What are the risks in your business that keep you awake at night?
This is a question which prompts a variety of answers from different types of businesses. Answers vary from; health and safety, to IT issues such as ransomware/cyber-attack, general business factors such as supply chain issues, specialist machinery supply, profit margins/cashflow, Brexit and COVID-19.
What does a business do to manage their key risks?
Broadly speaking, a business will make a conscious decision to;
- Shoulder a risk themselves,
- Look to mitigate it as far as possible, if they can and where appropriate.
- Or transfer the risk to someone else, usually by means of insurance. For the latter, they are likely to take the professional advice of a broker.
But what about those other risks that the business hasn’t transferred?
Business owners and board members will have a variety of personality profiles, and naturally have differing attitudes to risk, with varying opinions on priority. This will often leave potential risks unaccounted for, and as a result leave your business vulnerable to them.
It’s important to ask yourself, and your senior leadership team, these important questions…
- Have you analysed all the risks your company faces and the effect they will have on your business should they arise?
- Have you considered the most appropriate controls to mitigate these risks, whether they are insurance related or not?
Indeed, this process may even highlight other things you could do to better protect your business and the people working in it.
How can a review from a professional risk manager help you protect your business?
At Verlingue we have the capability to support you and help identify and manage risk.
One of the ways we do this is by conducing a high-level review of your business risks with our qualified and experienced Enterprise Risk Manager.
This review may lead to a number of suggestions, such as recommending that you check that your disaster recovery site does in fact have a mobile phone signal, deciding that you are happy with a particular risk and can absorb it, or perhaps further offsetting major risks via insurance.
This process helps to ensure that you have the right controls for your business and that any insurance programme is the right one for you and your business going forward. Sometimes, insurers will also contribute financially towards this process, as it can improve the business risk and therefore desirability to them - at a favourable price.
If this sounds of interest, please contact your usual Verlingue Client Director and we can help you on the road to better business risk control. Alternatively, please use the contact button below.