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Risks are events or circumstances which have a negative effect on your business. The negative effect could include an employee getting injured, the business losing money or your reputation being damaged. Risk increases when an event isn't planned for or happens differently from what you expected e.g. a downturn in the market or a flood ruining your stock.
Risk management simply means to identify, assess and manage risks. By collecting information about potential risks you can make informed decisions. By making risk management an active part of your business, and dealing with risks before and as they occur, you can minimise losses.
An outline of the different types of risk your business could face.
Different ways to identify the risks to your business, including the potential consequences if they happen.
Look at how likely each risk is, and how severe the consequences will be if an event happens. Use the simple tool provided to assess each risk affecting your business.
How to build a simple but effective risk management plan for your business. The templates simplify the task of completing your own risk assessment and give you a plan for each risk. Each template includes a worked example.
One essential activity in developing your risk management plan is an emergency contingency plan. This plan can help you minimise the effects of interruptions to trade. It should include a critical information list, so if you're out of action someone else can keep running the business.
