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ENTERPRISE RISK MANAGEMENT
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| “Floods, Security, Breaches, Loss of Major Suppliers/ Customers and Power Cuts are all events capable of crippling a business and yet many companies are far from being prepared”.
Running a business can be risky – so what can businesses do prepare for the worst? “It all starts with getting a fundamental understanding of what risks a company faces.”
During the risk identification process, the hazards that a company faces frequently turn out to be different from the ones management expects. Companies often overlook what’s on their doorsteps. Over looking issues such as:
1) Crisis management;
2) Crisis communication.
3) Supplier going to bankrupt
4) Crime related losses
5) Employee embezzlement and pilferage
6) Malicious damage
7) Flooding and; other,
8.) Natural occurrences
Risk management is more than just identifying risk, but taking this further to managing and mitigating these risks. Companies ought to take necessary steps to protect themselves.
5 Key Tips to avert a crisis
1) Consider insurance cover; e.g. trade credit insurance, business content insurance;
2) Have an effective crisis communication plan;
3) Ensure that risks are not only identified but also managed and mitigated;
4) Tailor crisis response to minimize the impact on people, the environment, assets and reputation, and;
5) Conduct bi-annual crisis management training sessions.
– Mwendabai –
(011 – 312 3149/ mkalaluka@iabcgroup.co.za)
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