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Risky business: Value Map™

Risky business: Value map

In my previous posts about risk, I discussed why we need to consider it, why we have difficulty assessing it, and how to be more objective.

Next, I will explore a number of the activities that Lootok developed to help measure risk at your organization. The first activity is Lootok’s Value Map™. The Value Map™ helps you identify and visualize your organization’s assets. If you recall from the first post, an asset is one of the ingredients of risk.

The Value Map™ is exactly what it sounds like: a giant map on the wall depicting the environment for which you wish to do a risk assessment. The map can be a campus, a country, the globe, an IT map, a factory, or blueprints—whatever environment you wish to measure risk.

Lootok Value Map
Lootok Value Map™

The Value Map™ allows you to see all of your assets in one place, as well as their connection and relationship. It creates a visualization of the critical things your business relies on to operate. We’ve found in our experience that when you are able to view a big picture of what you are working on, particularly when you are working with a group of people, you are able to better identify interdependencies, foster deeper and more meaningful conversations, and ultimately make better decisions.

 

Here is how you use the value map.

First, download the map. We have provided a global map, but you can customize it based on your needs. You can also use Google maps or any other map that works for your business. You can see that the Value Map™ we provided is a generic view of the world. On this map you can draw, place sticky notes, or use any other method to show where your organization has assets. This activity works best when you complete it in a workshop format. Invite anyone who might have knowledge or expertise about the organization’s assets.

Another great way to use this activity is to quantify your assets. You can use different colors or symbols to signify different types or values for each asset. But there is no set model—you can define how you want to identify or quantify your assets based on the audience and need. 

When I was working at a large pharmaceutical company—I used Google Earth to achieve the same objective. I also quantified each asset, by size, type, value, and other characteristics.

One of the great benefits of this activity is that it is fun, collaborative, and memorable, but at the same time allows you to synthesize and validate lots data in little time. And, because it is engaging, it allows you to layer in learning and awareness about risk.

Once all assets have been identified and agreed upon by the workshop participants and listed on the map, you will have a great view of all the important assets to the organization. For the purposes of the risk assessment, you will now have identified the first ingredient in a risk: the asset. In the next post I will present an activity for using the results of the Value Map™ to identify the other two ingredients: threats and vulnerabilities.

Looking for more guidance about risk assessments, or other ways to improve your BC practice. We can help. Contact info@lootok.com to speak with a Lootok expert.

Go to post 1: Risky business: What is risk?
Go to post 2: Risky business: Who cares about risk?