Are you ready for 2024?

Whatever unfolds in 2024 is not going to be good for the global economy but that does not mean it can’t be good for your business – if you are prepared!

Sharpening the Saw: Risk Management in a Perilous 2024

As the calendar edges towards 2024, casting a long shadow over an already turbulent 2023, businesses find themselves teetering on the precipice of an increasingly dangerous economic environment. Inflation roars, supply chains sputter, and geopolitical tensions crackle like live wires. In this landscape, the ability to anticipate, navigate, and mitigate risk transcends mere competence – it becomes an existential imperative. Enter the age of the sharpened saw.

The metaphor, popularised by Stephen Covey in his seminal work “The 7 Habits of Highly Effective People,” speaks to the vital need for continuous renewal and self-improvement. In the context of business risk management, sharpening the saw translates to the proactive honing of skills, knowledge, and strategies to effectively manage and mitigate potential threats. It’s about staying ahead of the curve, not merely reacting to the blows as they land.

But why is this so crucial in 2024? The answer lies in the confluence of multiple, potent risk factors. The global economic slowdown, fuelled by rising interest rates throughout 2023 and inflation created by overprinting of money by central banks, threatens to dampen consumer spending and cripple businesses across industries. Supply chain disruptions, exacerbated by ongoing geopolitical tensions, continue to cast a long shadow, making it difficult to secure essential materials and ensure smooth operations. And lest we forget, the ever-present spectre of climate change lurks, unleashing its fury in the form of extreme weather events and resource scarcity.

This perfect storm of risks calls for a new breed of business leaders – not simply risk averse, but adept at navigating turbulent waters. These leaders recognise that knowledge is not power, but risk intelligence. As the ancient Chinese philosopher Sun Tzu observed, “Know the enemy and know yourself; in a hundred battles you will never be in peril.” In today’s economic battlefield, the “enemy” is not a singular entity, but the ever-shifting sands of risk itself. Understanding these risks, their interconnectedness, and their potential impact requires continuous learning, strategic foresight, and a data-driven approach to risk assessment.

This is where sharpening the saw comes into play. Businesses must invest in their people, equipping them with the skills and knowledge needed to identify, analyse, and mitigate risks. This includes:

  • Scenario planning: Developing a range of potential outcomes based on different risk scenarios and stress-testing strategies to ensure resilience.
  • Data analytics: Leveraging data to identify patterns, predict trends, and make informed risk management decisions.
  • Cybersecurity awareness: Recognising the growing threat of cyberattacks and implementing robust cybersecurity protocols.
  • Crisis communication: Preparing for and effectively communicating during times of crisis to maintain stakeholder trust and mitigate reputational damage.

Investing in training programmes, risk management software, and fostering a culture of risk awareness are all essential steps in sharpening the saw. As the Roman philosopher Seneca wisely said, “Luck is what happens when preparation meets opportunity.” In the volatile economic landscape of 2024, preparation is not simply prudent, it’s a matter of survival.

Sharpening the saw extends beyond internal efforts. Building strong relationships with key stakeholders, including suppliers, partners, and regulatory bodies, can provide invaluable insights and early warning signs of potential risks. By fostering an ecosystem of collaborative risk management, businesses can collectively weather the storm and emerge stronger on the other side.

The road ahead will undoubtedly be fraught with challenges and uncertainties. But for those who choose to sharpen their saws – to proactively manage risk and continuously adapt to new threats – the future, though perilous, holds the promise of resilience and growth. Remember, as the German philosopher Nietzsche declared, “He who has a why to live can bear almost any how.” In 2024, our “why” should be the preservation and growth of our businesses, and our “how” should be the relentless pursuit of and proactive mitigation. Let us sharpen our saws, face the uncertain future with courage and foresight, and emerge from the economic jungle not merely unscathed, but thriving.

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Strategies for managing employee shortages

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How do you attract recruit and retain top talent?

What is it about your business culture or reputation that should attract more job applications? How do you engage with your employees and fulfil their career progression aspirations? How well do you communicate with your existing employees and with those whom you wish to attract to your business? What opportunities are there for your employees to learn and develop their skills whilst improving your business development?

How are you handling your talent shortage?

Have you overlooked the potential of your existing employees to fill your own skills gaps? Could you adjust your job descriptions to attract people who have the potential to grow into roll you need to fill? What could your business do in the short-term to manage what may be a short-term problem?

If you are not filling up your boat fast enough, what are you doing stop it leaking!

Many businesses under value the talent they have in their business already. The cost of replacing existing talent can include a higher salary to attract staff who leave, lost business waiting to fill job vacancies and the dissatisfaction of the employees left within the business.

  • Do you know if you have a problem of staff retention? There is a tendency for business leaders to blame the people who have left the business when the problem is how business leaders manage staff retention.
  • Do you know if you’re wages and benefits are competitive in the marketplace? A leaky boat could become a sunk boat! You may need to adjust your business priorities to prevent future issues becoming catastrophic.
  • Could better use of existing staff not only improve the business, but boost the confidence and loyalty of existing staff to stay with the business for the long haul.
  • What other changes apart from P can your business make to encourage existing staff to stay and attract talent? many people know value flexible working opportunities over higher pay and that may keep your existing staff or attract new employees.

The fuller engagement of employees in the journey of the business can pay dividends in terms of staff retention and avoidance of service quality issues.

Upskilling your workforce is essential for retaining and attracting new talent.

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You may need to change your approach if resourcing is causing business development problems. The cause of your skills gap maybe your own doing or maybe a marketplace issue. Either way your skills gap will need to be addressed if it is to stop impeding your business progress. What is your plan to fill your skills gap?

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Enterprise Wide Risk Management Consulting

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Enterprise-wide Risk Assessments

Proven Steps to Mitigating Business Risks: A UK Business Leader’s Guide to Conducting an Enterprise-Wide Risk Assessment

An enterprise-wide risk assessment is a comprehensive evaluation of all types of risks that a business may face. This includes risks related to operations, financials, legal, regulatory, and reputational issues. By conducting a thorough risk assessment, businesses can identify potential threats and vulnerabilities and take proactive measures to mitigate or prevent them.

The first step in conducting an enterprise-wide risk assessment is to identify all areas of the business that are at risk. This includes both internal and external risks, such as supply chain disruptions, data breaches, and economic downturns. Once all areas of risk have been identified, the next step is to assess the likelihood and potential impact of each risk. This will help businesses prioritise which risks need to be addressed first.

Once the risks have been identified and prioritised, businesses can develop a risk management plan. This plan should include specific actions to mitigate or prevent each risk, as well as procedures to respond to and recover from a risk event. The plan should also include monitoring and reporting mechanisms to ensure that the plan is being implemented effectively.

In addition to the risk management plan, businesses should also consider implementing a risk management programme. This programme should include regular training for employees on risk management and incident response, as well as regular reviews of the risk management plan to ensure that it remains relevant and effective.

In conclusion, an enterprise-wide risk assessment is a critical tool for businesses to identify and manage potential threats and vulnerabilities. By conducting a thorough risk assessment, prioritising risks, and implementing a risk management plan, businesses can take proactive measures to mitigate or prevent risks and ensure their long-term success.

StepDescriptionAction
1Identify RisksIdentify all areas of the business that are at risk, including internal and external risks.
2Assess Likelihood and ImpactAssess the likelihood and potential impact of each identified risk.
3Prioritise RisksPrioritise identified risks based on likelihood and impact.
4Develop Risk Management PlanDevelop a risk management plan that includes specific actions to mitigate or prevent each risk, as well as procedures to respond to and recover from a risk event.
5Implement and Monitor Risk Management Programme Implement a risk management programme that includes regular training for employees on risk management and incident response, and regular reviews of the risk management plan to ensure that it remains relevant and effective.
5-step enterprise-wide risk assessment template

Note: The above table is just an example of a risk assessment template, it may not be sufficient to cover all risks and it’s important to consult professional and include all stakeholders involved.

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  • Engage the whole workforce in the task of making the enterprise a success.

Learn strategies to develop collaboration with enterprise risk management development within your business. Create an efficient risk management framework and risk assessment process you can communicate clearly to all employees to embed ERM more effectively.

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Guide To Enterprise Risk Management

In today’s dynamic and interconnected business landscape, managing risks has become an essential aspect of successful enterprise management. Organisations face a wide range of risks, including financial, operational, strategic, and reputational risks, which can significantly impact their ability to achieve objectives and thrive in a competitive environment. Enterprise Risk Management (ERM) provides a comprehensive framework and process for identifying, assessing, and mitigating these risks to ensure sustainable growth and resilience. This article serves as a guide to understanding and implementing ERM within organisations.

  1. Understanding Enterprise Risk Management:

Enterprise Risk Management is a strategic approach that enables organisations to proactively identify, assess, and manage risks across all levels and functions. It involves the systematic integration of risk management practices into an organisation’s decision-making processes, governance structure, and operations. ERM goes beyond traditional risk management, which often focuses on isolated risks, by considering the interdependencies and cumulative effects of risks on an enterprise-wide basis.

  1. Key Components of Enterprise Risk Management:

a. Risk Identification: The first step in ERM is identifying and cataloging all potential risks that may affect the organisation. This involves gathering information from various sources, including internal stakeholders, external experts, industry reports, and historical data. The goal is to create a comprehensive risk register that captures both known and emerging risks.

b. Risk Assessment: Once risks are identified, they need to be assessed in terms of their likelihood of occurrence and potential impact. This step involves qualitative and quantitative analysis to prioritise risks based on their significance. Risk assessment techniques may include scenario analysis, sensitivity analysis, and probabilistic modeling.

c. Risk Mitigation: After assessing risks, organisations develop risk mitigation strategies to reduce the likelihood or impact of identified risks. These strategies may involve implementing controls, transferring risks through insurance or contracts, accepting risks within predetermined tolerance levels, or avoiding risks altogether by changing business practices or diversifying operations.

d. Risk Monitoring and Reporting: ERM is an ongoing process that requires continuous monitoring of risks to ensure their effectiveness. Organisations should establish clear risk indicators and thresholds to detect changes in risk levels and trigger appropriate actions. Regular reporting on risk exposures, mitigation efforts, and performance against risk objectives is essential to keep stakeholders informed and accountable.

e. Risk Culture and Communication: ERM is most effective when risk management becomes an integral part of an organisation’s culture. This involves fostering a risk-aware mindset among employees, encouraging open communication about risks, and embedding risk management practices in daily operations. Effective communication channels should be established to facilitate the flow of risk-related information across all levels of the organisation.

