Today Risk Dashboard is pleased to announce that we have released into our reporting suite an “Impact Assessment” from your business risk and compliance audit.
An Impact Assessment is the process of assessing the probabilities and consequences of risk events if they are realised.
The results of this assessment are then used to prioritse risks to establish a most-to-least critical importance ranking, allowing you the ability to manage and mitigate the realisation of high probability/high consequence risk events.
This new release is an important part of the risk management framework. When assessing risk, it is important to match the assessment impact to the decision-making framework.
In adding the “Impact Assessment” report, we are adding another key element of the risk management framework, this new report allows you to determine how disruption of key business processes will affect your organisation.
One of the most common factors in business impact reports is lost revenue due to the inability to service clients. Depending on the incident’s nature, your business might even lose customers who lose trust in your organisation. Additionally, your business might suffer penalties and legal fees related to a failure to meet it’s statutory or contractual obligations.
Data from Risk Dashboard audits show that 9 out of 10 SME’s, do not undertake DSE (Display Screen Equipment) assessments, a legal requirement under the Health and safety Act 1992 – Risk Dashboard now identifies your statutory obligations, to reduce the impact on your business;
- staff experiencing fatigue,
- eye strain,
- upper limb problems and
- backache from overuse or improper use of DSE.
Your business impact assessment and risk assessment should be considered discrete processes, they are far from unrelated. The Impact Assessment report is essentially the natural extension of your Risk Dashboard audit.
Risk Dashboard provides real-time evidence based continuous analysis for improved reporting and decision making for accountants, business advisors and their clients.
If you would like to know more about how Risk Dashboard and your data can transform your business please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk.