Business Tips: Crisis and Risk Management In Business Environment…..

In today’s world of terrorist attacks and natural disasters, every company large or small, needs to employ risk management techniques to assess and avoid potential threats wherever possible.

Most of the types of planning discussed here will only be appropriate for large organisations, who will have the manpower and budget to overcome major crises.

However all companies, large or small, would be well advised to devote a little time to how they can take protective measures with a little forethought and planning.

A very high percentage of businesses affected by an incident such as data loss, will never resume trading, or will cease trading within a year.

Large companies may have responsibilities to shareholders as their rationale for risk management and disaster planning, but smaller companies also have valid reasons to include them in their management activities.

Protecting the company and its future is the top priority for most business owners. Any large business that uses the outsourced services of smaller third parties or subcontractors will prefer to work with suppliers who have a Business Continuity Plan in place. In fact they may specifically exclude those who don’t.

What constitutes a crisis?

A crisis would normally be considered as an event that was unpredictable, or, the event may have been foreseen, but not its consequences. Either way the situation now offers a threat to the wellbeing of a company and requires urgent decisions and actions for damage limitation.

There are potentially several types of crisis, here are a few examples;-
Continue reading Business Tips: Crisis and Risk Management In Business Environment…..