  1. Benefits of Enterprise Risk Management:

Implementing ERM brings several benefits to organisations:

a. Improved Decision Making: ERM provides decision-makers with a holistic view of risks, enabling them to make informed choices that align with the organisation’s risk appetite and strategic objectives. By considering risk factors, organisations can avoid costly mistakes and capitalise on opportunities.

b. Enhanced Resilience: ERM helps organisations become more resilient in the face of uncertainties and disruptions. By systematically managing risks, organisations can better anticipate and respond to potential threats, minimising their negative impact and quickly recovering from adverse events.

c. Competitive Advantage: Effective ERM enables organisations to differentiate themselves by demonstrating strong risk management practices to customers, investors, and regulators. This can enhance their reputation, attract new business opportunities, and improve access to capital.

d. Regulatory Compliance: ERM assists organisations in complying with applicable laws, regulations, and industry standards. By proactively managing risks, organisations can identify compliance gaps and take corrective actions to avoid penalties and reputational damage.

e. Cost Optimization: ERM helps organisations optimise resource allocation by identifying areas of inefficiency, waste, or excessive risk-taking. By streamlining processes, eliminating redundancies, and aligning risk management efforts, organisations can reduce costs and improve operational efficiency.

  1. Implementing Enterprise Risk Management:

To successfully implement ERM, organisations should consider the following steps:

a. Leadership Commitment: Senior management should demonstrate a strong commitment to ERM and actively champion its adoption throughout the organisation. This includes allocating resources, defining roles and responsibilities, and fostering a risk-aware culture.

b. Risk Governance: Establish a clear governance structure for ERM, with defined roles, responsibilities, and reporting lines. Designate a risk officer or risk management team to oversee the ERM process and ensure its integration into decision-making at all levels.

c. Risk Framework: Develop a risk management framework tailored to the organisation’s specific needs and industry context. This framework should outline the key components of ERM, including risk identification, assessment, mitigation, monitoring, and reporting.

d. Risk Assessment and Prioritisation: Conduct a comprehensive risk assessment to identify and prioritise risks based on their potential impact and likelihood of occurrence. This assessment should involve input from relevant stakeholders and utilise appropriate risk analysis techniques.

e. Risk Mitigation Strategies: Develop and implement risk mitigation strategies that align with the organisation’s risk appetite and strategic objectives. These strategies should be tailored to address specific risks and may involve a combination of controls, risk transfer mechanisms, and process improvements.

f. Integration with Business Processes: Embed risk management practices into existing business processes and decision-making frameworks. This includes integrating risk considerations into strategic planning, project management, performance evaluation, and budgeting processes.

g. Training and Awareness: Provide training and awareness programs to educate employees about ERM principles, methodologies, and their role in managing risks. Foster a culture of risk awareness, where employees are encouraged to report and escalate potential risks.

h. Continuous Monitoring and Improvement: Establish a system for ongoing risk monitoring and reporting. Regularly review and update the risk register, assess the effectiveness of risk mitigation measures, and identify emerging risks. Continuously improve the ERM process based on lessons learned and feedback from stakeholders.

  1. Overcoming Challenges in Enterprise Risk Management:

Implementing ERM can present challenges, but organisations can overcome them with proper planning and execution:

a. Organisational Silos: ERM requires collaboration and information sharing across different functions and departments. Breaking down silos and fostering cross-functional communication is essential for effective risk management.

b. Resistance to Change: Resistance to change can hinder the adoption of ERM. Organisations should invest in change management efforts, addressing concerns, and providing training and support to employees.

c. Data and Information Management: ERM relies on accurate and timely data and information. Organisations should establish robust data management systems, ensure data integrity, and leverage technology solutions for data collection, analysis, and reporting.

d. Risk Appetite Alignment: Aligning risk appetite across the organisation can be challenging. Clear communication and dialogue between senior management and relevant stakeholders are crucial to establish a shared understanding of risk tolerance and strategic objectives.

e. Evolving Risk Landscape: The risk landscape is continuously evolving, with new risks emerging and existing risks evolving. Organisations should stay updated on industry trends, regulatory changes, and emerging risks to ensure the relevance and effectiveness of their ERM practices.

Enterprise Risk Management is a strategic imperative for organizations to navigate the complexities and uncertainties of the modern business environment. By adopting a comprehensive ERM framework, organisations can proactively identify, assess, and mitigate risks, enabling them to make informed decisions, enhance resilience, and gain a competitive advantage. Successful implementation of ERM requires leadership commitment, a robust governance structure, integration with business processes, and a risk-aware culture. Overcoming challenges and continuously improving the ERM process will contribute to long-term success and sustainability in today’s dynamic business landscape.

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Effective governance risk management and compliance is critical to build a resilient successful enterprise. It is fundamental for strategic operational and project management.

An Enterprise Risk Management ERM holistic approach is important because its successful embedding in your enterprise will give you more confidence it can survive and prosper regardless of the environment it has to work in. Manage threats better and seize new opportunities you may otherwise have missed or turned down.

Enterprise wide risk management methodology principles and practices will help your enterprise achieve its aims and objectives. It will focus your available resources to enable optimal enterprise performance.

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Is There a Demand for Risk Management Consultants?

In today’s increasingly complex and uncertain world, businesses of all sizes are under pressure to manage risk effectively. This has led to a growing demand for risk management consultants, who can help organisations identify, assess, and mitigate risks.

What Do Risk Management Consultants Do?

Risk management consultants typically have a background in business, finance, or statistics. They use their expertise to help organisations develop and implement risk management frameworks. This may involve identifying and assessing risks, developing risk mitigation strategies, and managing risk throughout the organisation.

What Are the Benefits of Hiring a Risk Management Consultant?

There are a number of benefits to hiring a risk management consultant. These include:

  • Expertise: Risk management consultants have the expertise and experience to help organisations identify, assess, and mitigate risks.
  • Objectivity: Risk management consultants can provide an objective view of an organisation’s risk profile. This can be helpful in identifying risks that may not be apparent to internal stakeholders.
  • Best practices: Risk management consultants can share best practices from other organisations. This can help organisations improve their risk management practices.
  • Improved compliance: Risk management consultants can help organisations improve their compliance with regulations.

Is There a Demand for Risk Management Consultants?

The demand for risk management consultants is growing. This is due to a number of factors, including:

  • Increased complexity of business operations: Businesses are becoming more complex, which means that there are more risks to manage.
  • Increased regulatory requirements: Governments are imposing stricter regulations on businesses, which means that they need to improve their risk management practices.
  • Increased awareness of risk: Businesses are becoming more aware of the importance of managing risk. They are realising that risk can have a significant impact on their bottom line.

What Are the Skills Needed to Be a Risk Management Consultant?

The skills needed to be a risk management consultant vary depending on the specific role. However, some of the most important skills include:

  • Business acumen: Risk management consultants need to have a strong understanding of business operations. This will help them identify and assess risks that may impact the organisation.
  • Quantitative skills: Risk management consultants need to be able to analyse data and use statistical methods to assess risk.
  • Communication skills: Risk management consultants need to be able to communicate effectively with both technical and non-technical audiences.
  • Problem-solving skills: Risk management consultants need to be able to identify and solve problems.

How to Become a Risk Management Consultant

There are a number of ways to become a risk management consultant. Some people choose to earn a degree in risk management or a related field. Others gain experience in risk management by working in a business or government organisation. There are also a number of certification programs available for risk management professionals.

The Future of Risk Management Consulting

The future of risk management consulting is bright. The demand for risk management consultants is expected to continue to grow in the coming years. This is due to the increasing complexity of business operations, the increasing regulatory requirements, and the increasing awareness of risk.

If you are interested in a career in risk management consulting, there are a number of things you can do to prepare. First, you should gain experience in risk management by working in a business or government organisation. Second, you should earn a degree in risk management or a related field. Third, you should become certified as a risk management professional.

The field of risk management consulting is a dynamic and rewarding field. If you are interested in helping organisations manage risk, then a career in risk management consulting may be the right choice for you.

In addition to the above, here are some other factors that are driving the demand for risk management consultants:

  • The increasing frequency and severity of natural disasters.
  • The growing threat of cyberattacks.
  • The increasing complexity of financial markets.
  • The globalisation of business.

As these and other risks continue to grow, the demand for risk management consultants is likely to remain strong.

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Growing Threat Of Cyberattacks

The cyber threat is growing for all businesses

Top thought leaders including academics business leaders and policy makers think cyberattacks in top 5 risks facing businesses. The latest World Economic Forum WEF Global Risks Report says we should be focusing resources on cyber risk management.

The risk of theft of data and money as well as cyberattacks resulting in disruption and damaged infrastructure remains very high. It is unlikely that this risk level will fall given the increased use of technology in every aspect of our lives and business.

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The future of financial services industry risk management is also changing with artificial intelligence divergent regulatory controls and splintering risk culture ambitions driving changes in practice.

Keep up to date with best risk management tools and techniques to improve your business decision making. The financial financial crisis is beginning. We just do not know where it started and what we are doing wrong. However being prepared for the next financial crisis should be part of a holistic enterprise risk management approach.

Chances are that fintech will play a role in the next financial crisis. Technology risks are a key risk factor for business growth and disaster for financial services companies in particular.

Lack of need to control risks will also play a role in the next financial crisis. The financial services industry has found it near impossible to manage its own risks without regulatory control. Dissipation in regulatory control will precipitate the financial services industry lunging over the cliff.

The fact that the financial services sector has still not recovered from the last financial crisis is another reason that another financial crisis will occur. Italian Chinese and Indian banks are in particular bursting at the seems with near unmanageable debt levels. Add to that boiling frothing pot of junk political instability in Europe Asia and Americas then you have a perfect storm waiting to be unleashed.

Should we withdraw from business or investing? Of course not. It has always been thus. It has always been about the survival of the fittest. However what has changed is that there is increased realisation that the fittest are those businesses and investors who invest in socially responsible investing. Environmental social and governance risk factors are at play. The strongest are the ones who embrace this philosophy.

A holistic enterprise risk management approach to business management and investing is the future. If you are waiting to look back and acknowledge that with hindsight you will be one who suffers most from the next financial crisis. You may not survive the long term. If you are not looking to the long term then good luck to you. You might get lucky. If you are looking for long term sustainability get on the holistic enterprise risk management boat today. Create long term value through enterprise risk management today not tomorrow.

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Globally Empty Office Buildings and Commercial Property Creating Debt Collapse, Systemic Threat to Banking System Worldwide

The COVID-19 pandemic and central banks response – overprinting of money out of thin air – has had a devastating impact on the global economy, and nowhere has this been more evident than in the commercial real estate sector. As businesses have been forced to close or operate remotely, millions of square feet of office space have been vacated, leaving office buildings empty around the world.

This has led to a sharp decline in property values, and many commercial real estate owners are now facing significant financial losses. In some cases, these losses have become so severe that they have forced property owners to default on their loans, which could have a ripple effect throughout the global banking system.

Who Has the Most Exposure to Commercial Real Estate?

The financial institutions that have the most exposure to commercial real estate are those that specialise in lending to businesses and developers. These institutions include commercial banks, investment banks, regional banks in USA and insurance companies.

According to a recent report by the International Monetary Fund, commercial banks worldwide have about $20 trillion in outstanding loans to commercial real estate borrowers. This represents about 10% of all bank lending globally.

Investment banks and insurance companies also have significant exposure to commercial real estate. Investment banks, for example, often underwrite and market commercial real estate bonds, which are a type of debt security that is backed by the income generated from rental properties. Insurance companies, on the other hand, often invest in commercial real estate through real estate investment trusts (REITs), which are companies that own and operate income-producing properties.

