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Risk Management – The Broad View

Source: http://briansbizblog.com

Risk management for businesses and organizations comes in many forms and from many sources. Traditionally, risk management has revolved around the concept of ‘insurance’. Insurance for property, liability, loss of revenue due to catastrophic events are all traditional and very necessary risk management tools for business.

There are other ‘risk management’ areas that should be addressed by every business. In addition to ‘insuring’ property and liability, businesses must manage other risks. Managing fiscal resources is critical if an organization is to exist over time. Book Keepers, CPAs and Financial Advisors are all risk management professionals who work to assure the assets you earn in your business are managed in a way that assures long-term viability of the business and financial well-being for the owner. A business owner who does not find the best experts in fiscal and financial management is placing the business and their long-term well-being at risk.

Business/Management consultants are another set of experts who can reduce the risk of businesses. Human capital is critical for the success of a business. If the employees are not performing at a level which maximized the businesses growth, the risk of underperformance exists. Employees, typically one of the most expensive aspects of any business add significantly to the overall risks of any business. If employee policies, procedures and performance management systems do not exist, or are poorly implemented, any number of legal and/or financial risks can be realized. Establishing well defined and implemented ‘Employee Management Systems’ can significantly reduce risks, while at the same time, enhancing the overall bottom line.

Do you have all of the experts you need to assure your risk management systems are established and functioning to minimize your risks, while maximizing your performance?

Weekly postings on management and organizational issues for both businesses and non-profits from Bryan Nelson of Vista Management Solutions.

To have your business or blog highlighted on the Business Values Magazine website www.MyBVM.biz please contact Ryan Rutledge at (360) 359-0529.

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