Risk Management
Risk Management
PROVIDING PRACTICAL SOLUTIONS TO YOUR BUSINESS
With the Risk Management Toolkit we help you to explore risk potential and plan to mitigate it.
Action and budgetary impact tools are built into the toolkit to help prepare achievable plans. The result of the exercise is an increased sense of security on both a personal and business level. Contact us now for a chat about how we can help you manage your business risk.
What is risk?
It is undertaking something that is not certain, very little in life is certain. In business, risk goes with the territory, however, those of us in business understand this and accept it. That is why we choose to go into business to control our own destiny. To receive the benefits of reward, we accept the attached risks.
How do you assess your risk?
Before we can manage risks we must identify them. The key element in any Risk Management Plan is to assess your risks. This is done by asking insightful and thoughtful questions asked of those who know the answers, yourself. Using these answers you assess the known risks.
How do you prioritise your risk?
Some elements of your business are more risky than others. It is important to prioritise your risks, this enables focused actions. It also avoids the danger of stagnation, frozen by the fear of risk. You cannot know what you do not know yet! Therefore, mitigate the risks you know, and start with those you have assessed as a priority.
How do you mitigate your risk?
Some actions will require urgent attention. Some risks simply cannot be reduced without change to the business' current structure. Most risks have a potential mitigation action, or two. You choose which actions you can afford to take and what actions you cannot afford, not to take.