Are Banks in Danger?

The sharp decline in commercial real estate values has raised concerns that banks could be in danger of suffering significant losses on their loans to commercial real estate borrowers. In some cases, these losses could be so severe that they could force banks to default on their own debts, which could lead to a systemic financial crisis.

However, it is important to note that banks have a variety of tools at their disposal to manage their exposure to commercial real estate risk. For example, banks can sell off their commercial real estate loans to other investors, or they can take steps to restructure the terms of these loans. At the same time if the sea level is going down for all banks in real estate debt crisis will there be enough saviours?

In addition, the government can also play a role in helping to stabilise the commercial real estate market. For example, the government can provide financial assistance to banks that are struggling with commercial real estate losses, or it can provide tax breaks to businesses that are considering moving back into office space. At the same time this is inflationary and may result in even higher interest rates – problem delayed but worsened thereby extending and increasing length of recession creating depression.

How Many Office Buildings Are Empty in the US?

According to a recent survey by the commercial real estate firm CBRE, about 15% of office space in the United States is currently vacant. This represents about 250 million square feet of empty office space.

The vacancy rate is highest in major cities such as New York, San Francisco, and Los Angeles. In these cities, the vacancy rate is often above 20%.

The vacancy rate is also high in some smaller cities and towns. For example, the vacancy rate in the city of Detroit is currently over 30%.

These, official, vacancy rates seem lower than real levels other agencies produce and anecdotally.

Why Are the Banks in Trouble?

The banks are in trouble because they have lent too much money to commercial real estate borrowers. When these borrowers default on their loans, the banks are left holding the bag.

The banks are also in trouble because the value of their commercial real estate assets has declined. This decline in value has made it more difficult for the banks to sell these assets, and it has also reduced the amount of collateral that they have available to secure their loans.

The banks are also facing increased competition from non-bank lenders, such as private equity firms and hedge funds. These non-bank lenders are often willing to lend money to commercial real estate borrowers at lower interest rates than the banks.

Conclusion

The global pandemic has had a devastating impact on the commercial real estate sector, and this has led to significant financial losses for banks and other financial institutions. The situation is likely to get worse before it gets better, as more and more businesses continue to operate remotely. If it gets worse it will be a very long time – decades – before it gets better!

The government will need to play a role in helping to stabilise the commercial real estate market, and banks will need to take steps to manage their exposure to commercial real estate risk. If these steps are not taken, the global banking system could be in danger of a systemic crisis.

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Managing Risk in Financial Services

Managing Risk in the Ever-Evolving Financial Services Industry

The financial services industry is a complex and dynamic sector that plays a vital role in the global economy. It encompasses a wide range of activities, including banking, insurance, investment management, and more. However, with the constant changes and uncertainties in the business landscape, managing risk has become a critical aspect of the financial services industry. In this article, we will explore the challenges and best practices of managing risk in the ever-evolving financial services industry.

The Changing Landscape of the Financial Services Industry

The financial services industry has gone through significant changes over the years, driven by various factors such as technological advancements, regulatory reforms, economic fluctuations, and changing customer preferences. These changes have brought new opportunities and challenges for businesses operating in this industry.

One of the significant changes in the financial services industry is the increasing reliance on technology. The digital revolution has transformed the way financial services are delivered and consumed. Fintech companies have emerged, leveraging technology to disrupt traditional financial services providers. This has resulted in increased competition and the need for traditional financial institutions to adapt and innovate to stay relevant.

Another change in the financial services industry is the evolving regulatory landscape. Governments and regulatory bodies around the world have implemented stringent regulations to safeguard consumers and ensure financial stability. These regulations, such as the Dodd-Frank Act in the United States and the MiFID II directive in the European Union, have increased compliance requirements for financial services firms. Non-compliance can result in severe penalties and reputational damage, making effective risk management essential.

Economic fluctuations also impact the financial services industry. Economic downturns can lead to increased credit risk, market volatility, and liquidity challenges, while economic upturns can present growth opportunities. As the global economy becomes increasingly interconnected, events in one part of the world can have ripple effects on financial markets globally, making risk management more complex and critical.

Lastly, changing customer preferences and behaviors have also impacted the financial services industry. Customers now demand personalized and convenient financial services, with a focus on transparency and trust. This has led to a shift in business models, with a greater emphasis on customer-centricity and digital engagement. Firms need to understand customer preferences and manage reputational risk to maintain customer trust and loyalty.

Challenges in Risk Management in the Financial Services Industry

The evolving landscape of the financial services industry has brought about several challenges in managing risk effectively. Some of the significant challenges include:

Increasing Complexity: The financial services industry is highly complex, with numerous products, services, and processes. Risk managers need to understand the intricacies of various financial instruments, business models, and regulatory requirements to identify and manage risks effectively.

Changing Regulations: The regulatory landscape is constantly evolving, with new regulations being introduced and existing ones amended. Financial services firms need to stay abreast of these changes and ensure compliance, which requires significant resources and expertise.

Cybersecurity Risks: The increasing reliance on technology has also exposed the financial services industry to cybersecurity risks. Cyber threats, such as data breaches and ransomware attacks, can result in financial losses, reputational damage, and regulatory penalties.

Geopolitical Risks: Geopolitical events, such as trade disputes, political instability, and sanctions, can have significant impacts on the financial services industry. These events can affect global markets, currencies, and investment portfolios, leading to increased volatility and risk exposure.

Reputation Risk: Reputation is crucial in the financial services industry, and any damage to reputation can have severe consequences. Negative public perception, loss of customer trust, and regulatory scrutiny can all result in significant financial and operational impacts.

Operational Risks: The complex and interconnected nature of the financial services industry also presents operational risks. Operational failures, such as system outages, processing errors, and human errors, can disrupt business operations, cause financial losses, and harm reputation.

Risk of Financial Crime: Financial services firms are also exposed to risks related to financial crime, including money laundering, fraud, and corruption. These risks can arise from internal or external sources and can result in regulatory penalties, legal liabilities, and reputational damage.

Risk from Emerging Technologies: The rapid pace of technological advancements, such as artificial intelligence, blockchain, and cryptocurrency, presents both opportunities and risks for the financial services industry. Firms need to understand the risks associated with emerging technologies and implement effective risk management strategies to mitigate them.

Best Practices for Managing Risk in the Financial Services Industry

Given the challenges and complexities of managing risk in the financial services industry, it is essential for firms to adopt best practices to effectively mitigate risks. Here are some key best practices for managing risk in the financial services industry:

Develop a Robust Risk Management Framework: Financial services firms should establish a comprehensive risk management framework that includes risk identification, assessment, mitigation, monitoring, and reporting. This framework should be integrated into the firm’s overall strategy, operations, and decision-making processes.

Embrace a Risk Culture: Establishing a strong risk culture is critical for effective risk management. It involves fostering a culture where risk awareness and accountability are embedded in the organisation’s values, behaviours, and practices. This includes promoting open communication, risk transparency, and learning from mistakes.

Stay Abreast of Regulatory Changes: The financial services industry is heavily regulated, and firms need to stay updated with the latest regulatory changes that impact their operations. This includes understanding the implications of regulatory changes, ensuring compliance, and engaging with regulators proactively.

Enhance Cybersecurity Measures: Given the increasing cybersecurity risks, financial services firms should implement robust cybersecurity measures to protect their systems, data, and customer information. This includes regular cybersecurity assessments, employee training, and incident response plans.

Diversify Risk Management Strategies: Financial services firms should adopt a diversified approach to risk management. This includes diversifying investments, customers, and markets to reduce concentration risk. It also involves using risk transfer mechanisms such as insurance and derivatives to mitigate risks.

Conduct Comprehensive Due Diligence: Financial services firms should conduct comprehensive due diligence before entering into any business relationships, such as partnerships, acquisitions, or investments. This includes assessing the financial stability, reputation, and compliance of potential business partners to mitigate counterparty risk.

Implement Robust Compliance Programs: Compliance is a critical aspect of risk management in the financial services industry. Firms should establish robust compliance programs that include policies, procedures, and controls to ensure compliance with applicable laws, regulations, and internal policies.

Invest in Technology and Data Analytics: Technology and data analytics can play a significant role in enhancing risk management in the financial services industry. Firms should invest in advanced technologies, such as risk management software, data analytics tools, and machine learning algorithms, to identify, assess, and monitor risks effectively.

Continuously Monitor and Update Risk Management Strategies: Risk management is an ongoing process, and firms should continuously monitor and update their risk management strategies to adapt to changing business and market conditions. This includes conducting regular risk assessments, evaluating the effectiveness of risk mitigation measures, and making necessary adjustments as needed.

As the financial services industry continues to evolve, managing risk has become more critical than ever. Firms operating in this industry face various challenges, including increasing complexity, changing regulations, cybersecurity risks, geopolitical risks, reputation risk, operational risks, risk from emerging technologies, and risk from financial crime. However, by adopting best practices such as developing a robust risk management framework, embracing a risk culture, staying abreast of regulatory changes, enhancing cybersecurity measures, diversifying risk management strategies, conducting comprehensive due diligence, implementing robust compliance programs, investing in technology and data analytics, and continuously monitoring and updating risk management strategies, financial services firms can effectively mitigate risks and safeguard their operations, reputation, and financial stability.

It is crucial for financial services firms to recognize that risk management is not a one-time activity but an ongoing process that requires constant attention and adaptation. By proactively identifying, assessing, and mitigating risks, firms can reduce the likelihood and impact of potential risk events and ensure their long-term sustainability.

In addition, fostering a strong risk culture within the organisation is essential for effective risk management. This involves creating an environment where risk awareness and accountability are valued, and employees at all levels are encouraged to report risks and concerns without fear of reprisal. A robust risk culture promotes open communication, transparency, and a commitment to continuous learning and improvement.

Furthermore, leveraging technology and data analytics can greatly enhance risk management efforts in the financial services industry. Advanced technologies, such as risk management software, data analytics tools, and machine learning algorithms, can enable firms to identify patterns, trends, and anomalies in vast amounts of data, allowing for more informed risk assessments and timely risk mitigation actions.

Lastly, financial services firms should stay updated with the latest regulatory changes and engage with regulators proactively. Regulatory requirements are constantly evolving, and firms need to ensure compliance with applicable laws and regulations to avoid penalties, legal liabilities, and reputational damage. Regular communication and collaboration with regulators can help firms understand the implications of regulatory changes and proactively address any potential compliance gaps.

In conclusion, managing risk is a critical aspect of operating in the financial services industry. With the increasing complexity and evolving landscape of this industry, firms need to adopt a proactive and comprehensive approach to risk management. By developing a robust risk management framework, fostering a strong risk culture, staying updated with regulatory changes, enhancing cybersecurity measures, diversifying risk management strategies, conducting comprehensive due diligence, implementing robust compliance programs, investing in technology and data analytics, and continuously monitoring and updating risk management strategies, financial services firms can effectively mitigate risks and ensure their long-term success. It is imperative for financial services firms to prioritise risk management and make it an integral part of their strategic planning and decision-making processes. By doing so, they can safeguard their operations, protect their reputation, and maintain the trust of their customers and stakeholders in the ever-changing landscape of the financial services industry.

