could go down in the end because the risks present have not been assessed.

    Risk Assessment Frequency: The Importance of the Assessment
    Risk assessment frequency is very important for business owners and organizational leaders, especially when the business or organization is smaller. However, the risk assessment as a whole is even more important. When disaster and crisis-related incidents strike and directly or indirectly effect your business or organization, you need to be prepared to continue operations for your most critical assets and processes otherwise your profit and productivity might be at a great loss in the end. The loss of your business assets will not only affect you but it will also affect your employees, customers, the local economy and the community as a whole – something which none of us can afford.

    If you haven’t conducted a risk assessment yet for your small business or organization, please do it now!

    What is a good Risk Assessment Frequency for your Small Business?
    What makes a good risk assessment frequency for the type of small business and/or organization that you run? Please comment below with your thoughts, ideas, opinions and questions about small business risk assessment frequency.
    fcphdJim likes this.

  • #2
    I agree that this is important for any business. Our hospital policy requires a hazard vulnerability analysis (HVA) at least annually. Unfortunately, due to busy schedules and short staffing it typically hasn't been done that frequently. I was recently appointed to head up our emergency management program, and I intend to rectify that. We will update our HVA and review our corrective action program in January and make it a point to stick to that schedule. I recently finished updating our basic emergency operations plan (EOP) and a couple of annexes. Other annexes are currently in the works. After we review the HVA in January we will make any recommended edits to the EOP and/or annexes and conduct staff training on the changes. Then we will plan exercises to test the effectiveness of the plan. It is an ongoing process that is never finished but hopefully always improving.

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