Risk management is an important part of keeping your business safe and secure in the future. Danny will help identify, assess and treat risks that your business faces.
Risk management is an area of business that is underrated and not focused on enough by small businesses. The risk management process is where a business will identify, assess and treat risks that could potentially damage your business operations.
Danny will help identify risks that are relevant to you and your business. Every business is different, and so every management plan is bespoke to you.
Some of the risks that could affect your business include:
- Strategic – decisions concerning your business objectives
- Compliance – the need to comply with laws, regulations, standards and codes of practice
- Financial – financial transactions, systems and structure of your business
- Operational – your operational and administrative procedures
- Environmental – external events that the business has little control over such unfavourable weather or economic conditions
- Health and safety – what health risks you and your employees will face in your day-to-day work
- Reputational – the character or goodwill of the business.
When developing a risk management plan, it is important to follow these steps:
- Identify the risk
- Assess the risk.
- Manage the risk.
- Monitor and review.
Danny will help guide you through the processes of identifying your risks all the way through to managing and monitoring them. As is often the case, some risks you face now may change in the future, and they could become more severe or less of an issue. Because of this, Danny will help review your risks in the future to determine whether they still pose a threat to your business.
It is important to remember that you may face new risks in the future, and a routine risk review is a necessary part of your risk management plan. Danny will advise you on the best times to review each risk you identify, to ensure you’re always on the safe side.