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Organisational learning techniques with BusinessRiskTV.com

Tools for the improvement of organisational learning processes. Continuously improve your business by learning new risk based ways to develop your decision making process. 

Develop better enterprise risk management learning culture practices and processes

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Pick up latest tips advice and support to develop a better continuous learning culture to improve business performance. Create new risk knowledge and business intelligence. 

Improving organisational learning

Finding the latest risk management news can be time consuming or unfruitful. We make easier.

Searching for what you need to inform your business decision making is free. Come back often to keep up to date. Pick up the latest risk management business news headlines opinions debate and business reviews.

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Increase your business effectiveness. Achieve more with the same resources with less uncertainty. 

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How to reduce losses in business with BusinessRiskTV.com

Loss prevention and loss reduction tips advice and support. Minimise loss with BusinessRiskTV. Reducing losses in business can boost profit. Reduced losses means a business does not need to work to replace lost asset before achieving business objectives. Learn how to reduce business risk of loss.

Create a more effective risk management and loss prevention programme

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Identify new ways to reduce losses in your business. Read loss prevention products and services business reviews. Inform your business decision making. Take better steps to reduce business risk losses. Tackle common business risks to minimise losses.

Keep up to date with upcoming online workshops on loss minimisation. Loss prevention risk experts will help your business grow with less uncertainty. Reduce financial and non financial losses. Lessen the risk of loss with more confidence. Minimise losses and increase profit.

Helping connecting business leaders to inform business decision making

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Reduce losses across your company. Minimise business risks and losses. Reduce risks by focusing resources on specific cost effective risk reduction measures.

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Improve Identification Opportunities and Threats BusinessRiskTV

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How to identify and analyse enterprise opportunities and threats

Improve your identification and analysis of business opportunities and threats. Subject your business processes to better risk identification and analysis to boost your business performance.

Unlock the secrets of successful business risk management: Sign up for our ongoing risk management workshops today!

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Use your business strengths to mitigate the threats your business faces. Reduce your weaknesses to control the threats to your business objectives. Seize new business opportunities to build your business resilience.

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Find out how to protect your business better and build business resilience with BusinessRiskTV

Subscribe for free to BusinessRiskTV to follow updates and highlights of articles and workshops on risk identification and analysis

Use enterprise risk identification and analysis to help you grow your business with less uncertainty.

  • Enhance what you are doing well for greater returns on your investment of time and money.
  • Identify new opportunities for your business that you are currently missing or failing to capitalise upon.
  • Control the risks holding your business development back.

Recognise that you do have opportunities to improve your business and what you need to do to make them work well regardless of the business or economic environment.

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Create a business risk management plan after identifying key threats and opportunities for your business: PESTLE example

A business risk management plan for a business leader in the UK could include the following:

  1. Political risks:
  • Monitor changes in government policies and regulations that may affect the business
  • Assess the potential impact of political instability on the company’s operations and supply chain
  • Develop contingency plans for disruptions caused by political events
  1. Economic risks:
  • Monitor economic indicators such as GDP growth, inflation, and interest rates
  • Assess the potential impact of economic downturns on the company’s revenue and profitability
  • Develop strategies to mitigate the effects of economic fluctuations on the business
  1. Social risks:
  • Monitor changes in consumer behavior and preferences
  • Assess the potential impact of social trends on the company’s products and services
  • Develop strategies to adapt to changes in consumer demand
  1. Technological risks:
  • Monitor advances in technology that may disrupt the company’s business model
  • Assess the potential impact of technological innovations on the company’s competitiveness
  • Invest in research and development to stay ahead of technological changes
  1. Legal risks:
  • Monitor changes in laws and regulations that may affect the business
  • Assess the potential impact of legal changes on the company’s operations and compliance costs
  • Develop strategies to mitigate legal risks, such as insurance or implementing compliance programs
  1. Environmental risks:
  • Monitor changes in environmental regulations and standards
  • Assess the potential impact of environmental factors on the company’s operations and supply chain
  • Develop strategies to mitigate environmental risks, such as implementing sustainable practices or investing in renewable energy.

Note: PESTLE Analysis is a framework for assessing the external factors that may affect a business. It is a useful tool for identifying potential risks and opportunities for a business.

PESTLE BUSINESS RISK PLAN

Risk TypeKey ConsiderationsPotential ImpactMitigation Strategies
Political risksChanges in government policies and regulationsDisruptions to operations and supply chainMonitor political developments, develop contingency plans
Economic risksEconomic indicators such as GDP growth, inflation, and interest ratesReduced revenue and profitabilityMonitor economic indicators, develop strategies to mitigate effects of economic fluctuations
Social risksChanges in consumer behavior and preferencesReduced demand for products and servicesMonitor social trends, develop strategies to adapt to changes in consumer demand
Technological risksAdvances in technology that may disrupt business modelLoss of competitivenessMonitor technological developments, invest in R&D to stay ahead of changes
Legal risksChanges in laws and regulationsIncreased compliance costs and legal liabilitiesMonitor legal developments, implement compliance programs and insurance
Environmental risksChanges in environmental regulations and standardsNegative impact on operations and supply chainMonitor environmental developments, implement sustainable practices and invest in renewable energy.
PESTLE BUSINESS RISK PLAN

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How To Increase Enterprise Risk Awareness With BusinessRiskTV

How to manage risk better in business with BusinessRiskTV

Learn how to overcome risk in business to still achieve business objectives. Explore common business risks. Identifying and managing business risks better with BusinessRiskTV.

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Identify and treat risks to your business better

For risk management to work best it needs to be holistic and integrated into normal business decision making. Increase senior managers and executives awareness of enterprise risks impacting on enterprise objectives to boost performance.

  • Explore your organisations opportunities for innovation and development
  • Capture competitive advantages you have in your marketplace
  • Increase sales more profitably

Treat your enterprise risks better. Avoid reduce transfer or accept risks more holistically more cost effectively.

Improve your risk assessment process to manage risks to you enterprise

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Enterprise risk management should not be a functional affair. It should help inspire and engage all levels of the organisation in managing business risks holistically.

Check out our upcoming online workshops on risk awareness including risk identification assessment and treatment.

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Managing all risks facing an enterprise is increasingly challenging. Get help from BusinessRiskTV. How do you currently increase risk awareness within your organisation.

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Develop your organisations effectiveness at managing enterprise risks. Improve all employees risk awareness. Reduce your enterprises vulnerability. Build business resilience. Open up new business development opportunities.

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Failure Of Governance

Poor corporate governance endangers the existence and success of businesses

Learn how to improve the way you do things in business

Looking at the costs of failure of governance. Good governance can be expensive but not compare to the cost of governance failure.

The risk of enterprise failure increases with inadequate governance risk and compliance processes

There are many examples of the biggest firms in the world collapsing due to bad risk management practices. Good corporate governance risk and compliance systems build business resilience and can improve business performance.

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Subscribe to BusinessRiskTV for latest news headlines opinions risk analysis and reviews of success and failure in business

Managing Business Rules

There are several techniques that can be useful for managing business rules in an organisation. Here are some recommendations:

Documenting business rules: One of the most important techniques for managing business rules is to document them in a clear and concise manner. This can include using a variety of formats such as decision tables, flowcharts, and natural language descriptions.

Centralising business rules: To avoid inconsistencies and duplication of effort, it is advisable to centralise the management of business rules. This can be done using a dedicated software tool or a repository that stores the rules and makes them accessible to relevant stakeholders.

Version control: It is crucial to keep track of changes to business rules over time, especially when multiple stakeholders are involved. Version control techniques such as branching and merging can help in managing changes to business rules.

Testing and validation: Business rules should be tested and validated thoroughly to ensure their accuracy and effectiveness. This can be done using a variety of techniques such as unit testing, integration testing, and user acceptance testing.

Auditing and monitoring: Regular auditing and monitoring of business rules can help to identify any potential issues or areas for improvement. This can be done using automated tools or through manual reviews.

Governance and ownership: Establishing clear governance and ownership of business rules is essential to ensure that they are being managed effectively. This can include assigning ownership to specific individuals or teams and establishing processes for reviewing and approving changes to business rules.

By following these techniques, organisations can effectively manage their business rules and ensure that they are aligned with their business objectives and regulatory requirements.

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Reinventing Your Thinking Reinvent Your Business Stay Positive

Understand where your business really is and where it has the potential to go to with BusinessRiskTV

Business reinvention with BusinessRiskTV

Change management thinking to a more balanced risk approach to threats and opportunities. Reinvent your business risk management model. Work with top thought leaders in the world of business thinking.

  • Evaluate your current business situation
  • Make more informed business decisions on how to proceed
  • Think about your appetite and business risk tolerance when considering what you want to achieve

The business marketplace is always changing. What people and business leaders want or expect changes. Change your business thinking to respond with more confidence. Proactively manage potential future risks better today.

Step guide to reinventing your business with BusinessRiskTV

Our guide to reinventing your business. Start with your risk management culture. Identify your management team risk appetite and risk tolerance. Identify your corporate tolerance to risk. The key to your business reinvention is your risk culture. You can then change your

  • risk management principles
  • risk management framework and
  • risk assessment process

This will help you deploy a risk management plan that works better for your business.

Develop a new business model for today and tomorrow

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Overcome resistance to become a more forward thinking business with stronger resilience. Build greater business success with less uncertainty. Get ahead of the current business curve.

First step to reinventing a business

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Refresh your thinking and that of your business management team. Focus your resources on whats important to your business success. Manage the significant uncertainties impacting on your business objectives.

Reinvent your business before its too late

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Reinvent your thinking. Reinvent the way you respond emotionally to risk.

  • Is your risk perception reality?
  • How should you respond to risk events affecting other businesses and your business?
  • How do you prioritise risk management action plan?

Choose a more certain more positive business risk management plan for your business.

  • Make sure you have the risk tolerance capacity to manage threats and right risk appetite to achieve greater business success.
  • Adversity and failure can help you become more successful especially if you mitigate downside risk.
  • Grow your business regardless of how tough the economic climate is. Overcome all roadblocks.
  • Drive your business forward. Change course if you need to but keep on track to achieve business objectives
  • Find greater comfort and a quiet nights sleep knowing you have adopted best risk management plan for your business

Get help to find the best way forward for your business. Create more value with less uncertainty from existing resources. Start planning for greater business success.

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Managing Uncertainty Better

Understand your business risks to manage your key business risks better with BusinessRiskTV

How do leaders manage uncertainty in business better

Managing uncertainty is a daily business dilemma. Business leaders have internal and external risk factors driving uncertainty in business. Often this uncertainty can lead to poorer business performance or even catastrophic business failure.

We are developing a business risk management hub to help inform your leadership team. Reduce the impact of uncertainty on your business success.

