Controlling the Risks
There are four ways to mitigate the risks to the organisation, these being typically referred to as Treat, Tolerate, Transfer and Terminate and are known collectively as the “4 Ts”.
Tolerate means the risk is known and accepted by the organisation. In such instances the senior management team should formally sign off that this course of action has been taken.
Transfer means the risk is passed to a third party, for example an insurer or an outsourcer, to manage although this does not eliminate the risk.
Terminate means we stop the process, activity etc. or stop using the premises, IT system etc. which is at risk and hence the risk is no longer relevant.
Treat means we aim to reduce the likelihood of the threat materialising or else reduce the resultant impact through introducing relevant controls and continuity strategies.
Teed can help you to identify the relevant risk mitigation strategies and ensure that your risks are managed in a cost-justified, effective manner.