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Does Your Business Need A Risk Manager?

by | May 22, 2023

Risk Management Assessment is a critical process that businesses should undergo to identify, analyze, and evaluate potential risks that can impact their operations.  A Risk Manager is essential.  A risk is a potential for a loss. It is an inescapable aspect of business that is a central consideration in decision making, strategy, planning, projects and day-to-day operations.

#RiskHappens! Risks Can Be Managed!

Risks may come from internal controls, or from external forces.  The unpredictable external forces such as pandemics, cyber crime and/or weather disruptions may incur devastating consequences to the “bottom line” of your business.  It need not destroy your business — think of it as a “fire wall” of protection. You are much further ahead in protecting your business with risk management than you would be without it. Although not all catastrophe can be predicted, an expert risk consultant is experienced to identify, and thwart, many nefarious potential crisis interruptions.

SKL Risk Consultants, LLC, a national risk management team of experts, are trained as analytical thinkers, problem solvers, excellent communicators with deep understanding of industry-specific regulations, laws, and risks.

Risk Management Process: Ten Essential Tools

Risk management assessment involves identifying, analyzing, and evaluating risks to determine the best strategies for mitigating or managing them.  Here are a few steps our team of experts undertake in an effort to shore up your risk management processes:

  1.  Establish The Context:  We begin by defining the scope and objectives of the risk management assessment. We identify the stakeholders involved, understand the organizational context, and determine the risk criteria and tolerances.
  2. Identify The Risks: Conduct a comprehensive identification of risks.
  3. Analyze Risks: Once risks are identified, analyze them to understand their nature, potential consequences, and likelihood of occurrence.
  4. Evaluate Risks: SKL assesses the significance of identified risks by comparing them against predetermined risk criteria. We determine which risks are “acceptable,” and which risks require mitigation or treatment, and which may be transferred or avoided.
  5. Develop Risk Mitigation Strategies: For risks that require treatment, SKL will develop appropriate strategies to mitigate them using a variety of mitigation practices and procedures.
  6. Implement Risk Management Plan: SKL works with clients to put mutually agreed upon mitigation measures in place.
  7. Monitor and Review: SKL works with client(s) to regularly monitor the effectiveness of risk management and update the assessment protocols as needed.
  8. Communicate and Report:  Communication is key to any successful strategic initiative.  That is why you can count on SKL  to summarize risk assessment findings tailored specifically to your business.
  9. Learn and Improve:  SKL analyzes the lessons learned in the process, as there is most often a lesson to review in the assessment process. We recognize that improving, and growing your business is our goal.
  10. Training Employees: SKL take the lead on working along side your business to train employees on internet risks such as cyber security (ransomware, spyware, phishing).  Many a risk happens due to poor adherence to controls.  SKL will partner with your business to ensure employees are well trained in the areas of concern.

Benefits Of A Risk Management Consultant

  1. Minimizes The Impact Of Risks: Risk Management assessment enables businesses to minimize the potential of risks.  By identifying and assessing risks you minimize financial catastrophe with a level of anticipation.
  2. Improved Decision Making: Risk management assessment can also contribute to more informed and effective step-by-step decision-making processes. By analyzing risks, and their potential impact, executives/managers are able to make informed decisions about operations, investments, and strategic planning.  This avoids costly mistakes.
  3. Competitive Advantage: Businesses that have a well-developed risk management assessment and plan are better positioned to gain a competitive advantage. By proactively identifying, and mitigating risks, businesses can differentiate themselves from competitors who might not have similar measures in place.  This can help build trust and confidence among customers, partners, and investors — ultimately leading to increased market share and profitability.
  4. Regulatory Compliance Protecting Against Legal Liabilities: Regularity compliance is an important consideration for many business sectors. Unfortunately, many businesses struggle to navigate complex and evolving regulatory requirements.  An SKL risk management assessment will provide your business the ability to identify and comply with relevant regulations; thereby, reducing the risk of penalties, fines, and/or legal action.
  5. Cost Savings: Effective risk management assessment can also help businesses to achieve significant cost savings. By identifying and addressing potential risks, businesses can prevent costly downtown, damage to personnel or facilities, and/or other adverse events that impact operations and profitability.
  6. Improved Culture and Morale: One often overlooked benefit of risk management assessment and planning is that it contributes to improved culture and morale within a business. By fostering a culture that a values risk management training and safety, you foster a positive appreciation for your employees, and their time.

Sign-Up Today For A Complimentary 45-Minute Risk Assessment

Sandra K. Little, CEO, SKL Risk Consultants LLC adheres to the belief that once business owners understand the positive implications of a comprehensive risk management plan, the business owner will be eager to engage in the process.

You should consider a risk manager for your business. To that end, SKL is offering a 45-minute complimentary session to explain to you how SKL Risk Consultants can positively impact the performance of your business.

Contact us today for Your FREE Risk Evaluation!

Thank you for your time and consideration.

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