BLOGS

All businesses, whether small or big, need to consider a full range of risks they face. A good risk management plan can help businesses study the relationship between risks and the impact they could have on the business. Though no company can predict specific risks, they can prepare for an uncertain and volatile future . If you are wondering how you can make your business more resilient, check this useful read. As one of the leading cables suppliers we have curated 5 risk management trends that businesses should follow in 2022:

• Pandemic risk management: The COVID-19 pandemic and the crisis that followed it showed the world that the businesses need to have a business continuity plan in place. A business continuity plan is a strategy that creates the roadmap for the business to continue to function at acceptable levels following a disruptive event. Such a plan describes policies and procedures for managing production, staff and communication.


• Cybersecurity: During the COVID-19 pandemic, remote work environments became the new normal. As a result, it became more important for businesses to prioritize cybersecurity. Cyber criminals can access corporate data, customer information and intellectual property by exploiting the vulnerability of employees working from home.


• Convergence of cyber and physical risks: Businesses can no longer afford to look at physical security and information security within organizations separately. Ransomware attacks are not just a threat to cybersecurity but also to physical assets. The 2021 Colonial Pipeline attack is the biggest example of that. The computerized equipment managing the pipeline was attacked by a hacker group and it was only after the ransom was paid that the systems were restored. The incident highlights the need to make a security convergence strategy a part of business continuity management plan.


• Supply Chain Crisis: In the last few years, there has been a notable growth in the e-commerce sector. This growth accelerated post-pandemic. Disruption in the supply chain can not only reduce the profit margins, it can also adversely affect the customer loyalty. It is therefore important for businesses to adopt the latest logistics and e-commerce tools to gain visibility into their supply chain risks and increase their preparedness to handle such crises.


• Employees must be involved in risk management: In addition to compliance programs and audits, businesses are also conducting risk workshops for employees at all levels - from the operations team to the board members. At the workshops, participants review the previously identified risks and the new ones and score them - risk scoring will give an idea whether all the members share the same view of what the risk actually relates to. Risk scoring can help identify the risks that are above the company’s risk appetite and setting priorities and actions that can reduce their likelihood and impact.

About us

RR Kabel is a part of RR Global, a company with over $1.25 billion annual turnover. RR Global has a strong presence in over 85 countries. We are an ISO certified company offering a wide range of premium wires and cables for various residential, commercial, industrial, and infrastructure purposes.