At RiskSure Insurance Brokers, we firmly believe that if you can manage any risks that may threaten your business, then you can operate without any stress or anxiety; and that is invaluable.
But what exactly is risk? Risk is an event or circumstance that, should it eventuate, will have a temporary or long lasting negative impact on your business. At RiskSure, we have identified a number of key risk categories that may threaten your business operations:
- Strategic; risks impacting you being able to meet your business objectives.
- Financial; risks targeting your financial transactions.
- Environmental; unpredictable weather or climactic events that you have no control over.
- Operational; risks targeting the security and confidentiality of your business.
- Reputational; risks impacting the character or perception of your business to the public.
We can assist you in creating an active risk management plan to combat against potential risks from turning into incidents. We typically follow a simple 4 step procedure to develop your plan:
- Identify the risk; by a series of “what if?” questions that address potential failures in every aspect of your daily life. If the answer to any of these questions has a negative impact on your life, we have identified a potential risk.
- Assess the risk; by establishing the likelihood of a risk occurring and the consequence of the risk if it occurred.
- Manage the risks; there are many ways to mitigate risks and include avoiding the risk (changing your business process or daily life to circumvent the risk), reducing the risk (by implementing staff training or procedures and policies), transferring the risk (transfer a part or all of the risk to a third party through insurance) or, as a worst case scenario, accept the risk if it is your only remaining option.
- Ongoing Monitoring; risks are always changing in nature, there may be new technologies, trends or procedures introduced to the world that increase the likelihood or consequence of the risk. This is why it is important to keep on top of all the instances that can impact your risk management plan.