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Archive for month: April, 2013

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First Step in Risk Assessment Process – Collecting Information

Every technology firm faces a variety of risks from internal and external sources that should be assessed.

Two key steps in any risk assessment effort are the collection and review of information pertinent to your company’s operations and determining the related risks. The project team’s ability to gather and understand the information will be an important factor in the success of the risk assessment project.

The goal of collecting information is to identify and understand the significant variables that can directly or indirectly impact the business, and the factors that can cause those variables to change. Among the organizational details the team should identify are:

The assets at risk (the company’s critical physical, financial, natural, human and intangible resources)

  1. Known perils to the organization.
  2. Specific areas of management concerns.
  3. Regulations and constraints under which the organization operates
  4. The current process of addressing risk.
  5. Information may be obtained through a combination of methods and sources including document reviews and structured interviews.

Documents, such as reports, manuals, databases, internal memoranda, represent a ready data source for risk assessment projects. Much can be learned about a company’s operations and exposures by reviewing the information they contain. Structured interviews are equally valuable.

Contacting a TechAssure member can help you with a comprehensive risk assessment process. To learn more about the benefits of work with a TechAssure member, please give us a call at 512-377-9594, xt 700

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Risk Identification is the First Step for Managing Risks

Technology companies have many options for managing risks. You can avoid, retain, transfer or exploit them, but first you must identify your risks.

Risk identification is a critical first step in determining exactly what is at risk. Risk can be categorized in first-party risk and third-party risk.

Before beginning your journey in risk identification, please remember the collection of information is the first step. Information about your risk can be best collected in your “asset-centric” business model. So it will be helpful to know your financial, physical, employee, supplier, customer and organizational assets. Also keep in mind your assets could be tangible and intangible or owned and non-owned.

This challenging economy brings increased risks and opportunities so remember to make a thorough review. For more information on how a TechAssure member can help you, please contact us at 512-377-9594, xt 700.

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Six Ways Technology Firms can Benefit from Risk Assessments

Taken all together, a full risk assessment paints a powerful picture of what risks the company faces. There are six main benefits to properly approaching risk assessments. They include:

  1. Highlights significant or material risks using a structured and audible process.
  2. Identifies risk interdependencies and clusters.
  3. Establishes baseline financial estimates of probable loss utilizing a variety of actuarial and financial modeling methods.
  4. Assists in setting operational contingency plans to reduce the impact of catastrophic loss.
  5. Establishes a new and more comprehensive risk management discipline within the firm.
  6. Identifies possible strategic competitive advantages.

Contacting a TechAssure member can help you with a comprehensive risk assessment process. To learn more about the benefits of work with a TechAssure member, please give us a call at 512-377-9594, xt 700

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Six Reasons Managing Risk is Important for Private Technology Firms

TechAssure members help growth companies unlock extraordinary potential by finding ways to use risk management to turn their vision into reality. Risk issues driving the technology industry today are many.

Risk Management for private technology firms is so important for many reasons:

  1. Management’s challenge is to integrate all its relevant information about risk and communicate that information to investor consistently.
  2. Shareholders demand that management adequately identify all material risks facing the organization.
  3. Auditing protocols are beginning to require organizations to report risks in a forward-looking context.
  4. Firms (private and public) are increasingly being held accountable for managing their risks on a portfolio basis.
  5. Failure to anticipate and analyze risk increasingly results in litigation.
  6. Investors favor firms that understand, and manage, their risks.

To learn more about the benefits of working with a TechAssure member, please give us a call at 512-377-9594, xt 700