Risk Analysis Michigan

We may often come across some risks or potential threats to our business operation. One of the most important steps to solve the problem is to do a better risk analysis. Now in this article, we will give you some ideas about risk analysis.

Local Companies

OZ Management Services, Inc.
616.682.0369
8303 Baileau Oaks, NE
Ada, MI
A & M Sales Management Consulting
517-672-6371
4101 Merriman Loop - Suite 100
Howell, MI
Complete Compassionate Care
517-336-5889
2035 Asher Ct.
East Lansing, MI
Suitor Consulting Services
(989) 906-7777
11103 Thornberry Dr.
Freeland, MI
Virtual Support System
248 991 4034
35317 Drakeshire Lane
Farmington Hills, MI
High-impact Coaching & Consulting, Inc.
616-949-5013
2505 E. Paris Road SE, Suite 195
Grand Rapids, MI
Dillard Partners, LLC
(88) TRY DP-LLC
1090 Farnham Ave.
Lincoln Park, MI
PolyArk Management Consulting
248.694.4414
330 E. Maple Rd, STE # 141
Birmingham, MI
Professional Shopping Services Inc
(616) 554-0300
7105 Broadmoor Ave SE
Caledonia, MI
Exposure Advertising
(269) 445-9154
112 N 1st St
Cassopolis, MI

We may often come across some risks or potential threats to our business operation. One of the most important steps to solve the problem is to do a better risk analysis. A second important step is to identify all probable threats and prioritize them. Threats, typically, can be classified in several ways such as internal/external, man-made/natural, primary/secondary, accidental/intentional, controllable/not controllable, warning/no warning, frequency, duration, speed of onset etc. While classifying threats is helpful in terms of understanding their characteristics and potential controls, grouping and understanding by business impact is also important. Obviously, the same impact can result from a number of different threats.

Identifying mission critical business processes and systems is another fundamental building block of the business continuity plan. After your critical business processes and systems and probable threats are established, the next step is to identify vulnerabilities and loss potential. This requires an extensive scan of the organization to identify vulnerabilities and then analysis to understand those vulnerabilities which would have the greatest impact on your critical business processes and the organization. This starts to clarify and quantify potential losses, which helps to establish priorities.

Following the identification of the most probable threats and vulnerabilities, an analysis of existing controls is needed. This spans physical security as well as people, processes, data, communications and asset protection. Some controls such as physical security and data backup are obvious. Other controls required are often less obvious, but they can be identified through the risk evaluation process.

Once the key building blocks of critical business functions, most probable threats, vulnerabilities and controls are identified, the next stage is to develop an understanding of the probability of threats factored by the severity or impact of the threats. This leads to the business impact analysis phase which establishes priorities for protection.

The goal is to minimize threats, impacts and downtime and to mitigate any losses. Fundamentally, the goal is to protect your people, protect your data, protect your vital communications, protect your assets and to protect your brand and reputation. Overall, of course, the goal is to ensure your business continues to operate and to do it in a cost-effective way meeting standards of reasonable and prudent judgment.

Bob Mahood
Midwest Data Recovery Inc.

www.midwestdatarecovery.com
bmahood@midwestdatarecovery.com
312 907 2100 or 866 786 2595

About the Author:

Robert Mahood has significant technology and management experience in data communications, internet, storage, disaster recovery and data recovery. He is currently the president of Midwest Data Recovery. www.midwestdatarecovery.com

bmahood@midwestdatarecovery.com


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Featured Local Company

OZ Management Services, Inc.

Business & Marketing Consulting New Product & Market Develop

616.682.0369
8303 Baileau Oaks, NE
Ada, MI
www.bjtmgt.com

Unlike most of today’s business advisors, we have managed companies and understand the real day-to-day problems of operating a business. We understand the pressures to grow and diversify, reduce costs and improve cash flow. We know the frustration of those endless projects that attack the wrong problems and yield no positive results.

Throughout our corporate careers, we have contributed to the growth and profitability of national and international industry leaders with diverse business models including manufacturing, traditional retail, e-commerce, direct marketing, service and non-profit organizations. The principals of BJT have managed in a variety of ownership structures: public, private and employee-owned.

We are fully competent in a broad range of commerce forms including consumer marketing, business-to-business marketing and marketing to organizations. In addition, we have extensive experience in all of the major advertising forms including Internet, catalog, direct mail, newspaper supplements, mass media and broadcast media.

The BJT difference is that we have faced the kinds of business problems that you face and have developed programs and solutions that work. We stand behind our results and are willing to work on a mutually agreed success-sharing basis. We believe that your success comes first.


We provide a broad array of business services that will lead to enhanced growth and stability for your business. Our focus is primarily in nine areas: (Click on the titles)

Strategic planning

Marketing, merchandising strategies

Customer acquisition and management strategies

New business development

Product introductions

Cost management programs

Financial & working capital management

Management services

Crisis management


In each of these areas, we will work with you to analyze your current business environment, the issues you face, determine the actions necessary, implement the plans and measure the results. At BJT, we will take an active, “hands-on” role in every stage of the project. Unlike most management services groups, we believe that delivering the plan is only the first step of our commitment to you.


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