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Whenever you decide to implement something in your information technology strategy, you accept some level of risk. Understanding and managing this risk is crucial to your business’ success. For this week’s tip, we’ll review how to manage your IT risks and what your options are.

Understanding IT Risks

Your risk management is a very important balance to strike – not only will it allow you to prepare for potential issues preemptively, you can also take the opportunity to reconsider your plans if the impending risks are greater than you’re comfortable with. After all, if adopting a solution ultimately hurts your productivity or overall success, it can hardly be considered a solution, can it?

This is precisely why risk management is a critical process for any business that plans to be successful.

How to Successfully Manage Your IT Risks

Like any business process, risk management has a few steps that should be followed in order for an optimal outcome to be attained. These steps can be summarized with the acronym PEARS: Predict, Evaluate, Arrange, React, and Scrutinize.

Predict

In order to properly prepare for one of your risks, you have to see it coming. Commit some time to consider which risks are the most probable, and at what point the associated issues are likely to arise.

Evaluate

Once you have narrowed down your risks to the most probable, you should estimate the impact each would have. Are they potentially cataclysmic, or would they result in minor annoyances?

Arrange

With these impacts in mind, you need to order your risks in order of their severity (and resultantly, their priority) so you can address the most important ones first.  At this point, you can devise a strategy to approach them, which we’ll review in more depth later.

React

At this point, you are prepared for your hypothetical risks to become reality. If they do, you need to stick to the plan you have made thus far. There are a few different ways that you can approach this:

  • Avoidance – You could simply decide to take the steps necessary to avoid the risk, with little regard to the costs of doing so. While applying safeguards is often an effective way of avoiding a given risk, it is usually resource-intensive to rely on as your only method of risk management.
  • Reduction – Similar to avoidance, this method entails the use of your resources to circumvent risk. However, instead of eliminating the risks entirely, this approach is geared more towards making risks more easily managed and less impactful.
  • Transference – You may have the option to shift the risk to an area that can better handle it or finds it less risky. This might be another department in your business, or a solutions provider who is more experienced in handling such matters.
  • Acceptance – This strategy relies on you to have the foresight to accept that risks are possible. The idea here is to not be caught by surprise when a risk materializes so that you can better handle it in the moment.

Scrutinize

After your particular risk has passed, you should evaluate how well your preparations did in reducing the resulting impacts. Were your mitigations effective, and how could they be improved for the next time?

Palindrome Consulting Can Help with Your IT Risks

As a managed service provider, we’ve had a lot of experience with IT risks and mitigating them. We can help you identify your risks and determine the best ways to address them. Combining the processes described above with our expertise, we’ll find the solution that suits your particular business needs.

Give us a call at 305-944-7300 for more information.

Schedule your No-Obligation IT Assessment with Palindrome Consulting

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Elizabeth Mitrani
Elizabeth Mitrani
17:23 06 Aug 19
Palindrome Consulting was key in establishing my business and helps me keep it running. They are the consummate... professionals, incredibly knowledgeable and are always available to help. They have gone above and beyond to ensure that I was up and running quickly and that any issues that may arise on my end or dealt with immediately. I highly recommend Palindrome Consulting.read more
Moshe Rubinstein
Moshe Rubinstein
14:57 28 Jun 19
They are there every step of the way. Responsive and timely. The full service mentality mixed with the problem solving... abilities, is what makes them an easy choice.read more
Benjamin Wainberg
Benjamin Wainberg
14:09 28 Jun 19
Palindrome Consulting is customer centric. For Palindrome Data Safety is paramount; they keep their and our systems... updated with the newest technologies and are not shy at changing to better alternatives. Their platforms are always running and in the odd case there is an event, their technical team has an awesome response time.read more
Copier Man
Copier Man
13:56 28 Jun 19
We have been using Palindrome since 2005. They make my company feel like we are #1 all the time. Expert staff are... always available to help all my users all around the country.read more
Martin Feldman
Martin Feldman
16:43 26 Jun 19
As a partner in Fischer & Feldman, P.A. we have utilized Palindrome Consulting as our IT experts for many years. In... addition to keeping our server up and running, they are available to consult on the everchanging cloud and web landscape. We could not function as a successful law firm without their constant care, attention and almost IMMEDIATE RESPONSE TIME.read more
Rebecca Fischer
Rebecca Fischer
16:39 26 Jun 19
Palindrome has been my IT company for more than 15 years. We have been through four server and computer replacements... over the years all of which went smoothly. As technology has changed Palindrome has kept us current in their recommendations and are extremely responsive when we run into a software or hardware problem. We have been through hurricanes with Palindrome and felt confident they would have us up and running as quickly as possible and despite the fact we are probably a smaller client, they have treated us as one of their most important clients. I highly recommend Palindrome and have complete confidence in their capabilities and service. They have even gone the extra mile when we wanted to donate our old computers to a children's special needs school and delivered the computers, set them up and provided service for the same. Ilan Sredni is the consummate professional and has surrounded himself with top professionals and skilled technicians.read more
Nelson T
Nelson T
20:32 25 Jun 19
Palindrome Consulting has proven itself time and time again to be the epitome of professionalism and technical... expertise. They take the time to listen to your needs and then apply their wealth of technical knowledge to create truly innovative and robust solutions. They truly deliver piece of mind.read more
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