Organizations are exposed to a certain amount of risk simply by being in business. Consider COVID-19 and the various resulting lock-downs and supply-chain issues. While some businesses may have had a plan for short-term shutdowns in their risk management plans, it is unlikely many had a plan for dealing with a pandemic.
Going forward, you can bet that most companies will have something in their risk management planning around pandemic protocols and other government-enforced mandates that impact the flow of goods, employees, sales and more.
Cybersecurity and Risk Management
Equally important to a risk management plan is a section devoted to cybersecurity. If a company uses even the most basic elements of the internet, employees sending email from personal accounts and a security system managed through a cloud-based platform, they have a cybersecurity risk. As interaction and involvement with electronic devices goes up, so too does the company’s risk of cybersecurity attacks.
Having a risk management plan specific to cybersecurity allows a company to prioritize its defense tactics based on the negative impacts they may be exposed to. Risk analysis is often based upon the generic risk formula of:
risk = consequence of attack x probability of attack
While there are no hard and fast rules for quantifying the consequences and probability of various cybersecurity elements to arrive at the level of risk, it is easy enough to consider what is more likely to happen and how big the consequences can be when looking at an overall list of risks and considering damages currently seen in cybersecurity breaches. However, it is often very hard to come up with a complete list of risks without some form of training that guides the process of exploring and creating the assessment framework.
Taking cybersecurity courses and IT training courses is beneficial, but we recommend enrolling in courses specific to risk management that include elements of cybersecurity within them. Consider the Professional Evaluation and Certification Board (PECB) courses with a specific focus on the ISO 31001 Risk Manager course.
What is ISO 31001?
You have likely heard of various ISO programs, each with a different focus such as operational excellence or environmental management. The International Organization for Standardization (ISO) 31000 series is a family of standards designed around risk management practices. The series looks at the organization as a whole and considers both risks that have a negative outcome and uncertainties that can create a positive. It includes standards for risk assessment, implementation of a risk management plan, guidelines around risk management, common risk management goals and more.
As part of the ISO 31000 family, the ISO 31001 Risk Manager course is the basis of creating a risk management audit framework to be applied within an organization. By making use of the ISO 31000 standards, this framework gives individuals the ability to initiate the risk management process from identification through treatment, monitoring and review. Additionally, taking the PECB ISO 31001 Risk Manager course gives a student the knowledge, tools and training needed to succeed on the corresponding exam and earn their certification.
The Benefits PECB ISO 31000 Risk Manager Certification
There are two types of ISO 31000 Risk Manager certifications. The PECB Certified ISO 31000 Provisional Risk Manager certification requires no professional or risk management experience. The PECB Certified ISO 31000 Risk Manager requires two years of professional work experience with a minimum of one year in risk management and a minimum of 200 hours of risk management activities. Having these certifications makes you not only a valuable asset to your organization, it also makes you more employable in other risk manager roles. With certification, you prove you have the knowledge of ISO 31000 and know how to apply it within an organization.
The ability to apply a risk management framework is not limited to any particular industry because you will be looking at the risks that exist for an organization based on what they do and how they do it. Therefore, with this certification, you can make the shift to another employer and immediately make a valuable contribution without any additional training.