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Risk & resilience in service management

Many service organizations are negatively impacted by a lack of relevant and reliable data, tools and insights to help them manage and mitigate risk. Risk management standards can help your service business to recover quickly from unavoidable incidents that impact your its ability to provide services to your customers.

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The importance of risk management standards in the service industry
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The importance of risk management standards in the service industry

If your service business were to fall victim to a fire, theft, or health and safety disaster, it's not just your own operations and employees that can suffer as a result, but also your customers and partners. Service businesses, like product manufacturers, face loss exposures‐sets of circumstances that could give rise to losses. The losses may never occur, but the firm must plan for the possibility that they will. Risk management involves the treatment of loss exposures in a cost‐effective manner to protect the firm against losses of an unexpected nature. Service organizations protect their reputation and brand value through sound practices to manage service quality, as well as social responsibility in their supply chain. At the same time companies are challenged by emerging types of risks for which they need to develop effective mitigation plans; in their absence, the losses from serious risk events can be crippling. Service organizations are constantly challenged to meet consumers’ ever-changing tastes and needs, as well as consumer-protection regulations. It’s how they deal with risks that can make the difference between success and failure and using our standards can help manage organizations manage these. The Benefits of Implementing a Risk Management System By implementing a risk management plan and considering the various potential risks or events before they occur, a service organization can save money and protect its future.  This is because a robust risk management plan will help a company establish procedures to avoid potential threats, minimize their impact should they occur, and cope with the results. This ability to understand and control risk enables organizations to be more confident in their business decisions. Furthermore, strong corporate governance principles that focus specifically on risk management can help a company reach its goals. Other important benefits of risk management include: Creates a safe and secure work environment for all staff and customers Increases the stability of business operations while also decreasing legal liability Provides protection from events that are detrimental to both the company and the environment Protects all involved people and assets from potential harm Helps establish the organization's insurance needs in order to save on unnecessary premiums To read more on the topic of health and safety in the service industry, click here. How Standards Support Risk Management in the Service Industry Relevant in all markets and sectors, standard BS ISO 31000:2018 has been developed specifically for people who create and protect value in organizations by managing risks, making decisions, setting and achieving objectives, and improving performance. Whilst all organizations manage risk to some extent, this international standard’s best-practice recommendations were developed to improve management techniques and ensure safety and security in the workplace at all times. It provides guidelines on managing the risks that organizations face. These guidelines can be customized to any organization and its context. BS ISO 31000:2018 also provides a common approach to managing any type of risk and is not industry- or sector-specific and can be used throughout the life of the organization and can be applied to any activity, including decision-making at all levels. By implementing the principles and guidelines of BS ISO 31000 in your organization, you’ll be able to improve operational efficiency, governance, and stakeholder confidence, while minimizing losses. This international standard also helps you to boost health and safety performance, establish a strong foundation for decision making and encourage proactive management in all areas. Want to access and manage the standards you need to manage risk and remain resilient - all in one place? With a BSI Knowledge subscription, you will have the flexibility and visibility to manage the essential standards you need to work confidently and optimize your processes. Build your own custom collection of standards, or opt for access to a pre-built module and keep up-to-date with any relevant changes to your standards strategy. Request to learn more. Ensure your service organization is ready to face the challenges of tomorrow by adding standard BS ISO 31000 to your collection today.Read more
Operational resilience standards: The key to future success in the service industry
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Operational resilience standards: The key to future success in the service industry

