Risk & Business

In previous posts I reviewed the risk management process as a part of the total Enterprise Risk Management program of a business . To identify potential risks in each segment of your business you should use a checklist or flowchart . There are many websites and resources out there specific to your business to obtain these tools. The use of a checklist will give you questions and references you need to ask yourself each time you identify risk. Also a checklist gives you years of expertise and knowledge developed by others in your business. Finally, everytime you are in the process of identification of risk, the checklist will give you peace of mind that you are not forgetting anything. Until next time be careful out there and know your risks!   K

ERM or Enterprise Risk Management is a holistic view of risk in a business . A lot of attention has been paid to ERM after the financial crisis and meltdown. Experts say that  if AIG had a solid enterprise risk program they would have seen their potential downfall. I will blog about ERM this month and how it can help small business owners. I will also give some examples of steps you can take to establish an ERM approach to your business. Until next time be careful out there and know your risk.  K