1. What is risk management?
Risk management, simply put, is the identification of all the conceivable ways in which a particular business can be harmed and the creation of a system of checks to prevent, to the greatest extent possible, that harm from occurring. Read our Risk Management 101 primer for more.
2. Why does my business need risk management?
Think of a risk management program within a business like the air bags, seat belts, lane departure warning system, etc., within a car. The car’s purpose is not just to go from point A to point B, but to do so while ensuring the safety of its occupants.
Similarly, the purpose of a business is not simply to generate maximum net profits once, but to ensure that the process of maximizing net profits will be replicable and stable in the long run. While any one journey in a car without safety features may not result in catastrophe, repeated and ongoing use of the featureless car is tempting fate; catastrophe goes from avoidable to inevitable.
For any business looking to create long-term value, risk management is as important a function as any other. While risk controls may vary in their complexity, technological requirements and severity of the risk managed, their goal, in total, is to give businesses and their people peace of mind. Risk management not only prevents business downside, but arms those charged with the creation of the upside that their business is safe, secure and well-managed.
3. Can my business afford risk management?
Contrary to popular belief, risk management does not have to be expensive. With the ability to modify the scope, scale and a litany of other variables pertaining to risk management programs, Titan Grey is able to craft solutions for nearly any company on nearly any budget. While more robust systems are more effective, a business with any competent risk management system is better off in today’s world than a business without any.
Titan Grey’s promise is to work with businesses of all sizes and risk exposures to create solutions that fit both need and budget.
4. Will my business require new staff to manage risk?
Risk management is a task and concern for every staff member within your business. While some of our clients have standalone risk management teams within their organizations, all of our clients treat risk management as part of nearly every employee’s role. Leveraging existing headcount and oversight lines, Titan Grey is able to create for its clients robust risk management systems that become a part of their everyday business culture.
5. How are risk and crisis management different?
Risk and crisis management are different but related.
While risk management concerns itself with the identification of potential risk factors to the business and the imposition of a control framework against them, crisis management picks up when a risk has risen from potential to actual and one or more incidents have occurred.
To take the example of protecting a house from burglars, risk management is like the alarm company setting up a security system within the home to prevent burglars from entering. Crisis management is like the police, responding to an incident in which burglars have been able to enter a home.
While business leaders are keenly aware of the need for crisis management when incidents have occurred, the need for risk management to prevent incidents from occurring is as important for any business, if not more so. Too often, businesses begin risk management programs after having to manage one or more crisis incidents. The hard truth so commonly learned is that, over time, incremental spending on risk management is far more cost-effective than a series of massive expenditures to manage crises.
Committed to helping businesses save money and preserve enterprise value, Titan Grey encourages its clients to actively manage risk and therefore avoid crisis incidents to the greatest extent possible.
6. Does Titan Grey provide legal services?
While Titan Grey’s work often runs parallel to the work of in-house and outside counsel, Titan Grey is not a law firm and does not provide legal advice or services.
Titan Grey does, however, work closely with a panel of trusted law firms in all areas of practice and is able to make introductions, if needed.
7. Where does Titan Grey operate?
Titan Grey has worked with clients from a variety of countries spanning 6 continents. We’ve developed deep relationships with businesses, both as clients and trusted vendors, in regions such as The Americas, EMEA, APAC and more. No matter where our clients are located and no matter how spread out their businesses are, Titan Grey stands ready and able to assist.
8. Why is Titan Grey headquartered in Brooklyn?
Part of our commitment to clients is to keep our own overhead and costs low so that we are able to deliver competent, cost-effective risk management solutions to businesses of all sizes and operational scopes. Occupying a state-of-the-art office building in the Brooklyn Navy Yards, Titan Grey is able to deliver top-tier services at a fraction of the cost of its competitors.