Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. IT security threats and data-related risks, and the risk management strategies to alleviate them, have become a top priority for digitized companies. As a result, a risk management plan increasingly includes companies’ processes for identifying and controlling threats to its digital assets, including proprietary corporate data, a customer’s personally identifiable information (PII) and intellectual property.

Every business and organization faces the risk of unexpected, harmful events that can cost the company money or cause it to permanently close. Risk management allows organizations to attempt to prepare for the unexpected by minimizing risks and extra costs before they happen.

Importance

By implementing a risk management plan and considering the various

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The consultancy, 56° North, has three founding partners: John Penman, Fiona Stanton and Anthony Thompson.

The trio have each worked in communications for more than 20 years in corporate communications, the media and political campaigning across the UK.

Penman was a comms director at Lloyds Banking Group and spent 20 years as a senior journalist, and business and political editor at The Sunday Times, Business a.m. and The Scotsman.

Stanton is a former senior director of the Labour Party, having been general secretary in Scotland and director in the North of England, and has run “over 100 campaigns”, including Labour’s ‘Get out the Vote’ activity during the 2014 Scottish Independence Referendum.

Thompson previously led corporate affairs at Virgin Money and has City, public policy and media relations experience leading corporate affairs for TSB Clydesdale, Yorkshire Bank and Scottish Widows/Lloyds Banking Group. 

He was previously a senior director at the CBI,

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