Watch-online - English forum, Русский форум, פורום עברי

288 legal and regulatory compliance professionals

Dewwhisactcaw

Date: Tuesday, 30/04/2013, 15:50 | Post # 1

Private

Group: Member

Message: 1

Status: Offline

If your latest risk assessment by risk mitigation companies shows that your company features a higher level of risk, it may be time for you to start thinking about how to address them. Protecting your business from possible risk usually involves making 1 of 2 choices: first of all, risk prevention - i. e. staying away from activities and commercial opportunities that present a higher risk - and second, actually changing your business practices and working conditions in order to positively overcome the risks you currently deal with.

Whilst the first option might be advantageous in the short term, the second is undoubtedly the choice with more long-term possibilities. By positively addressing your greatest risk factors and also adopting a risk mitigation approach, you will be bolstering the foundations of your company, preparing it to soak up shocks and weather storms in any volatile years that could come.

Large, multinational businesses often draft in specialists and contingency experts in order to help them implement comprehensive risk mitigation methods. However, in case you operate a small company, there are some simple steps you could make without bringing in the experts. Firstly, make sure your business information is backed-up and guarded. This may entail using an external data storage company, that will synchronize your system with an off-site data center. So if your business real estate should experience an event that leads to your on-site servers becoming damaged or compromised - like a fire, flood or a safety breach - your data will be accessible from these off-site machines.

You might also want to set up how your business will work if your premises becomes damaged and rendered unworkable. A few small businesses may be able to operate along with all of their employees working separately at home. However, this involves the setting up of a dependable virtual system that lets all workers access their emails and work files remotely. Others may prefer to move to a temporarily serviced office that can be covered on a monthly basis until the original commercial real estate - or a completely new one - is fit to be used again.

It's also essential to get ready for risks that could affect certain parts of your company however, not others, as highlighted by risk mitigation professionals . For instance, if a large proportion of your energy originates from natural sources - like tidal, wind or solar energy - it might be advisable to put a plan in place for generator rental. This ensures that you have an electricity supply in place should these sources of energy be impacted by changes in weather.

Page 1 of 1 1
Forum moderator: Malboro