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Why does your business need an effective risk management strategy?
Anyone who has ever made a business-critical decision can relate to the adage “Forewarned is forearmed”. When you’re aware of the risks you could face, you can ensure the right plans are in place to mitigate the negative impact.
Why do you need to understand your business risks?
Effective risk management enables your business to make better decisions, avoid the typical pitfalls and deliver on its plan. The better you understand your risk environment, the better you can anticipate what’s coming around the next corner and create the ideal risk programme for your business, which will then act as an enabler for growth.
What kinds of risk might my business face?
The challenge many businesses face today lies in the variety of global events and emerging trends that have a direct or indirect impact.
many of the risks to business today relate to people. Have you considered how your employees’ wellbeing, health and engagement related to your business performance? When was the last time you did an audit of who the key people in your business are?
as your biggest asset and most challenging resource, people and their employment represent a critical aspect of leading a successful business. When did you last review your employment policies to ensure they are aligned with ever-changing employment legislation and procedures.
how confident are you that your current practices meet all the correct legal and regulatory requirements (Health and Safety Executive for example) and do not leave you exposed to avoidable claims? When was the last time you undertook a survey to understand your true exposure to liability-led claims?
from ransomware and hacking to identity theft and electronic fraud – you now face potentially ruinous financial loss, litigation and reputational damage due to the sharp increase in cyber crime. Have you trained your team to be aware of these risks? When was the last time you reviewed your cyber security
many property owners insure their building for the market value. But the value that matters for insurance is the rebuild cost. Do you know how long it would take and how much it would cost, including demolition and fees, to completely rebuild your commercial or residential property in the event of a loss?
when was the last time you considered the balance between credit terms you offer to your clients and their ability to pay? By understanding their ability to pay better through a partnership with a credit insurer, you can optimise your credit risk profile and therefore profitable growth.