  1. Various risk management identification tools and techniques will bring emerging risks to your attention
  2. Our Partners analysis country and industry risks
  3. Inform your attitude to risk and take a more balanced risk based approach to business management

Our free enterprise risk management resources provide a free risk insight to the risks that matter to your business prosperity and even survival. Develop your risk knowledge for free.

Join in our online risk management discussions workshops and training sessions to hone your risk management skills and ability.

Leaders can manage uncertainty in various ways. Some bury their head in sand. Others adopt a belts and braces approach to risk control incurring imbalanced costs to benefits.

We can not guarantee you greater business success. We can help inform your business decision making process. You will be more likely to make better business decisions.

When facing doubts or uncertainty many business leaders turn to their gut instinct. Rolling the dice may turn up the result you are aiming for. This may work for you. However better risk management information may enable you to choose a different path. Or it may over procrastination to drive forward growth with more confidence. Not making a decision can be as bad as instinctively shooting off blindly.

Dealing with uncertainty better can help you navigate around pitfalls your competitors fall into. Help guide your business to greater success with less uncertainty. Manage uncertainty more cost effectively.

  • Leaders can use risk management principles and practices to take the next step towards success with more confidence.
  • Leaders can prepare themselves and their business to face the uncertain business environment to control threats and seize new business opportunities.
  • Leaders must learn to manage uncertainty better but they need not do this alone

Free subscription to BusinessRiskTV can support your business improvement plans.

Subscribe to BusinessRiskTV for free for tips advice and help to manage uncertainty better

Meet the challenges to your business with more confidence. The world is facing growing uncertainty. Adjust your business strategy to account for the significant risks impacting on your business objectives.

Join more than 27000 people interested in better enterprise risk management.

  • Read business risk management articles relevant to your enterprise.
  • Watch videos to inform your business decisions making.
  • Pick up ideas from top business thought leaders to grow your business faster with less uncertainty.

Subscribe for free to receive alerts to latest risk management news opinions and reviews.

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Sign up for risk management training courses online incompany and open regional courses. Understand risk management methodology and techniques better to apply to your business more easily.

  • Learn why understanding risk management better can help improve your business performance
  • Protect your business better
  • Grow your business faster

How well are you managing significant risks impacting on your business objectives?

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If you manage your business risks better you can improve your business success. Find out more about the benefits of risk management for your business. Pick the best risk management training course for your needs and budget.

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BusinessRiskTV business risk analysis helps business leaders to manage business risks better. Industry risk analysis and country risk analysis to help you make business decisions. Risk analysis of a company for business leaders in UK and overseas. Do you know what to do to protect your business and grow it faster? Understand the importance of business risk analysis in improving your business performance. Inform your business management decisions.

Making strategic operational and project decisions easier and quicker. Have more confidence in your business survival and prosperity with better business risk analysis.

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Risk analysis of a company in decision making is key to reduce uncertainty impacting on your business objectives. Risk analysis of a company risk profile can better utilise business assets. Reviewing corporate and economic risks to help inform business decision making process. Identifying and understanding enterprise risks associated with managing a business or enterprise better. Analysing the potential issues and uncertainty impacting on business objectives.

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Get help to define the risk factors affecting your business decision making process. Identify new risk management measures to reduce business threats and increase business opportunities.

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Business Risk Services

Latest business risk management news opinions and reviews

Find the best business risk services on BusinessRiskTV. Get the latest business risk consulting and training services reviews. Learn more about business risk consulting and training services deals discounts and exclusive offers.

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Help to manage enterprise risks better seize business opportunities and improve business performance

Protect value and assets of your business. Realise the full potential of your business.

Help to assess and manage corporate enterprise risks. Understand your risk exposure and risk culture better.

  • Measure your risk management capability
  • Train your management team to manage risks more cost effectively
  • Boost your business growth with less uncertainty

Apply the best working practices principles and framework for your business.

Rethinking and Re-purposing Your Business During Uncertainty

Rethinking and Re-purposing Your Business During Uncertainty

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Tips advice and support for strategic operational and project risks. Get assistance to identify assess and control business risks.

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Business risk manager service with BusinessRiskTV. Want help to protect and grow your business faster? Find out more about our free business risk management online service. Network with top business thought leaders locally and globally.

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See The Road Ahead More Clearly With BusinessRiskTV
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How do you manage emerging enterprise risks? Could you improve your business performance if you manage enterprise risks better?

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Present your products or services to buyers at the the time that they are ready to buy before your competitors do.

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Link into your existing sales process direct from BusinessRiskTV. Increase your revenue streams more profitably. Grow your business faster.

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Industry Risk Management Forum With BusinessRiskTV

Best practices in risk management with BusinessRiskTV.com

What are the main industry risk factors affecting your business success or failure today and tomorrow

Want to know more about the threats or opportunities within your industry?Need to develop your knowledge and skills at managing your industry risks? Find out more about industry risks management with BusinessRiskTV.

Control Risk Experts To Manage Business Risks Better

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Inform the way you think about your industry risks. Consider changes to the way you manage risk. Reduce the threats to your business. Open up new business development opportunities. Stay on top of key industry risk factors.

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Introducing the BusinessRiskTV Industry Risk Management Forum

BusinessRiskTV industry risk management forum enables members to contribute to BusinessRiskTV. Active members around the world contribute articles and videos to help grow their business faster with less uncertainty to help inform readers industry business risk management decision making.

  • Boost your sales more profitably
  • Increase your network of business contacts
  • Protect your business uncertainty negatively impacting on your business

If you want an innovative flexible way to grow your business faster and build business resilience join and contribute to industry risk management forum today.

Members of the BusinessRiskTV business risk management club collaborate to reduce corporate threats and increase business growth opportunities through

  1. business networking with key business decision makers locally and globally
  2. improved risk assessment via better business intelligence
  3. reduced cost of risk control via deals discounts and special offers

Build a more successful and sustainable business more easily with BusinessRiskTV Industry Risk Management Forum.

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Join the BusinessRiskTV Industry Risk Management Forum and receive FREE business risk alerts bulletins and latest business risk news to stay ahead of your competition.

The Forum is free to join. Then you choose whether you want to contribute to BusinessRiskTV to promote your own business and inform online readers. You pay an annual membership fee to regularly contribute to BusinessRiskTV and promote your business interests cost effectively.

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Key benefits of BusinessRiskTV Industry Risk Management Forum and reasons to join and contribute today

  1. Free to join. There is no cost to join the forum. Once you join you also have the option of contributing to BusinessRiskTV to better market promote and advertise your business. In addition you will have increased access to discussions workshops and executive training to better protect your business. You are in control of what to do next after you join the club for free.
  2. Free business intelligence to inform your decision making to build your business resilience. Forum members receive free news alerts and bulletins. Our risk watch service scans the horizon for emerging risks and analyses business risk trends. You can attend online discussions workshops and executive training sessions.
  3. Safe and secure. All payments are made through Paypal an independent third party online payment service which stops us receiving full details of your banking or payment details so you are protected by Paypals security systems.
  4. Build your online profile and connections to grow your business faster. BusinessRiskTV has an impressive online profile to connect you with local and global business risk management experts and new sales for your business.
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FAST GROWING LOCAL AND GLOBAL BUSINESS RISK MANAGEMENT CONNECTIONS

BusinessRiskTV has already built up an impressive bank of like minded business leaders and business risk management consultants for club members to tap into for business tips advice and support.

The BusinessRiskTV Industry Risk Management Forum is carefully expanding its reach to help business leaders to better protect and grow their own businesses and careers.

BusinessRiskTV Industry Risk Management Forum is NOT just a talking shop. It is a business growth hub to practically accelerate members revenue streams. It is business accelerator where everyone has the same interest in seeing the businesses build resilience regardless of economic environment.

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You are in control of your relationship with us

In addition to controlling your own business risks better you are in total control of how you use BusinessRiskTV and how much you want to contribute to it to increase your own business growth.

You are always in control of your subscription to BusinessRiskTV Industry Risk Management Forum. You can choose to remain on the free membership and still receive free business intelligence and risk knowledge. Or you can regularly contribute to the content and thus increase your own business profile and business growth.

We are in it for the long term and look forward to working with members for sustainable mutual benefit. If you want to stop your membership you can at any time. We are looking forward to you working with us to help your business grow faster.

Examples of business intelligence and business growth features on BusinessRiskTV

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Frequently Asked Questions FAQs

  • Is BusinessRiskTV Industry Risk Management Forum free to join and how does BusinessRiskTV make money? It is free to join now to receive free alerts bulletins and business risk news. If you want to contribute to BusinessRiskTV by becoming a Member you pay an annual fee. BusinessRiskTV also accepts donations to support free independent business risk management news broadcasting and business risk management research. In addition businesses pay us one off fees to promote market and advertise their business products and services.
  • Am I tied into the BusinessRiskTV Industry Risk Management Forum? It is free to join the forum. If you want to contribute to BusinessRiskTV there is a membership fee. You are free to leave the club at anytime. You will not be entitled to a refund of the annual membership fee but will not be tied to renew your membership.
  • How long does membership last? 12 months renewable annually.
  • I do not know anything about online business marketing and development? That is one of the great strengths about being in the Industry Risk Management Forum. You simply join now and then we will email you to find out what you need to do to grow your business faster. We will then go away and start your marketing and promotion campaign. We will design post and update your contributions to promote your business. Our team of enterprise risk experts and business risk advisers help protect and grow your business faster.
  • How fast will my business grow? It is impossible to say. It depends on how well we can work together to get the most from your existing business development tools and initiatives. The potential is there for massive gains but the value of your membership fee could be worthless if we fail to work well together. That is why our members should always diversify our marketing options to maximise the likelihood of increasing sales. We will guide you on the diversification options based on our discussions on what you offer and when. You are not putting all your business development eggs in one basket but the affordable membership fee expands the likelihood of your business growing faster.
  • How often can my business contribute to BusinessRiskTV? Contribution levels is based on hours it takes to produce and publish each contribution. You will be buying 56 hours of work to produce and publish your contributions each year.
  • Does my business need to contribute regularly to BusinessRiskTV? No. The more you contribute the more you promote your own business interests and increase the chances of faster business growth.
  • My business marketplace is not in UK so can I still join and contribute to BusinessRiskTV? YES! The Club is open to any business selling legal and morally acceptable products and services. Legal is legal but morally acceptable comes down to our own opinion as to what is morally acceptable. Areas include Europe USA Canada Latin America Australia and Asia Pacific.
  • Is paying my membership fee safe? Yes. Your membership fee will be paid via Paypal a global independent payment provider who have their own safe and secure payment systems. We will never see your full payment details as these are retained by Paypal who will transfer your membership fee to our Paypal account.
  • What is the annual membership fee? This will vary depending on how many members we have. As the number of members increase so will the annual membership fee so get in quick to keep your membership fee low!
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Types Of Business Risk

All types of business risks under review with BusinessRiskTV.com

What types of business risk impact on your business objectives? Understand business risks and solutions. How can you manage all types of business risk better? Network with top risk management experts locally and globally to discover new ways to manage all type of business risk.

