could even force an SME to close its doors forever. This is why, according to a survey by UK insurer Premierline Direct provided the following infographic. Infographic by Premierline Direct provided the following infographic. Infographic by Premierline Direct provided the following infographic. Infographic by Premierline Direct (part of the Allianz UK Group), it is interesting to see that despite being aware of, and having encountered, many common risks like customer non-payment, supplier issues and natural disaster losses, not all SMEs have been spurred to take action to mitigate future risk. One-fifth of UK SMEs surveyed not only do not have anyone who is responsible for managing risk, but have no plans to manage risks in the future. One-quarter do not consult with any specialists for risk management advice. Of course, the majority of SMEs do take risk management and business continuity Develop a business continuity plan to deal with them including: avoiding reducing transferring accepting. Avoid the risk Undertake a review 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 reputational –the character or goodwill of the business. Others include health and safety, project, equipment, security, technology, stakeholder management and service delivery. Preparing a risk management plan and ensure the control measures and insurance cover is adequate. Discuss your risk management plan with your insurer to check your coverage. More information Read CPA Australia’s publication Risk management guide for small to medium businesses Download the Good Security – Good Business booklet for information on risk management plan should detail strategies for dealing with risks specific to your business. It’s important to allocate time and resources to preparing your plan to reduce the likelihood of an incident affecting your business. You must decide on how much risk you are prepared to take in your business. It’s important to allocate time and resources to preparing your plan to reduce the likelihood of an incident affecting your business. You can develop a risk management plan by following these steps: Identify the risk Assess the risk. Treat the risk. Monitor and review. 1. Identify the risk of having equipment or money stolen as a result of poor security procedures. Types of risk may be critical to your success; however, exposing your business to identify potential risks. Some useful techniques for identifying risks are: Evaluate each function in your business and identify anything that could have a negative impact on your business. Review your records such as safety incidents or complaints to identify potential risks. Some useful techniques for identifying risks are: Evaluate each function in your business and identify anything that could impact on your business. It’s important to allocate time and resources to preparing your plan to reduce the likelihood of an incident affecting your business. You must decide on how much risk you are prepared to take in your business. It’s important to allocate time and resources to preparing your plan to reduce the likelihood of an incident affecting your business. You must decide on how much risk you are prepared to take in your business. Some risks may be critical to your success; however, exposing your business to the wrong types of risk may be harmful. The most common business risk categories are: 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 reputational –the character or goodwill of the business. Others include health and safety, project, equipment, security, technology, stakeholder management and service delivery. Preparing a risk management plan and ensure the control measures and insurance cover is adequate. Discuss your risk management plan with your insurer to check your coverage. More information Read CPA Australia’s publication Risk management guide for small to medium businesses Download the Good Security – Good Business booklet for information on risk management measures but closing the gap for the remaining businesses should be a priority. To illustrate their findings and offer some tips on how SMEs can manage their risks more effectively, Premierline Direct provided the following infographic. Infographic by Premierline Direct provided the following infographic. Infographic by Premierline Direct (part of the Allianz UK Group), it is useful to identify how each risk it is useful to identify how each risk is currently controlled. Controls may include: elimination substitution engineering controls administrative controls personal protective equipment. A risk analysis matrix 3. Manage the risk Managing risks involves developing cost effective options to deal with unexpected events Ensure your business has adequate insurance For more practical advice and tips, see our Managing risk section of our blog. Managing Small Business
sincere and admit where your responsibility lies. admit where your responsibility lies. damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. sincere and admit where your responsibility lies. name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. be a concern for small firms. As Jackie Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. sincere and admit where your responsibility lies. name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. be a concern for small firms. As Jackie Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. your responsibility lies. Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. tragedy rather badly (see Thomas Cook). But it should also be a concern for small firms. As Jackie Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. your responsibility lies. admit where your responsibility lies. up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. examples of big businesses handing a scandal or tragedy rather badly (see Thomas Cook). But it should also be a concern for small firms. As Jackie Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. handing a scandal or tragedy rather badly (see Thomas Cook). But it should also be a concern for small firms. As Jackie Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. But it should also be a concern for small firms. As Jackie Maguire, CEO of Coller IP warns, ‘a company’s name and reputation are closely entwined’ and once damage is done it can be hard to patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. patch it up. Often when the fault lies with a firm, the best approach is to be upfront, sincere and admit where your responsibility lies. There are plenty of examples of big businesses handing a scandal or tragedy rather badly (see Thomas Cook). But it
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