Every business owner, whether managing a large or small operation, focuses naturally towards generating and growing income.
Unfortunately, many of us fail in understanding and mitigating risks in the business. There are some very simple ways in which this can happen:
- a major supplier or customer falls over and there is no plan “B”?
- you lose money by not doing your due diligence when entering into a contract
- your business suffers reputation risk and as a consequence suffers a loss of clients or your brand becomes tarnished.
There are many historical instances of this happening, particularly in the Corporate world such as recent money laundering schemes that major and well known banks have been involved with, to failed mortgage providers such as Storm.
Given our banking experience we can recommend a risk and control management system in your business.