Risk and Resilience | Risk Central | Gieom
"Risk refers to the possibility of harm or loss occurring in a particular situation or activity. It can be caused by internal or external factors such as natural disasters, accidents, or human error. The degree of risk varies depending on the circumstances and can range from minor to severe.
Resilience, on the other hand, refers to the ability to recover from adversity or difficult situations. It is the capacity to adapt and bounce back from challenges or setbacks. Resilience can be developed and strengthened over time through various strategies and practices such as social support, positive thinking, and problem-solving skills.
Both risk and resilience are important concepts in many areas of life, including personal development, business, and community planning. Understanding the risks involved in a particular situation and developing strategies to mitigate those risks is essential to minimize negative outcomes. Building resilience can also help individuals and organizations to cope with and recover from difficult situations, ultimately leading to a more positive outcome." for more information visit: https://www.gieom.com/products/risk-central/ #riskandresilience #riskcentral #gieom
Risk tolerance | Performance Management | Gieom Risk Central
Risk tolerance refers to an individual's willingness to take risks with their investments or financial decisions. It is often measured by assessing an individual's willingness to accept volatility and potential losses in their portfolio in exchange for potentially higher returns. A person with a high risk tolerance is comfortable taking on more risk and volatility in their investments, while a person with a low risk tolerance prefers more stable and less volatile investments, even if it means lower potential returns. It is important to consider an individual's risk tolerance when making investment decisions to ensure that their investments align with their goals and comfort level with risk. For more information visit: https://www.gieom.com/solution....s/risk-based-perform #risktolerance #perfomancemanagement #gieomriskcentral
Compliance Assurance | Gieom
"Compliance assurance is the process of ensuring that a company or organization is adhering to all relevant laws, regulations, and policies. This involves creating and implementing policies and procedures to ensure compliance, monitoring and assessing the effectiveness of these policies and procedures, identifying and mitigating risks of non-compliance, and reporting on compliance to internal and external stakeholders.
The compliance assurance process typically involves a range of activities, including:
1.Risk assessment: Identifying and assessing the risks associated with non-compliance.
2.Policy development: Developing policies and procedures to address the identified risks and ensure compliance with relevant laws and regulations.
3.Training and communication: Providing training and communication to employees to ensure they understand their roles and responsibilities in maintaining compliance.
4.Monitoring and testing: Conducting monitoring and testing activities to assess the effectiveness of the policies and procedures in place.
5.Reporting: Providing regular reports to senior management and stakeholders to ensure transparency and accountability around compliance.
By implementing a robust compliance assurance program, organizations can minimize the risk of non-compliance, protect their reputation, and avoid legal and financial penalties." https://www.gieom.com/solution....s/compliance-assuran #complianceassurance
Incident Management | Gieom
"Incident management is the process of identifying, analyzing, and resolving incidents that occur within an organization's IT infrastructure or business operations. An incident is defined as any unplanned event that disrupts or degrades a service or system. Incident management involves a series of steps designed to minimize the impact of incidents and restore normal operations as quickly as possible.
The incident management process typically involves the following steps:
1.Incident identification: This involves detecting and reporting incidents as they occur. This can be done through various channels such as email, phone, or a dedicated incident reporting system.
2.Incident logging: This involves recording details about the incident, including its severity, impact, and any relevant information.
3.Incident categorization: This involves classifying incidents based on their type and severity. This helps prioritize incidents and allocate resources accordingly.
4.Incident prioritization: This involves assessing the impact and urgency of the incident to determine its priority level.
5.Initial diagnosis: This involves investigating the incident to determine its root cause and potential resolution.
6.Escalation and notification: If the incident cannot be resolved at the initial level, it is escalated to a higher level of support or management.
7.Incident resolution: This involves implementing a solution to resolve the incident and restore normal operations.
8.Incident closure: Once the incident is resolved, it is closed and documented for future reference.
9.Incident review: This involves analyzing the incident to identify any lessons learned and areas for improvement.
Effective incident management is essential for minimizing the impact of incidents on an organization's operations and maintaining customer satisfaction. It involves a coordinated effort between various teams, including IT support, operations, and management." https://www.gieom.com/solution....s/incident-managemen #incidentmanagement