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Every business is a risk and every business has its own risks - fortunately these risks can be
managed.
By Mike Husy
Every business is a risk and every business has its own risks - fortunately these risks can be
managed. The risks can be reduced to zero but then the company would not be manageable so the
risk management process has to be sympathetic with the company’s overall goals and objectives,
thus risk management is a compromise between no risk and convenience.
As a company expands, so does the risk and the management of that risk must grow as the company
expands.
Risks have to be identified, studied and reduced to a minimum bearing in mind convenience of
operation. As an example there is always a risk of break in. To overcome this you could build an all
round 20ft wall without doors but then, apart from cost, you would not be able to enter.
So you build a door into the wall! You have now taken a bigger risk but improved convenience, but you
have only put in one door, no windows so you are already managing the risk of break in.
The more complex the business becomes, the more complex risks can become. Businesses have to
concentrate on their core business and do not necessarily have the time or expertise to properly
manage some risks.
As a consequence we have seen the increase in the number of Risk Solution companies to conduct
audits and offer advice to companies; indeed often the Risk Management company will take over the
management of defined areas of risk from a client.
An example is bad debt. This is a risk to