In order to ensure long-term success, organizations must build resilience in their operations, evaluate how their demands could evolve, and create plans with flexibility and agility. Operational resilience is the embedding of capabilities, processes, behaviorurs, and systems which allow an organization to continue to carry out its mission, in the face of disruption regardless of its source. Organizations are investing more into this protective discipline in order to anticipate, protect and plan for recovery. A resilient organization will demonstrate key traits in the way that it operates: adaptable with agile leadership that governs robustly. A resilient organization will benefit from: Strategic adaptability – giving them the ability to handle changing circumstances successfully, even if this means moving away from their core business.  Agile leadership – allowing them to take measured risks with confidence and respond quickly and appropriately to both opportunity and threat. Robust governance –demonstrating accountability across organizational structures, based upon a culture of trust, transparency, and innovation, ensuring they remain true to their vision and values. To learn more about achieving resilience throughout the whole of your organization, download our whitepaper here. Why is operational resilience needed? Most service businesses are thoroughly re-examining their operations. For many organizations, the COVID-19 pandemic marked a critical shift in customer demand that are unprecedented in both magnitude and suddenness. In order to adapt and continue to grow, service organizations have had to look critically at their end-to-end processes to mitigate risks in improving operational effectiveness under changing conditions. Taking practical steps to streamline working practices, supply chain logistics, and automating processes are crucial for the minimization of future disruption in operations.  For businesses long-term, having resilient operations means that they are more likely to be able to adapt and survive any future crisis, reducing costs, potential losses and protecting future profitability. What are the operational resilience standards? Operational resilience standards can help organizations achieve operational resilience in several important ways: Quality Management Standards for Service Provision In order to remain competitive during their recovery period and in the service landscape of the future, organizations need to ensure now more than ever, that they are providing services of the highest quality. This will allow them to retain customers, inspire trust and maintain a strong brand reputation. During the height of the COVID-19 pandemic, holiday service providers found themselves struggling to provide a high-quality service to their customers in the face of unprecedented refund requests and holiday booking cancellations. This has led to many of these companies gaining a poor reputation, which might have a negative impact on their future profitability. BS EN ISO 9001 is the internationally recognized Quality Management System (QMS) standard that can benefit any size organization. Designed to be a powerful business improvement tool this standard can help you to continually improve, streamline operations and reduce costs, win more business and compete in tenders, satisfy more customers and be more resilient and build a sustainable business. Innovation Standards and the Automation of Practices For many service organizations, core customer functions are being squeezed both by an inability to perform on-site activities, such as paper-based processing and by limitations on off-site capacity. Global service partners face many of the same operational constraints in scaling up remote work to provide customer care or back-office support. Taking an accelerated approach to process automation has the potential to alleviate both challenges—such as at industrial manufacturers that are now deploying artificial intelligence to automate warranty claims, reducing both cycle time and paperwork. The BS EN ISO 56000 series helps organizations introduce an innovation management system to identify the most important challenges, capture the right ideas, seize the best opportunities and properly manage emerging trends and risks. Whilst internationally recognized BS EN ISO/IEC 27001 is an excellent framework that helps organizations manage and protect their information assets so that they remain safe and secure. It helps organizations to continually review and refine the way they do this, not only for today but also for the future. Managing Supply Chain Risks Service organizations need to tackle the task of getting their supply to match changing demand, creating flexibility in their operations.  For some service organizations, such as grocery, pharmacy, and logistics, that need has already driven rapid hiring and the implementation of hazard pay to secure frontline capacity. In other service sectors, cross-skilling and thoughtfully redeploying staff provide important flexibility for ramping up operations during recovery. BS ISO 31000 is the international standard for risk management. By providing comprehensive principles and guidelines, this standard helps organizations with their risk analysis and risk assessments. It applies to most business activities including planning, management operations, and communication processes.  BS ISO 44001 can be used to manage relationships on several different levels whether service organizations need to focus on a single application between operating divisions within their supply chain, or more complex relationships like consortia and joint ventures. Ensure your service organization is achieving best practices by adding these operational resilience standards to your collection today. Discover BSI Knowledge Want to access and manage the standards you need to manage risk and remain resilient - all in one place? With a BSI Knowledge subscription, you will have the flexibility and visibility to manage the key standards you need in order to work with confidence and optimize your processes. Build your own custom collection of standards, or opt for access to a pre-built module and keep up-to-date with any relevant changes to your standards strategy. Request to learn more.

Key Risk & Resilience Standards for Service Management

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