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Is your organization prepared to navigate emerging risks effectively? If not, it could be costing you more than you think. In today’s fast-paced business environment, building a culture of risk awareness is no longer a choice—it’s a necessity for staying competitive.
So, grab your coffee, and let's dive into the practical strategies that can help your organization develop a bulletproof risk-awareness culture.
Let’s start by defining what we mean by a "risk-aware culture." Picture a workplace where everyone, from the CEO to the newest intern, is tuned into potential risks. It’s not about being paranoid; it’s about being prepared.
And here's the thing—92% of executives agree that a strong risk culture is critical for their organization's success, according toa recent Deloitte survey. That’s a number you can’t ignore!
Just like you wouldn’t run a marathon without training, building a risk-aware culture requires continuous education and practice. It’s not just about knowing the risks—it’s about developing the skills to spot and manage them effectively. Risk awareness is something that grows with consistent training and exposure to real-world scenarios.
In fact, according to PwC, organizations that invest in early risk management education and decision-making are 39% more likely to make better long-term decisions. That's why incorporating risk training into your organization’s strategy is crucial.
One great way to get started is by partnering with expert training programs like Abilene Academy, which offers comprehensive risk management courses designed to build your team’s risk awareness muscles. These programs provide practical, hands-on approaches to risk management that you can implement immediately. Investing in the right training not only strengthens your organization's risk posture, but it also equips your team with the tools to navigate the increasingly complex risk landscape.
Most of the stolen records come from malware and ransomware attacks, but there have also been privacy breaches resulting from accidental negligence, such as the misplacement of medical records or improper disclosure of confidential patient information, according to Supplier Shield. From March 2021 to February 2022, there were 723 reported data breaches involving 500 or more records—a record number within a 12-month period. Building a risk-aware culture, as Supplier Shield emphasizes, is crucial in preventing these types of breaches, as proactive risk management practices can help organizations mitigate not only cyber threats but also human errors that could lead to data exposure.
According to Alexis Hirschhorn, expert in cybersecurity, building a risk-aware culture within an organization is essential to prevent both malicious and accidental breaches.
By developing this culture, organizations empower employees to recognize potential vulnerabilities, both in everyday processes and in handling sensitive information. This proactive approach ensures that risks, whether from cyber threats or human oversight, are identified and managed effectively, reinforcing the value of comprehensive training and risk management tools. Supplier Shield emphasizes that proactive risk management practices can address not only sophisticated cyber threats but also reduce human errors that could lead to costly data exposures.
Managing risks—especially when it comes to third-party vendors—can feel over whelming. It’s a lot to juggle, from keeping track of ever-changing regulations to ensuring that all your partners are up to standard. The good news? You don’t have to do it all manually anymore.
With the rise of advanced risk management tools, you can automate much of the legwork. These tools help you stay on top of risk assessments, monitor your vendors in real-time, and flag potential issues before they turn into bigger problems. Not only does this save you time, but it also reduces the chances of something slipping through the cracks.
And here's where Supplier Shield comes in. We specialize in Third-Party Risk Management (TPRM), helping organizations like yours manage the risks that come with vendor relationships. Beyond just automating the process, we also offer Managed Services—meaning we’ll handle the heavy lifting, like compliance checks and in-depth vendor reviews, so your team can focus on higher-level strategy.
The real value here? You get peace of mind knowing that your risks are being actively managed without putting extra strain on your internal resources. When you leverage tools and services like ours, you’re empowering your team to focus on what they do best, while staying ahead of potential risks.
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When it comes to building a risk-aware culture, some of the world’s top companies have set the standard. By integrating risk management into their daily operations, these organizations have not only minimized potential pitfalls but have also seen significant improvements in efficiency and decision-making.
Microsoft has built a risk-aware culture by integrating risk management into their company’s core values. They have created robust enterprise risk management (ERM) frameworks, ensuring that every department—from product development to IT security—is actively engaged in identifying and managing potential risks. Microsoft’s approach involves continuous training and regular risk assessments, fostering a proactive culture where risks are seen as opportunities for growth.
Google has built a culture of open communication where employees are encouraged to voice concerns about potential risks, from operational issues to compliance concerns. This transparency is key to early risk detection. Additionally, Google implements regular risk audits across departments and integrates risk assessments into their decision-making processes, which helps the company stay agile in the face of new threats.
Unilever has been a leader in integrating risk awareness into their sustainability efforts. By considering environmental and social risks in their supply chain, Unilever has been able to create more resilient, sustainable operations. Their proactive risk management strategy includes frequent risk assessments on sustainability issues, helping the company to mitigate potential disruptions and maintain its reputation as a socially responsible brand.
So, how do you know if your risk-aware culture is working? Unfortunately, you can’t just stick a thermometer in it and get a reading, but you can measure it. McKinsey found that companies who measure their risk culture are three times more likely to see benefits from their risk management efforts.
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Now let’s talk about taking your risk management skills to the next level. Getting certified in risk management doesn’t just add valuable knowledge to your toolkit—it can have a significant impact on your career growth. According to a report that researched over 125 million social profile records, professionals who return to further education or certifications see a 140% larger increase in average annual salary compared to those who don’t. Plus, their upward mobility is 22% greater.
If you’re looking to boost your earning potential or move up the career ladder faster, certifications like those offered by PECB can be a game-changer. Whether you’re aiming for a salary increase or amore advanced role, certifications can open doors and set you apart in the risk management field.
Given the busy schedules of professionals nowadays, certifications, while not out of reach may require more than a small commitment. If you find yourself in this predicament, a self-paced online course, much like those offered by PECB Skills, could be a perfect option. Depending on the situation, a short, informative, and topic-specific video may be exactly what you need to obtain the knowledge as well as credibility to push forward your career.
Building a culture of risk awareness isn't about turning everyone into worry-warts. It’s about creating a workplace where spotting and dealing with risks is as natural as checking your email. Remember, it’s a journey—you won’t become a risk superhero overnight, but with the right tools, some solid training, and a dash of certification magic, you’ll be well on your way.
So, what are you waiting for? Put on your (metaphorical) risk-awareness cape and start building that culture today. Your future self—and your organization—will thank you for it.
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