Risk Quantification: “What’s in a score? Who are we competing against?”
CEO of hivera, Simon Cole, reflects on the importance of risk quantification for Olympic success!
The pinnacle of success
The delayed 2020 Olympics are upon us! It’s fantastic to watch those at the elite level achieve the pinnacle of sporting success in their chosen event.
While most of us will not have the privilege of competing at those levels, we can appreciate the satisfaction that comes with success. Whether success is personal or with a team, there is great satisfaction to be gained through accomplishing goals.
Olympians usually have two key drivers: the first is to be recognised as No.1 in the world, and the second is to achieve a world record. To own that time or score that everyone else in the chosen discipline must measure themselves against.
How it relates to business
In business, we constantly benchmark our organisations and ourselves against others in many ways; financial results, customer acquisition, environmental approach, employee satisfaction; the list goes on and on.
Compliance against regulatory requirements is also something that we need to be able to quantify. So, while our reason for quantifying it may not always be for public comparison, it is critical that we ascertain its current status. We need to have a measurable benchmark and prove to internal and external stakeholders that risk reduction is an important objective.
This gives everyone within the firm something to aspire to and acts as a green flag to the market that we are trustworthy. We need to show that we are concerned about consumer data protection and have an active management process .
How we can help: Risk Quantification
With hivera, we help organisations understand what data they hold, and identify and reduce the risk contained within that data. In addition, we benchmark how the organisation is complying with the relevant legislation. This lets organisations track the success of their data management procedures over time and provides industry comparisons.
Thankfully with a fully automated process and tailored dashboard, it provides all the opportunities for Olympic success without all of the hard work to get the result; we’ve done that for you!