Better the devil you know than the devil you don't!
Be Wise ! Don’t jeopardise hard work by failing to understand and manage business risks.
Knowing the Unknown & Managing Risk
Every business, no matter how small, need to have a sound risk management system in place. Existence of proper risk management policies and procedures enable minimising the potential impact of an event on the business or avoid it altogether. Risks to the businesses can be from within the business and also from external events i.e. internal risks and external risks. Risks can be further sub-categorised into controllable risks and uncontrollable risks.
These are those risks which the business has some control over. Many of such risks can be mitigated or managed using internal controls and procedures. Examples can be fraud / embezzlement, workplace safety, inaccurate financial reporting, regulatory compliance etc. Many of these risks can be mitigated or managed using internal resources or with an external support.
External risks are the ones which business typically has not much control. Examples are regulations, competition, unfavourable movement in interest rates, and macro economic factors etc. Managing external risks is more to do with preparing the business in such a way that impact is minimised rather than mitigated.
How we do it
Risk management requires deep understanding of each business and its unique internal and external circumstances. Our risk management experts adopt a systematic approach in devising risk management plan, policies, and procedures. Generally the steps include:
- Understanding your businesses and the environment it operates in.
- Identifying internal and external risks.
- Assessing each risk individually and also conducting impact analysis.
- Presenting to you an assessment report with suggested plan of action.
- Once you have agreed with the plan, we work with you on how to action the plan.
- We in fact work with you in monitoring and control of the entire risk management cycle.
Want to safeguard your business from the unknown ?
Queensland: Brisbane, Cleveland, Logan City, Beenleigh, Gold Coast, Ipswich, Sunshine Coast
New South Wales: Sydney, Paramatta, Bayside Council (Rockdale), Shellharbour