Latest news commentary and review of all types of key business risks

Need to align your corporate enterprise risk management strategy with your risk culture including appetite for risk and risk tolerance to achieve business objectives with less uncertainty.

See The Road Ahead More Clearly With BusinessRiskTV
See The Road Ahead More Clearly With BusinessRiskTV

Integrate your enterprise risk management strategy into your business objective setting process and your risk review process.

Subscribe to BusinessRiskTV Risk Reviews today for free

BusinessRiskTV Business Key Risks

BusinessRiskTV Key Business Risk Review will help you identify and control key business risks impacting on your business. We cover the main types of business risk.

  • It will help you to develop the best strategy for your business. Inform your own business decision making process to improve your business plan for greater success.
  • Tackle regulatory compliance with more confidence and less cost
  • Improve the effectiveness of your operation
  • Reduce cost of financial risk
  • Build and protect your reputation and branding

Know the key business risks impacting on your business objectives and understand how to manage the risks better.

Not all risks need to be managed. Some should just be identified assessed and accepted to achieve your business objectives. You need to consider the kinds of events that could pose a risk to your business and take steps to mitigate them. You also need to identify and assess new business opportunities so you deploy business assets for best return.

Examples of business risks under review

  • Strategic Risk. A competitor parking their business offering on your turf
  • Regulatory Compliance Risk. Changing health safety or environmental legislation or a new court case setting a new precedent.
  • Financial Risk, Changing interest rates creating new business opportunities or threats
  • Operational Risk. Fire taking out key production line plant or equipment.

Manage such risks better to reduce of lower than anticipated profits or increase the chance of higher profit and business growth.

Identify which business risks threatening your business or creating new business opportunities to achieve greater success

BusinessRiskTV

BusinessRiskTV is exploring key business issues in UK and globally. We aim to help you to understand and manage business risks effectively so you are better placed to grow your business with more confidence. Prepare your business to withstand known and unexpected business risks.

Business is about taking risks. However taking more informed risks will help you achieve what you want for your business with more confidence.

BusinessRiskTV

There are many uncertainties facing your business. Recognise the key business risks potentially impacting on your business then focus your time and money on those risks for better outcomes.

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Types Of Business Risk

New Risk Management Training Courses

In classroom and online risk management training courses

How can business leaders improve management of business risks?

Enterprise Risk Management Training Workshops Online

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Alerts to new risk management training courses online and locally to you

Corporate business enterprise risk management training providers promoting latest deals discounts and special offers on BusinessRiskTV. Risk management training courses do not fill themselves.

  • Helping risk management training providers to fill their courses faster
  • Helping business leaders to develop risk management skills and knowledge
  • Connecting risk management training providers with new customers more easily

Practical and theoretical risk management training course marketplace bringing sellers and buyers together.

Register for alerts to upcoming risk management training courses with special deals discounts and offers

Focus your management style on a more risk based approach to build business resilience and boost business performance with less uncertainty impacting on your business objectives.

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Find compare review risk management courses near me

Risk management training providers work with BusinessRiskTV to promote their courses. The risk management training courses can be found in many parts of the world so find and compare one near you. Some risk management training courses are online and can be accessed from anywhere in the world with good WiFi connection. Learn to manage enterprise risk more effectively.

Open and online risk management training courses

Free risk management courses online
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Want to become one of our risk management partners?

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Business Risk Management Club

Help to protect and grow your business

Discover the simple and affordable way to manage your business risks better

Manage business risks better by country by industry and by specific types of business risks. Join our business risk management club for free.

Introducing the BusinessRiskTV Business Risk Club

BusinessRiskTV business risk management active members club enables members to contribute to BusinessRiskTV for free. Active members around the world contribute articles and videos to help grow their business faster with less uncertainty to help inform readers business risk management decision making.

  • Boost your sales more profitably
  • Increase your network of business contacts
  • Protect your business uncertainty negatively impacting on your business

If you want an innovative flexible way to grow your business faster and build business resilience join and contribute to BusinessRiskTV Club today.

Members of the BusinessRiskTV business risk management club collaborate to reduce corporate threats and increase business growth opportunities through

  1. business networking with key business decision makers locally and globally
  2. improved risk assessment via better business intelligence
  3. reduced cost of risk control via deals discounts and special offers

Build a more successful and sustainable business more easily with BusinessRiskTV.

Join Buisness Risk Management Club Free

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Join the BusinessRiskTV Business Risk Club and receive FREE business risk alerts bulletins and latest business risk news to stay ahead of your competition.

The Club is free to join. Then you choose whether you want to contribute to BusinessRiskTV to promote your own business and inform online readers. You pay an annual membership fee to regularly contribute to BusinessRiskTV and promote your business interests cost effectively.

Key benefits of BusinessRiskTV Risk Club and reasons to join and contribute today

  1. Free to join. There is no cost to join the club. Once you join you also have the option of contributing to BusinessRiskTV to better market promote and advertise your business. In addition you will have increased access to discussions workshops and executive training to better protect your business. You are in control of what to do next after you join the club for free.
  2. Free business intelligence to inform your decision making to build your business resilience. Club members receive free news alerts and bulletins. Our risk watch service scans the horizon for emerging risks and analyses business risk trends. You can attend online discussions workshops and executive training sessions.
  3. Safe and secure. All payments are made through Paypal an independent third party online payment service which stops us receiving full details of your banking or payment details so you are protected by Paypals security systems.
  4. Build your online profile and connections to grow your business faster. BusinessRiskTV has an impressive online profile to connect you with local and global business risk management experts and new sales for your business.
Join BusinessRiskTV Business Risk Management Club

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Fast Growing Local and Global Business Risk Management Connections

BusinessRiskTV has already built up an impressive bank of like minded business leaders and business risk management consultants for club meMbers to tap into for business tips advice and support.

The BusinessRiskTV Club is carefully expanding its reach to help business leaders to better protect and grow their own businesses and careers.

BusinessRiskTV Club is NOT just a talking shop. It is a business growth hub to practically accelerate members revenue streams. It is business accelerator where everyone has the same interest in seeing the businesses build resilience regardless of economic environment.

Join BusinessRiskTV Business Risk Management Club

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Founder of BusinessRiskTV Risk Management Club

Read Keith Lewis Testimonials as to the quality of his work. This gives some background as to the quality of the business risk management business intelligence being gathered and distributed.

Join BusinessRiskTV Business Risk Management Club

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You are in control of your relationship with us

In addition to controlling your own business risks better you are in total control of how you use BusinessRiskTV and how much you want to contribute to it to increase your own business growth.

You are always in control of your subscription to BusinessRiskTV club. You can choose to remain on the free membership and still receive free business intelligence and risk knowledge. Or you can regularly contribute to the content and thus increase your own business profile and business growth.

We are in it for the long term and look forward to working with members for sustainable mutual benefit. If you want to stop your membership you can at any time. We are looking forward to you working with us to help your business grow faster.

Hands Free Business Growth and Development Of Your Business

One of the great strengths of the BusinessRiskTV business risk management club is that members do not need to know how to market their business online. You can simply email us the message you want to promote and we can connect you with more new potential customers or other business leaders.

You can read business risk management articles or watch videos for free including business risk management expert opinions and analysis to inform your own business decision making process.

After you join the club you can just use it as a simple way to be kept up to date on emerging and developing corporate risks impacting on your business objectives.

Sit back and receive email alerts to important business risk intelligence to develop your risk management knowledge. Alter your business risk management plan accordingly based on expert risk analysis. Alerts bulletins and news have the potential to build your business resilience and business growth.

Join BusinessRiskTV Business Risk Management Club

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Boost Your Business Growth

BusinessRiskTV Club could be very profitable for your business if you contribute to the content and connect to your business. There are no guarantees of returns but membership of the club expands your options for greater business success and business resilience. There will be failures. That is the nature of business marketing and development. However you will get access to innovative flexible ways to grow and protect your business better. We will minimise the cost of uncertainty impacting on your business objectives over time. At the same time we will increase the chances of become a market leader in your industry and country.

Join BusinessRiskTV Business Risk Management Club

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Frequently Asked Questions FAQs

  • Is BusinessRiskTV Club free to join and how does BusinessRiskTV make money? It is free to join now to receive free alerts bulletins and business risk news. If you want to contribute to BusinessRiskTV by becoming a Member you pay an annual fee. BusinessRiskTV also accepts donations to support free independent business risk management news broadcasting and business risk management research. In addition businesses pay us one off fees to promote market and advertise their business products and services.
  • Am I tied into the BusinessRiskTV Club? It is free to join club. If you want to contribute to BusinessRiskTV there is a membership fee. You are free to leave the club at anytime. You will not be entitled to a refund of the annual membership fee but will not be tied to renew your membership.
  • How long does membership last? 12 months renewable annually.
  • I do not know anything about online business marketing and development? That is one of the great strengths about being in the Business Risk Management Club. You simply join now and then we will email you to find out what you need to do to grow your business faster. We will then go away and start your marketing and promotion campaign. We will design post and update your contributions to promote your business. Our team of enterprise risk experts and business risk advisers to help protect and grow your business faster.
  • How fast will my business grow? It is impossible to say. It depends on how well we can work together to get the most from your existing business development tools and initiatives. The potential is there for massive gains but the value of your membership fee could be worthless if we fail to work well together. That is why our members should always diversify our marketing options to maximise the likelihood of increasing sales. We will guide you on the diversification options based on our discussions on what you offer and when. You are not putting all your business development eggs in one basket but the affordable membership fee expands the likelihood of your business growing faster.
  • How often can my business contribute to BusinessRiskTV? Contribution levels is based on hours it takes to produce and publish each contribution. You will be buying 56 hours of work to produce and publish your contributions each year.
  • Does my business need to contribute regularly to BusinessRiskTV? No. The more you contribute the more you promote your own business interests and increase the chances of faster business growth.
  • My business marketplace is not in UK so can I still join and contribute to BusinessRiskTV? YES! The Club is open to any business selling legal and morally acceptable products and services. Legal is legal but morally acceptable comes down to our own opinion as to what is morally acceptable. Areas include Europe USA Canada Latin America Australia and Asia Pacific.
  • Is paying my membership fee safe? Yes. Your membership fee will be paid via Paypal a global independent payment provider who have their own safe and secure payment systems. We will never see your full payment details as these are retained by Paypal who will transfer your membership fee to our Paypal account.
  • What is the annual membership fee? This will vary depending on how many members we have. As the number of members increase so will the annual membership fee so get in quick to keep your membership fee low!
Join BusinessRiskTV Business Risk Management Club

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BusinessRiskTV Business Risk Management Club

Business Wide Risk Assessment

Enterprise wide risk assessment training and consultancy from BusinessRiskTV.com

Take a holistic approach to business risk management. Make the best use of existing business resources. Optimise your business performance.

Enter code #BusinessWideRiskAssessment

Enterprise Risk Management Magazine
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Has your company carried out business wide risk assessment?

