Every business has risk, there’s no getting away from that simple fact. But, risks change over time, some disappear with knowledge and experience, whilst others emerge, in some cases rapidly, to really challenge business leaders.
The way a business manages risk impacts every aspect of its’ operation from credit control to customer contracts and staff retention strategies.
But whatever aspect is being considered, the same 4 questions prevail:
- What is the risk?
- What’s the impact of that risk on the business?
- What can I do to reduce it?
- How can I transfer it?
Covid-19 has forced many businesses to change rapidly. Fast decisions made in pressured situations to simply help the business survive – you do what you’ve got to do!
This has undoubtedly changed the risk profile of every business which brings with it a new set of challenges.
Ask yourself these simple risk management questions:
- Are my staff working in different ways?
- Are my customers as financially secure?
- Will my suppliers survive?
- How would I survive another major event?
Why Is risk management important post Covid-19?
As we begin to emerge from lockdown there needs to be a “reckoning” for every business, a reassessment of risk in the business and new creative solutions to address them. The good news is there is help and support for businesses who need to take themselves through this process. Our in-house risk management team has helped many senior management teams understand the risks their business faces and found solutions that match their “risk tolerance.”
Some of the key benefits of this approach are:
- Clarity of risk management approach across the senior team
- Revised processes which provide greater business resilience in event of a major incident
- Redesigned risk transfer (insurance) programme which reflects current risks and channels spend into the right places.
- Improved staff recruitment and retention strategies
If you’re the type of business that’s prepared to challenge itself then we’d be delighted to speak with you and help you through the changes.