frequently asked questions (faq)you asked. we answered.
How do you know you are spending money in a sensible way to manage risk in your business or personal life?
Where is the greatest risk in your personal and professional life?
It is the insider risk. In your organization, it is employees, contractors and third party vendors who have access to your space and systems. They know where the cracks are in your controls and processes. The same exposure exists in your personal life where friends, family members, household help and selected advisors can access financial accounts.
What is the best way to protect your online identity?
Manage your online profile but assume aspects of your identity have been compromised by national data breaches. Consider security products offered by Norton, McAfee, Symantec or others. Lock down your financial accounts, review financial and credit activity and maintain good security measures on devices and email accounts. Also, consider using an application to maintain passwords more securely on your phone, such as LastPass, Dashlane, RoboForm or others.
How to prepare for and respond to a crisis?
At home or in the office, ensure key systems are in good working order. When traveling, maintain communication avenues, anticipate disruptions from man-made or natural events and utilize technology to find alternate means of safety. Most importantly, always be aware of surroundings.
What new risks will increase as a result of Covid-19?
Employee behavior that contributes to corporate culture will be more difficult to shape and manage. Ensuring that employees “do the right thing” will rely on technological ways to build loyalty and ethical behavior. On a personal side, an increase in fraudulent unemployment claims have already impacted those who have lost jobs. When retaining professional advisors, more due diligence will be needed in lieu of personal meetings.
What is the importance of managing risk in a holistic way?
Organizations and individuals miss the big picture. Gaps in managing risk can develop. They focus on the risks they know or have experienced in the past. Limited resources should be allocated in a thoughtful way based on risks that are most likely to occur and have the greatest impact. One risk impacts another. The goal is to reduce the overall risk.
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