risk management

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We Accept the Risk – WST

2020-02-20T23:07:48+00:00

February 13, 2020 We Accept the Risk? - WST Risk.  The hot potato of any organization.  There are so many options of what to do with a risk potato once it’s identified;  You can throw out the oven (avoidance), you can wrap it in foil to contain the heat (mitigate), you can have someone else handle it (transference), and you may even choose to own it (acceptance). While it may seem like a quick and easy option, your Board, auditors, and examiners may expect a more formal approach to risk acceptance beyond simply stating, “we accept the [...]

We Accept the Risk – WST2020-02-20T23:07:48+00:00

We Accept the Risk

2020-02-13T21:43:07+00:00

Whether you find them in a risk assessment, we find them in an audit, regulators uncover them as part of an exam, or you hear something scary and familiar on the news, IT risks require ACTION.  There are generally four things you can do once a risk is identified within your environment: Avoid it. No one likes being told, “You can’t do that. It’s too dangerous.”  Risk avoidance is when management determines that the risk outweighs the benefit of an asset (like a product offering, practice, or IT system) and decides not to go forward with implementation.  Avoidance is much [...]

We Accept the Risk2020-02-13T21:43:07+00:00