DOES YOUR BUSINESS HAVE A RISK MITIGATION STRATEGY?
Protecting your business from potential risk is an essential part of running any organisation. There are countless scenarios that may arise, some that are obvious, some that are not so obvious.
Many organisations do not have the luxury of a dedicated in-house risk management function and, as a result, it can be difficult to stay on top of things and protect against every eventuality. This can increase the potential for loss of capital which could damage your business’ balance sheet and reputation in the long run.
Rationalising your costs and making sure that you are getting the most out of your available procurement budget will help you to shield your business from unnecessary financial losses. Any savings made can be reinvested in the business or kept in reserve as a buffer should your business experience any difficulties in the future.
Our consultants will work as an outsourced member of your workforce, applying their expertise to minimise your business risk and reduce the likelihood of any unwanted surprises. By putting your trust in our established risk management process, you will have the freedom to concentrate on your core business.
Our risk mitigation strategies include:
Insurance and health and safety
Having the relevant public liability and professional indemnity insurance in place to protect your business, your employees and any on-site visitors. Our supply chain can also provide the necessary training to ensure that all risk areas are covered.
Failure to take the risk of systems disruption seriously can be hugely detrimental to business continuity and your reputation. We make sure that you have a suitable plan in place and can arrange for data back-ups, rerouting of published telephone numbers and providing facilities for staff to work from home where needed.
HR policies and procedures
Having foolproof procedures and policies in place will mean that both you, the business owner/manager and your staff are protected against every eventuality helping you to avoid employee tribunals and any potential financial outlay.
Government regulations can pose hidden risks if you are not compliant with the latest legislative changes. Our consultants are experts in this field and can advise you on how to avoid fines and reduce the impact of government levies.
Cash flow management
It’s an unfortunate fact of business that organisations will experience cash flow peaks and troughs. As part of your strategic business plan, it is vital that you have contingency procedures in place to ensure that your business is protected through any difficult periods. Our purchase ledger approach to cost management helps you to ensure that you are covered for every eventuality.
Having a robust risk mitigation strategy helps to support your overall business aims and ensures the long term stability of your business.
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