Small & Medium Sized Enterprise Risk Management
It often takes a “shock event” for business to recognise where it is vulnerable. All too often entrepreneurs focus on maintaining a healthy balance sheet and profit and loss account, without recognising those developments which may exist in their operational environment that may impact on sustainability of the business in the short-term and may be critical to business continuity in the medium to long term.
Recognition therefore of the issues which if they were to occur would damage continuity is critical to success. It is true that risk management may just be a natural part of survival for some however paying attention to formally recognising factors that would harm your business, is just good business sense. Continually reviewing them and therefore staying ahead is likely to pay dividends as this will ensure that you maintain a current awareness of what can wrong.
An investment therefore in user friendly software will help busy managers to demonstrate that they have considered the most significant matters and have undertaken a deep dive where there is serious concern. True this may be financial, particularly surrounding working capital, but this is influenced by systems which manage the supply chain and debt collection. Of equal concern to Directors should however be matters reflecting service or product quality, health and safety, estate management and the use of technology.
RiskMate will therefore, without consuming vast amounts of time, allow businesses to develop a framework of risk management that:
- Allows Directors to stipulate what types of risk they consider to be significant,
- Provide guidance regarding what level of risk the business can sustain across its activity – therefore embedding a risk appetite throughout the organisation,
- Allocate risk management responsibility to selected managers, and
- Monitor that the current residual risk is tolerable and that appropriate action is being taken to action any specific risk mitigation that has been agreed.
Operating in real-time on cloud-based software, RiskMate will help ensure that you maintain control as well as looking ahead to ensure that you are as prepared as possible for what your business may face.