Business Challenges
Risk is on everyone’s mind, but what can you do to make risk management a reality for your organisation? Explore these resources to find out how to build risk awareness and strengthen resilience.
Risk identification and management continue to be key concerns for today’s business leaders. But it’s not just executives who have the power to protect an organisation.
We recently sponsored research conducted by Economist Impact that surveyed 656 executives from key industries around the globe on the issue of risk and risk management in their organisations. Nearly 80% of these leaders agreed that risk management must consider all areas of an organisation. Trends point toward new ways of anticipating, identifying, and mitigating risk.
We’ve created this resource center to help you raise the stakes on risk awareness and empower your people and partners to take on effective risk management.
While 90% of global executives believe risk identification is more important than ever, 57% say their organisation needs to improve cross-functional collaboration to better identify and manage risks.
Here’s what it takes to evolve risk management from a siloed function in your organisation to an integrated and active part of your culture.
Larry Jarvis, SVP and Chief Information Security Officer at Iron Mountain says, “By building resilience against potential future threats rather than merely responding to familiar ones, organisations are capable of adapting to unforeseen risks and seizing emergent opportunities.”
For over 70 years, Iron Mountain has empowered customers worldwide to mitigate risks. We believe everyone in our organisation plays a key role in risk management.
We’ve all become more resilient in recent years—as individuals, as employees, as employers and, of course, as organisations. But while risk and resilience continue to be popular for large-scale organisational discussion, what does it actually mean to be risk aware and resilient at this level?
In 2022, we sponsored a global study by Economist Impact of 600+ executives across five continents to explore the topic of resilience, which led to our 2023 research on risk. These insights were obtained through survey analysis, desk research, and expert interviews to identify changing interpretations of organisational resilience. Here’s what we uncovered.
If done right, strategic resilience leads to significant performance advantages in areas such as customer satisfaction, employee retention and recruitment, risk management, and progress towards ESG (environmental, social, and governance) goals.
The solution? Break down the silos. When disruption strikes, cross-functional teams can more easily diagnose issues, react, and recover compared with siloed teams. To drive resilience, the approach must cascade across all levels within the organisation.
This is the only way to get buy-in up and down the enterprise and across global teams and time zones. However, before that happens, all stakeholders need to agree on what the complex—and often misunderstood—topic of business resilience is.
To be a resilient organisation is to be nimble, flexible, and able to withstand both expected and unexpected shocks.
While almost 80% of executives realise that having an agile workforce is a much bigger priority since the pandemic, they have plenty of work to do in these areas:
RELATED: Prepare your office for what's next (whatever that may be)
You’ll only get past the cross-functional planning and collaboration stages when efficiencies and consistent approval processes are embraced up and down the organisation:
Over 60% of business leaders see the critical necessity to assess risk and consider new information tools and technologies. Organisations of all sizes have increased investments in hybrid work data protection and security applications. This way, proprietary information and digital assets remain as they should—proprietary.
The only way to go from pontification to implementation is to educate all ESG stakeholders of the broader business and social implications. Our research shows that 80% of executives agree that having dedicated sustainability staff and resources is more important than ever. ESG strategies and opportunities are not fads or feel-good exercises. They are critical to doing business in an ever-changing world.
RELATED: How ESG thrived through the pandemic and what we learned from it
Edward Greene, Chief Human Resources Officer at Iron Mountain, asserts that “in creating workforce resilience for the future, businesses must prioritise employee well-being above all else. This requires leaders to truly invest in their workforce through accessible career development programs and a genuine understanding of employee needs and goals. Our employees around the world deserve an empathetic, adaptive, and inclusive approach to charting the future of work.”
According to our findings, a sustainable business resilience plan rests on these seven areas, all of which demand a purposeful strategy to ensure your organisation stays resilient into the future:
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