Risk 101 – Know the Unknown by Nehru Nagappan

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BCM Institute

Business Wirtschaft & Finanzen

MEET THE EXPERTS Risk 101 – Know the Unknown

What is Risk? Potential Loss exposure due to a threat; which causes disruption to business operations Preventing them from achieving the Minimum Business Continuity Objective (MBCO) 3 components: An Event A probability An Impact

What is Risk Management? An on-going process of assessing the risk to mission / business as part of risk-based approach used to determine adequate security for a system by analyzingthreats and vulnerabilities and selecting appropriate, cost effective controls to achieve and maintain an acceptable level of risk. - BCMPedia An organized means of identifying and measuring risk, and selecting, and managing optionsfor handling these risks. - Harold Kerzner Is a PROACTIVE approach

Risk Life Cycle Assess Risks Analyze Risks Risk Treatment PLAN Monitor & Control Project Risk Management

The known unknown Donald Henry Rumsfeld, Secretary of Defense, 2001-2006

BiotechCorp Case Study – The Known Unknowns We occupy Top 4 levels (L23, L22, L21, L20) + Level 1 Fire Drills was an “annual casual leisurely walk” since 2005

Reality Check What we think…. The usual reality..

The Known Unknowns Assembly Point - Logistic nightmare (KLCC Mosque (public assembly issue), MenaraAtlan public Car Park) Sink Hole NEAR Office (KLCC) & Kg. Baru KLCC – Protest Zone!

The Known Unknowns Oversized, disabled and Pregnant – mobility issue Stairways blocked – rubbish

The Challenge we face “We’ve never had that kind of loss” “What, change my procedure?I’ve always done it this way!” “I’ve lived here for 20 years without a problem!” “All Risk Management has is: bad news with higher price tags!” No communication!

The Known Unknowns What are OUR Obligations (as BCM Professionals)? DISCUSS

RISK MANAGEMENT: NOT YOUR DUTY? ,[object Object]

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