Risk Management

A Practical Guide to Business Risk

The Institute of Directors (IoD) has launched a new Director’s Guide, offering practical advice and insight for company top brass as how to assess and manage business risk. Based upon findings in the report Roads to Ruin, a study of major risk events, by Cass Business School, the key lesson to take away is that business risks should be identified and managed by the company directors. A competent board, the report argues, is then able to manage difficulties before they get out of control. Product liability and employer’s liability are common concerns for all SMEs but different sized businesses apparently face different risks; Smaller businesses are particularly vulnerable to cashflow and credit risk with fraud, crime and vandalism becoming more recent issues to watch out for. The larg... »

Managing Risk – A Key Skill for Small Business

By Lloyds TSB Commercial Successful business owners recognise very early on that identifying and managing the risks facing their business is an essential survival skill. Risk can mean many things, from an increase in competition to disruptive weather, and the trick is to put measures in place to ensure that the risks you can’t control don’t derail you completely. Exploring new markets is one way to mitigate the risk of falling sales. According to the Federation of Small Businesses, only 23 per cent of its members nationally currently export, which leaves plenty of opportunities for SMEs to explore overseas trade for the first time. The organisation argues that an exporting led recovery would be helped by ‘more effective and targeted promotion of the support available and ... »

Potential Legal Claims and Risk Management

Identifying and managing the risks facing SMEs today, in today’s litigious business world, court actions are no longer restricted to industry giants and more and more companies, including SMEs and sole traders, can find themselves in the firing line. »