Undertake a business wide risk assessment to know which key risks you need to focus your resources on for best return of investment of time and money. How likely is it that the risks materialise? If the risks do occur what would be the impact on your business objectives.

Enterprise Risk Management Academy
BusinessRiskTV Business Enterprise Risk Management Academy
  1. Identify and assess corporate risks faced by different functions within your business.
  2. Identify and assess external risk drivers.
  3. Develop the most appropriate risk management plan to manage the impact of uncertainty on your business objectives.

Your business wide risk assessment should be comprehensive. A corporate holistic risk management approach will help you maximise the return on your investment.

Subscribe to BusinessRiskTV for free for business risk management tips advice and support

Manage a wide range of risk factors impacting on the success of your business. Inform your enterprise wide risk assessment. Adopt a more risk based approach to business management.

Understand the risks inherent in your business before taking appropriate action or indeed before accepting the risks as part and parcel of doing more business. Your risk appetite and risk tolerance will be key to your approach to risk management plan.

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Business Risk News Bulletins

What is happening in the world of business risk management with BusinessRiskTV.com

Inform your business decision making process. Make better decisions in the light of latest risk management reviews.

Business risk news articles and videos live online

Business Riskwatch

BusinessRiskTV Business Risk Watch

Latest business risk management news analysis and reports for free online. Designed to help you increase your risk management awareness and business risk knowledge.

Protect yourself and your business better. Grow it faster with less uncertainty

BusinessRiskTV

How well prepared is your business to external enterprise risks? Do you manage your internal corporate risk drivers cost efficiently? What risks are on the horizon or are currently trending which could impact on your business objectives.

How innovative is your business? Do you use innovative ideas to build a sustainable business? Identify and exploit your business opportunities quicker and more profitably.

Manage your key business risk challenges better to manage with less uncertainty. Pick up business risk management tips to prepare and protect your business better.

Engage your talented workforce in better business protection and faster business growth for a brighter better future in business.

  • Defend against your competition taking your customers or potential new customers.
  • Disrupt your marketplace to win new business and market share.
  • Build business resilience more easily.

Tune in to BusinessRiskTV to read risk management articles commentary and risk reviews.

Subscribe to BusinessRiskTV for free

Receive email alerts to BusinessRiskTV news alerts and Risk Review Bulletins. Watch business risk live and on demand business and economy videos.

Business Risk News Articles and Videos

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Business Agony Uncle

BusinessRiskTV Business Growth and Protection Advisers

Grow your business faster with less uncertainty. Read typical business problems and solutions. Overcome common business problems with tried and tested business solutions.

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Register to Business Agony Uncle Service for free

Post you own business problems to find recommended solutions. Do not reinvent the wheel. Find an off the shelf solution to overcome barriers to your business growth.

Other business leaders have learnt from experience how to

  • Grow business faster
  • Mitigate threats to business
  • Achieve business objectives easier

Register to post your business problem for free to get expert response from other business leaders and management consultants.

Common business problems and solutions
Post your business problem for free to get free business solutions to help your business
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Guidance Coaching Instruction Best Business Practices Achieve More

Learn more disciplined risk based approach to business decision making. Doesn’t mean a less innovate or creative business. Does mean readying your business to take advantage of opportunities.

Do the groundwork to cultivate better business outcomes

BusinessRiskTV Risk Academy Training Courses

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Business Risk Academy

Achieve best practice in strategic planning operational and project management.

  • Increase Sales
  • Reduce Losses
  • Maximise Profit

Use new tools and techniques to achieve management best practices.   Learn more about the best ways of working. Achieve your business goals more easily more predictably.

Best Practices In Business Management

Develop new business management practices for greater success. Unlock new growth for your business with less uncertainty. Build stronger business resilience.

BusinessRiskTV.com Free Subscription Online To Find Out More About #EffectiveBusinessPractices

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Inspiration For Business Leaders

Business leader coaching and mentoring with BusinessRiskTV

BusinessRiskTV Guidance Business Coaching Mentoring Instruction Best Business Practices Achieve More

Why Business Risk Management Is Important

Manage business risks better with BusinessRiskTV.com

An holistic business risk management approach ensures the best use of business resources.

How To Manage Risk In Business

Practical ways to manage risk better. Tackle common business risks holistically enterprise wide. Learn best practice risk management techniques in business.

Best Practical Guide To Business Risk Management
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Its not about how to reduce risk

External or internal driven risks threaten your business. They also create new business development opportunities. Reducing the effect of uncertainty on your business is important.

How do you manage enterprise risks? Do you put risk into different silos like safety, insurance, cyber risk, sales strategy etc? They can be rolled into one holistic risk based approach.

What is the most effective way for a business to manage risk? Look at what you are trying to achieve? Could you achieve more with your existing assets? Has good luck been saving you from disaster?

Understand the bigger picture first. When you know what risk you have then manage it.

There is danger being in business. Danger that you could blow your value. Danger you could under perform.

Join the discussion on how to manage risk in business better

Campaign for better manage of enterprise risks. Join the discussion on business risk management for free from your twitter account.

Manage Business Risks Better

Read more about business risk management. Watch videos online from your phone pc or tablet

BusinessRiskTV.com Risk Academy Sign Up For Free
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Enterprise risk management articles. Latest news opinions and product and service reviews. Engage with your peers. Ask the experts for help to overcome your risk management problems.

Read more and watch more videos online. Develop your risk knowledge to improve business performance. Sign up to BusinessRiskTV.com for alerts to latest in business risk management.

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Upskilling Your Workforce

Upskilling The Workforce In UK

Upskilling training online and in-classroom to protect your business and grow faster. Take the opportunity to upskill staff in UK and expand their capability to achieve more for your business. Teaching workers new skills need not be unaffordable. We simple the process of learning new skills so your business is protected and has flexibility to grow faster.

Why is upskilling important to your business

There is a growing skills shortage in the UK. A skills shortage can threatening your current turnover levels or restrict potential business growth in 2018 and beyond.

  • Increased productivity so make more money with same assets
  • Improve customer satisfaction with improved customer service
  • Improved communication clarifies what is needed to make adjustments quicker
  • Improved employee motivation and engagement will help identify currently unfulfilled business opportunities
  • Improved profits leading to increased rewards higher employee retention and increased business resilience and sustainability.

Improving your employees skills and knowledge will encourage your employees to be more creative to overcome business problems faster and seize new business opportunities.

Discover the best methods to engage your employees more in the future of your business via enhanced upskilling training

Choose from day-to-day learning support of new skills in the workplace to going to our Business Risk Academy.

BusinessRiskTV Upskilling Your Workforce

How To Manage Business Risk Better and Grow Business Faster

How to grow a company successfully with BusinessRiskTV.com

Could you manage your business risks better? Do you know what the key threats to your business are and how to manage risks better? Maybe more cost effectively? Could you grow your business faster? Inform you decision making with BusinessRiskTV business risk management articles videos and online broadcasts.

How to evaluate the effectiveness of a business plan

Evaluate If Your Business Is Ready

Subscribe to BusinessRiskTV for free alerts to latest business risk management news intelligence and analysis

Encourage Proactive Management

Subscribe for free to manage enterprise risks more proactively with BusinessRiskTV.com

Learn New Risk Management Techniques In Business

Common business risks facing your business could be managed better. Learn new ways  to manage risk more productively with more certainty.

Running a business can be very satisfying but it can also be dangerous for the health of your finances! Potential risks will present ways to threaten business survival or reduce profitability. Other risks may present opportunities to grow faster. Both types of risk need to be managed to maximise your success both personally and corporately.

The business environment sets the scene for successful businesses it does not dictate your success or failure

Anyone can cross their fingers and hope for success but clever business leaders don’t leave their success to luck!

If you don't drive your business forward your set for failure
Drive Your Business Forward With BusinessRiskTV.com

Not everything is going to go well no matter how hard you plan things. Life often gets in the way of the best business plans! In the real world you have to take calculated risks to achieve more than the next business leader who is risk averse.

How do you get the enterprise risk balance right though?

There are many ways to get the right enterprise risk management ERM balance right. First of all you need to know where you are now and how much of an appetite for risk your key decision makers have.

Once risk appetite and risk tolerance are clear then the culture of risk management can be tailored to strike the right risk management balance for your organisation.

How to identify manage and control the effect of risk on your business objectives

Some risk has to be accepted. How much? What is not acceptable has to be managed. How will risk is managed will dictate how sustainable your business will be in future as well as how successful it will be.

Promote and market your business on BusinessRiskTV for 12 months

Cheap ways to promote your business

Find out how to promote your business locally and globally on BusinessRiskTV CLICK HERE or email editor@businessrisktv.com

Put your products or services in front of new buyers more innovatively and cost effectively

Link into your existing sales process direct from BusinessRiskTV. Increase your revenue more profitably and sustainably. Increase your revenue streams. Grow your business faster with BusinessRiskTV.

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BusinessRiskTV How to manage business risk better and grow business faster with more certainty

Most Important Things To Know In Business Are What Are Your Biggest Problems Impacting On Business Objectives

Understand what your key threats and opportunities really are with BusinessRiskTV

Take The Courage To Embrace Potential Failure Of Business

You Control the Solutions to Your Business Problems: Exploring Creative Thinking and Problem Solving in Business

In the dynamic landscape of business, problems are inevitable. From operational inefficiencies to market challenges, businesses face a myriad of obstacles that require strategic thinking and effective problem-solving skills. The ability to identify, analyse, and resolve these issues is crucial for organisational success and growth. This article explores the significance of problem solving in the business realm, delving into the BusinessRiskTV model as a powerful tool for addressing challenges. Furthermore, it highlights the role of creative thinking in problem solving and provides three practical ways businesses can leverage creativity to overcome obstacles.

  1. Understanding the Solution to Business Problems
    Before diving into the solutions, it is essential to grasp the concept of business problems and their significance. Business problems can range from operational bottlenecks to strategic dilemmas, and their resolution plays a vital role in maintaining competitive advantage and ensuring sustainability. By identifying the root causes of problems and employing appropriate problem-solving techniques, businesses can create innovative solutions that drive progress and success.
  2. The BusinessRiskTV Model of Problem Solving
    The BusinessRiskTV model offers a structured approach to problem solving, enabling businesses to navigate challenges effectively. This model involves six key steps: problem identification, analysis, solution generation, evaluation, implementation, and review. By following these steps, organisations can systematically address problems, ensuring comprehensive and sustainable solutions. The model encourages a proactive mindset, emphasising the importance of continuous improvement and learning from past experiences.
  3. The Importance of Solving Business Problems
    Solving business problems holds numerous benefits for organisations. Firstly, it helps optimise operational efficiency by identifying and eliminating inefficiencies, reducing costs, and improving productivity. Secondly, problem solving enables businesses to adapt to changing market conditions, seize opportunities, and stay ahead of the competition. Furthermore, effective problem-solving fosters a culture of innovation, empowering employees to think critically and contribute to the organisation’s growth.
  4. Leveraging Creative Thinking in Problem Solving
    Creative thinking plays a crucial role in solving complex business problems. By encouraging fresh perspectives, challenging assumptions, and exploring unconventional solutions, businesses can unlock new possibilities and generate innovative ideas. This section explores three key ways in which organisations can utilise creative thinking:

a. Divergent Thinking: Encouraging brainstorming sessions and open discussions enables teams to generate a wide range of ideas. By embracing diversity and inclusivity, businesses can tap into the collective wisdom of their workforce and uncover unique solutions.

b. Design Thinking: This human-centered approach emphasises empathy, understanding, and collaboration. By immersing themselves in the customer’s perspective, businesses can develop innovative solutions that cater to their needs, preferences, and pain points.

c. Reverse Thinking: This approach involves challenging the status quo and flipping the problem on its head. By questioning assumptions and exploring alternative perspectives, businesses can discover fresh insights and uncover unconventional solutions.

