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Many people dream of setting up their own business. Who can resist the idea of being your own boss, choosing where you work, what you do and how you do it? Being master of your own destiny? It’s rather romantic really. So why don’t more people do it? Well mainly because it’s risky. As a business owner, risk is just a part of everyday life. Pretty much every aspect of your business contains risk. Every decision you make holds risk.

In this blog, we want to guide you through the choppy waters of business risk and show you how you can run your business in a way that protects you and allows you to manage your risk successfully.

Let’s start by addressing the different types of business risk out there. Not all risks should be managed or treated in the same way, so it’s key to understand what type of risk you are dealing with before you consider how to deal with it.

Physical Risk

This includes any risks to your employees, buildings and assets. Common physical risks that your business might face are fires, water damage and theft or vandalism. Physical damage will result in repair or replacement costs and can also lead to Angara Sapphire Bridal Ring Set with Diamond Band in Rose Gold x0ZrOF
if you are found liable in some way.

Examples of Physical Risk Management

Strategic Risk

Every business decision holds some strategic risk. You make decisions which are designed to lead you closer to your business objectives , but there’s always a risk that they won’t. This might be because the decision itself was the wrong one but could also be due to poor execution, lack of resource or changes in the business environment. This in turn can lead to a number of things such as loss of profit, poor cash flow , missed deadlines or low sales.

Examples of Strategic Risk Management

Compliance Risk

Every business is governed by some form of legislation and regulation . The possibility of failing to adhere to these rules and guidelines equates to compliance risk and of course can lead to fines, prosecution and Gurhan Contour 24k Gold AllAround DiscStation Necklace 39 OcQP68X0V

Examples of Compliance Risk Management

Human Risk

Your employees themselves can create risk to your business through a number of ways. Their behaviour in the work place can create risk if they are incompetent or non-compliant, while their behaviour outside the workplace can also impact, for example, if they are misusing drugs or alcohol. Businesses must also protect themselves against the Angara Martini Diamond Stud Earrings in Yellow Gold hEbNDJfM
or embezzlement.

Examples of Human Risk Management

Technology Risk

Technology may be the cause of some of the most common risks we face in business. These risks can range from anything as basic as a power outage through to hardware and software failure, malware and Diamoire Jewels 10 Round Cut Diamonds and 10kt Yellow Gold Nature Inspired Pave Earrings r3cQZ
. Such risks can lead to loss of time through systems and equipment not being in working order, loss or corruption of data and in some cases data breach.

Examples of Technology Risk Management

Financial Risk

There are a number of different ways that a business can face financial risk. Some may be internal and others may be driven by external factors such as fluctuations in the financial markets or exchange rates. Non-payment from clients creates financial risk, as does poor financial planning and projection. These risks can lead to loss of income and to a negative cash flow, which if serious enough, can mean an end to your business.

Examples of Financial Risk Management

Experian Business Express allows you to check potential clients’ credit status before you work with them so you can make sure that you only work with clients who are most likely to pay you – and pay you on time.

As you can see, business risk is rife, and left un-managed your business may at best lose income and reputation – at worst, it may fail completely. By identifying the factors which put your business at risk and planning for them in advance, your business can pro-actively prepare for anything that comes its way!

If your business doesn’t already have a risk management plan in place, then here are the basics you need to create one and to start tackling your business risks head on.

Step 1: Identify Potential Risks

Spend time identifying the specific risks faced by your own business. While some risks are universal, others may only apply to certain sectors or demographics. Involve key stakeholders from each area of your business to ensure that every aspect is covered.

Step 2: Conduct Risk Analysis

Once you have identified your business risks, you will need to analyse the