The main categories of risk to consider are:
Strategic – a competitor coming on to the market
Compliance – responding to the introduction of new health and safety legislation
Financial -non-payment by a customer or increased interest charges on a business loan
Operational – the breakdown or theft of key equipment
These categories are not rigid and some parts of your business may fall into more than one category. The risks attached to data protection, for example, could be considered when reviewing both your operations and your business’ compliance.
Other risks include:
Environmental Risks – including natural disasters
Employee Risk Management – such as maintaining sufficient staff numbers and cover, employee safety and up-to-date skills
Political and Economic Instability – in any foreign markets you export goods to
Health and Safety Risks
Commercial Risks – including the failure of key suppliers or customers
Scurich Insurance can help you with Risk Management Consulting for your business.
320 East Lake Avenue, PO Box 1170
Watsonville, CA 95077-1170
Toll Free: 1-800-320-3666