What is the solution to the problem in the business? What is the McKinsey model of problem solving? Why is it important to solve business problems? What are 3 ways a business can use creative thinking to solve business problems?
What are business problems you may need to solve today?

Solving business problems is an imperative aspect of organisational success. By embracing the BusinessRiskTV model and incorporating creative thinking, businesses can take control of their challenges and pave the way for innovation and growth. The ability to identify problems, analyse their root causes, and generate effective solutions enables organisations to adapt to dynamic market conditions and gain a competitive edge. Moreover, by fostering a culture of creative thinking, businesses can unlock new perspectives and ideas, fueling continuous improvement and long-term success. Ultimately, the power to control the solutions to business problems lies within the organisation itself, and by leveraging their resources, knowledge, and creativity, businesses can overcome obstacles and thrive in an ever-evolving business landscape.

Then take action to reduce the risk of failure

What is achievable in your business?

Know with more certainty what your business could achieve if it makes some changes.

Understand Key Threats And Opportunities

Use risk management experts to help you make right choices

Once you know what your biggest business problems are you can identify how to best use limited business resources to reap the quickest gains to achieve greater business success more quickly.

Too often people in business at all levels of the organisation are working extremely hard. This can be a problem because they can burn out whilst solving problems that do not matter to the achievement of key business objectives. Solutions include employing more staff to work on the same minor business problems then business leaders wonder why they are spending more without any increase in business productivity and no business performance improvement.

Improving business performance requires better use of existing key business assets for a better return in your investment of time and money.

Develop the quality and capacity of your workforce to achieve more for themselves and the business

Training employees to help themselves will help your business achieve its objectives by overcoming the biggest business problems more easily with existing  resources.

Get Help To Grow Your Business

Get Help To Grow Your Business Faster – BusinessRiskTV.com

What are your biggest business problems

If you can’t answer this question immediately, right now, then you are missing out on quick more profitable gains to easily make your business more successful.

If you can answer this question immediately and with near absolute certainty then you should be performing pretty efficiently already. If not why haven’t you taken steps to remove barriers to your greater business and personal success?

Develop a new business management strategy with a new decision making process designed to help you identify evaluate and manage your biggest business problems more cost-effectively. If you can’t tell us what your biggest problems are in a very short summary of the key information then you haven’t truly identified your biggest critical business problems impacting on your business objectives.

Strategy to compete with competitors

Discover How To Beat The Competition In Sales

You could develop a new business strategy for success that is less complicated, cheaper to implement and brings greatest rewards if you change your thinking about business management.

This could be a pivotal moment for your business

You either know exactly what you need to do today to change your business trajectory or you may need a little outside help. BusinessRiskTV can provide that help.   If you do not need help we wish you well for the future.   If you do need help get in touch below and tell us what you need help with.

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Business Risk Management Help Tips Advice Support

BusinessRiskTV Pragmatic Practical Business Solutions For Your Biggest Business Problems

Operational Risk Management Strategies Process Framework

Developing better risk management strategies and processes with BusinessRiskTV

Get Help To Protect and Grow Your Business

Access risk management solutions for your business or enterprise. Improve your inadequate failing or poorly performing business processes people or systems. Protect your business better from external and internal risk factors.

BusinessRiskTV Better Protection Faster Business Growth
Risk Consulting and Training Services

Enhance your risk based decision making and improve the risk management capability of your key assets your employees

Upgrade your operational risk management strategy. Ensure your operational risk management strategy supports your strategic business enterprise goals. Protect the reputation of your business brand.

Build on the stability of your business to date and grow faster with less uncertainty.

Identify evaluate and mitigate all commercial risks

Develop your risk management insight and enterprise risk management knowledge. Support your existing business intelligence development processes with the help of BusinessRiskTV

Improve your business performance with BusinessRiskTV

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Whats Happening In Enterprise Risk Management

Discover how enterprise risk management can help your business. Grow faster with less uncertainty. Save money and time.

Subscribe to BusinessRiskTV for free alerts bulletins and reviews to your inbox

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Understand Your Business Enterprise Risk Management Needs With BusinessRiskTV

Keep up to date with what’s best practice risk management and see news views and reviews on examples of poor enterprise risk management practices.

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Understanding Cyber Risk Management Better

Cyber Risk Management Forum BusinessRiskTV
Cyber attack news today October 2020

What is cyber risk management?

Cyber Risk BusinessRiskTV provides training for executives

Cyber Risk BusinessRiskTV
Cyber Risk Management With BusinessRiskTV

Tailored cyber risk management training for executives

Cyber risk experts will create bespoke cyber risk management training course for your executives or attend Cyber Risk BusinessRiskTV online courses.

Develop the cyber risk knowledge and risk management skills to assess the risk to your company or enterprise and decide on suitable cyber risk controls.

Develop your corporate cyber risk management capability to protect against financial loss and brand reputation damage.

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We work in collaboration with other business risk management experts around the world to help solve corporate risks and below is risk information to help you understand part of the solution for cyber risk management – cyber insurance.

Cyber Risk Risk Management Solutions Cyber Insurance Featured Article

Neil Gurnhill CEO Node International Explores Cyber Insurance To Protect Businesses Better

Business Activity Risk Profiling VS Scaremongering Will Increase Your Cyber Insurance uptake

The key to engaging with a potential client to discuss and provide cyber-risk insurance is to approach the discussions from their real business activities’ needs rather than any generalised knowledge they have gleaned from recent cyber-security threats or events reported in the national broadcast and newspaper media.

For example, most retail brokers engage too early in conversations about ‘hacking’, ‘denial of service’, ‘phishing’ and ‘social engineering’ and such like. As important as these topics are, it can often lead to a conclusion that the potential client has not been directly affected by these matters to date, therefore, they don’t need cover. Don’t forget the basic premise of insurance – it provides security for the future!

Our extensive experience at Node International, particularly in the USA and Europe, clearly tells us that the correct, and more successful approach is to start with an evaluation of the potential clients business activities.

For examples each of these activities has a cyber-risk profile so even though the potential client has not dealt with (say) a denial of service attack, the fact that over 80% of their business depends upon an ecommerce website highlights the substantial cyber-risk. Or they are highly dependent on a supply chain and/or contractor, of which they know little about their cyber-risk policies, again highlighting their potential cyber risk through the failures of others.

Taking this business activities profiling approach is a very logical systematic approach that engages the potential client. It is also quite simple to conduct. Start with a conversation about ‘mapping’ the high priority business activities and start introducing the question, ‘’What happens if…’’ Think of it as an ‘heat map’ of the business. When viewed overall, the client then sees the totality of cyber-risk they face. Then, the most effective cover can be assessed and priced accordingly.

It’s important not to think of early conversations as ‘selling cyber-insurance’ but providing an expert and value-added service to the clients. It is likely that they know very little about cyber-security and cyber-risk so building up the ‘heat map’ though sensible discussion helps the client. Nowadays, ‘helping the client to buy’ is far more effective than ‘selling’.

This is where Node International scores highly. As a wholesale broker and underwriter at Lloyds of London you can tap into our expertise and assistance. For example, by talking to one of our brokers before you go and see a client could help you tremendously. Even if you have never used Node International before, our brokers and underwriters are here to help you build your business.

Finally, lets step back a little. In the last two decades there has been a huge increase in businesses that are now dependent upon their technologies and digital capability. And, of course, the constant threat scenarios they face each day. From our experience, literally 99% of modern businesses (from small to large across all sectors) face at least one cyber-risk in their ‘heat map’. In effect, every business call you make is a potential satisfied client providing you approach it correctly and have a ‘value-added service’ at the forefront of your mind. As mentioned before, we can assist you with this essential skill.

Contact Neil Gurnhill CEO Node International for more help with Cyber Insurance

Email – neilg@nodeinternational.com
Direct line – 02033 208983
Tel – 07823 888413
Lloyds Chambers, 1 Portsoken Street, London, E1 8BT

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Safeguarding Your Business: Common Financial Mistakes Small Business Owners Make and How to Avoid Them

Small business owners often make financial mistakes that can have serious consequences for the success of their company. Here are some of the most common financial mistakes made by small business owners, and advice on how to prevent them:

  1. Not keeping accurate financial records: Without accurate financial records, it can be difficult for small business owners to make informed decisions about the financial health of their company. To prevent this mistake, small business owners should establish a system for keeping accurate financial records, such as using accounting software or hiring a bookkeeper.
  2. Not having a budget: A budget is an essential tool for small business owners, as it helps them to plan for expenses and manage cash flow. Without a budget, small business owners may overspend and find themselves in financial trouble. To prevent this mistake, small business owners should create a budget and stick to it.
  3. Not having enough working capital: Working capital is the amount of money a business has available to cover its short-term expenses. Without enough working capital, small business owners may struggle to pay bills and meet other financial obligations. To prevent this mistake, small business owners should maintain a healthy level of working capital by managing expenses and seeking financing when necessary.
  4. Not having adequate insurance: Insurance is an important tool for small business owners, as it helps protect their company against potential financial losses. Without adequate insurance, small business owners may find themselves facing financial ruin in the event of a disaster or other unexpected event. To prevent this mistake, small business owners should review their insurance needs and purchase the appropriate policies.
  5. Not diversifying investments: Small business owners often invest a significant portion of their assets in their own company, which can be risky. To prevent this mistake, small business owners should diversify their investments to spread risk.
  6. Not seeking professional advice: Small business owners often make financial decisions without seeking the advice of a professional. This can lead to costly mistakes. To prevent this mistake, small business owners should seek the advice of a financial advisor or accountant before making important financial decisions.

By avoiding these common financial mistakes, small business owners can increase the chances of success for their company.

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Safeguarding Your Business: Common Financial Mistakes Small Business Owners Make and How to Avoid Them

More small business risk management articles and videos

  • Avoiding Financial Pitfalls: Top Mistakes Small Business Owners Make and How to Prevent Them
  • Safeguarding Your Business: Common Financial Mistakes Small Business Owners Make and How to Avoid Them
  • Steering Clear of Financial Disaster: A Guide for Small Business Owners on Common Mistakes and Prevention Strategies
  • Financial Survival for Small Business Owners: Common Mistakes to Avoid and How to Protect Your Business

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