With risk being the main cause of uncertainty within any organisation, managing it should be a primary consideration when creating a business roadmap, according to AUB Group. It’s important to have the right partner organisation that will safeguard the business, from the physical building to the finances and the people. Only with the right safeguards in place can a business be confident that it has the security, infrastructure and support needed to focus on growth and development.
Business risks can come from multiple sources, both internally and externally.
Internal risk can come from things such as key personnel leaving the company, failure to meet regulatory compliance requirements, a major accident that shuts down operations, or the loss of sensitive corporate data. External risk factors include the withdrawal or cancellation of a major contract, adverse fluctuation in the currency markets, or new competitor. Any of these risks can seriously derail a business from its intended track.
Without a comprehensive risk management strategy, a company cannot clearly define its future plans, because the potential for risks need to be taken into consideration when formulating those plans.
A strong risk management and protection partner can help a business identify and safeguard against potential risks, some of which the business may be completely unaware of.
Organisations that know what risks they may face can develop strategies to deal with them, significantly reducing any potential negative impact so that they can focus on their core business, and work on growing the business into the future.
Mark Searles, CEO and Managing Director, AUB Group