Proper Risk Management Strategy Ensures Stability

Risk management is about preparing for the uncertain future. Risk management helps to avoid unwanted events and enable growth. At Samlink, risk management is taken very seriously also to secure the business of its clients.

Risk management has perhaps never been more important than it is now. The risks that modern organizations face have grown more complex, fuelled by the rapid pace of digitalization. New risks are constantly emerging, and one should not be relying on chance.

Knowing and managing risks is crucial when forecasting and prioritizing resources, budget and efforts to achieve business objectives and to lower the probability or impact of the risk. Having proper risk management is helping not only to avoid unwanted events, but is also essential to ensure stability, enable growth and stay competitive in the market.

Risk management concerns everyone

Risk is best defined as an uncertain event or set of events which, should it occur, will influence the achievement of objectives. It is measured by a combination of the probability of a perceived threat occurring and the magnitude of its impact on objectives.

Risk management is all about knowing and managing uncertainty. It is defined as the process of identifying, assessing, treating and monitoring risks. Risk usually has two sides and there is much to gain from evaluating and managing the risk for the company and potentially everything to lose by not doing it.

Risk management concerns everybody, and the risks should be handled with the help of everyone in the company. For example, the results from a phishing attack can be devastating if only the top management have identified the risks and the employees are not engaged to mitigate the risk.

Samlink is proactive to threats

The failure to adequately evaluate, prevent or minimize possible damage from business risks may ruin one business entirely. As an example, a company could lose market share because it failed to predict the risks of changing conditions or could suffer irreparable damage to its reputation by failing to prepare to manage difficulties. Lack of proper business risk management may have serious financial implications as well.

The clients of Samlink are mainly from the financial sector, which is heavily regulated. To what level a company recognizes and how it manages its risks, has an immense influence on its clients. If the risks are known, the environment is more stable. Risk management is taken very seriously at Samlink to secure the reliability of the services and business continuity, respectively the business of the clients.

Samlink is evolving and now being more proactive than reactive to threats and risks. Management is also more engaged in the area and is relying on the Risk & Security Department as their trusted advisor, to guide them in achieving business objectives.