How do you identify and mitigate threats to your business operations?

I would suggest that the first step is to know the business. What / who contributes to the over bottom line (as defined by the corporate mission statement). Separate the “loud voices) from the mission critical functions. From that , develop a matrix of functional flow. Then you are able to start the risk assessment.

Risk assessment isn't a one-time event; it's an ongoing process. As circumstances change, new threats may emerge, and the impact of existing ones may evolve. Regularly reviewing and updating your risk assessment ensures that your business remains resilient and adaptable.

Risk management must start with understanding the business context in relation to various internal or external factors like legal/regulatory compliance, people, critical suppliers, technology, geography etc that can impact critical operations/assets. The factors can then be assessed for the severity of of the impact and the relevant controls. The risk mitigation plan will allow business to optimally allocate resources with maximum benefits. BCM and DR plans are there to be used in the event of significant disruptions but there must be various other controls to be deployed as preventive/detective measures.

Blend into this a review of critical vendor incident response procedures and then a good avoidance or response plan can be developed. Vendor review is even more critical in a Cloud environment as several vendors may operate from the same cloud region. (Secondary but impacting failure).

Plans should be adaptable to various scenarios and scalable to handle both minor disruptions and major disasters. They should also be flexible enough to accommodate changes in your business environment.

Implementing controls is the bridge between planning and risk mitigation. It involves putting your risk management plans into action, testing the controls, and continuously monitoring and improving them to adapt to changing threats and circumstances. Effectiveness evaluation, feedback, and a commitment to adaptability are critical elements in this step of the risk management process.

The best way to learn is through hands-on experience. On-the-job training can be highly effective for roles that involve specific risk-related tasks. High-pressure environments force us to think on our feet, collaborate under stress, and execute plans swiftly. In those intense moments, we discover the true extent of our capabilities.