At some point in your business lifecycle, you will have to create a risk management plan. You may already have a risk management plan, but the need for a robust plan grows as your company grows.
Every company is unique and should have a tailored risk management plan. This is one area of business where one size does not fit all. On the downside, risk plans take time to evaluate and implement. The upside is there is no better expert about your company than you. So, you already have one subject matter expert on your team.
However, it is never a good idea to create something without some independent input, so you should also seek help from qualified experts.
Ask yourself these questions:
In a survey published by the North Carolina State University, researchers identified several key points every risk manager should take into account when creating a plan.
If you believe risk only stems from catastrophic events, think again. Consider something very beneficial occurring in your company, say you bring on a large corporate client. The new clients could require increased shipments of product or more and repeated meetings at locations around the world. Furthermore, you may need to expand your facilities and capital investment.
However, consider how each of those changes could affect your company.
At Culture Insurance, we are experts in risk management. We have a tremendous amount of experience in helping companies develop comprehensive risk plans. We invite you to contact us if you have any concerns regarding the risk your company faces and what steps you can take to mitigate it.